March 12 could be your payday if you were born from the first to the tenth. Social Security will start the Wednesday round of payments for those who have started receiving retirement benefits after April 30, 1997.
Those who received the Social Security payment on March 3 do not qualify for any of the Wednesday payments on March 12, 19, or 26. Are you a recipient of the SSI program? Then, you do not qualify either.
Social Security max. amounts on March 12
If you filed at the age of 70, you can receive up to $5,108. Of course, there are additional requirements to get this huge payment. Check all the conditions below:
- applying for Social Security at age 70
- working for 35 years
- having jobs covered by SSA, so you must have paid enough taxes
- earning the contribution and benefit base for 35 years
Lower payments will be for those who meet the same requirements but fail to file at 70. For example, if you meet all the conditions but filed at Full Retirement Age, you can get up to $4,018. Or, up to $2,831 at 62.
Social Security average checks on the 12th
The average payment for all retired workers will be $1,978. Bear in mind that the younger you have filed, the lower your payment will be. Early filing at 62 can reduce your monthly payment by 30%.
Spouses of retired workers who qualify can receive Social Security too. On average, spousal benefits are about $931. If your child qualified, you could get about $919 on average.
After the March 12 payment, Social Security will deposit payments on March 19 or 26. Again, only those born from 11-20 or 21-31 will get checks or direct deposits on any of these two paydays.
Filing and approval is required for all the March payments. Any late or missing payments can be reported after waiting for them for 3 mailing days. Before that time goes by, call your bank to see if they received and process your monthly payment.