Those who are receiving Social Security retirement benefits will receive two payments in the month of March, despite the fact that they only receive one payment on a monthly basis on average.
Due to the fact that the following month, April, the recipients of the double payments will be receiving them in March.
Why Is It 2 Social Security Payments?
According to the Social Security Administration (SSA), recipients get a second payment in the preceding month that will be paid on the last business day of the month when the first day of the month begins on a holiday or a weekend. This second payment is given to recipients on the last business day of the preceding month.
In order to prevent recipients from having to worry about their payments being late, they will each get two payments per month.
When recipients are given double payments in a single month, they will not be awarded payment in the month that follows because the second payment serves as the payment for that month.
On March 1 and March 31, beneficiaries will get the two payments that are scheduled for them. In a single calendar year, recipients of Social Security Administration retirement benefits get a total of 12 installments.
The two payments that recipients will receive the following month will have a combined value of $914, bringing the total for the month of March to $1,828. On the pay dates, eligible couples will each get $1,371 in compensation.
According to the schedule maintained by the Social Security Administration, essential persons will get payments of $458 per month if they cohabit with an individual who is receiving SSI and provide them with the essential care they require.
Read more: Social Security update: Recipients will get two direct payment checks in March. Here’s why!
When Will You Receive The Next Payment?
The second of these double payments is going to be distributed on March 31 of the next month, which is at the end of the next month, and it will be given to the same people who got the first one.
Because April 1 falls on a Saturday in 2018, the second SSI payment will be made in the month of April. When the first of the month comes on a weekend or a holiday, the Social Security Administration does not distribute payments to recipients of such benefits.
In addition, recipients will get two payments for the month of December 2023, as well as for the months of June and September. Due to July and October both beginning on weekends, these months’ double payments are being made.
However, January 2024 will begin on a holiday, which means that the first day of that month will be New Year’s Day.
Read more: February SSDI payments: What you need to know before receiving your money?