March Social Security Payments to Begin, Highest Earners to Receive $4,873

The first round of payments will target retirees born in the first ten days of the month, with a 3.2% COLA increase from last year.

Social Security payments for March 2024 will begin distribution in five days, with the first round targeting retirees born between the 1st and 10th of the month.
The highest monthly payment for retirees at age 70 is $4,873, reflecting a 3.2% increase from last year due to the cost-of-living adjustment (COLA).
On average, Social Security retirement beneficiaries will receive $1,906, while SSDI recipients will get an average of $1,537.
The 2024 COLA of 3.2% has been met with mixed reactions, especially in comparison to the 2023 COLA of 8.7%.
An estimated 68 million people will receive Social Security benefits in 2024, with retirees constituting about 78% of recipients.