Social Security $1,924 Payout Next Week: Eligibility & Dates You Need to Know

Social Security $1,924 Payout Next Week Eligibility & Dates You Need to Know

Millions of Social Security recipients will get their monthly benefits in March 2025. This time, a 2.5% Cost of Living Adjustment (COLA) will result in a modest rise in their benefits.

The goal of the increase is to keep pensioners’ and other recipients’ purchasing power stable while balancing inflation.

$1,924 Social Security payout in March 2025

A 2.5% COLA rise this year will result in an average Social Security benefit of $1,976. Beneficiaries will be able to handle inflation better thanks to this.

What effects will the 2.5% COLA hike have?

The Cost-of-Living Adjustment, or COLA, is raised annually in accordance with inflation. In order to maintain recipients’ purchasing power, this rise will be 2.5% in 2025.

For instance:

After the 2.5% rise, a person earning $1,500 a month in 2024 would now make $1,537.50.

Increases in COLA in prior years:

YearPercentage (%)
20243.20%
20238.7% (historically high)
20225.90%
20211.30%
20201.60%

Despite being smaller, the 2025 increase is determined by the state of the economy.

Qualifications for Social Security Benefits

In order to be eligible for Social Security benefits, the following requirements must be fulfilled:

Credits for Work

  • At least 40 work credits are required, which is typically equal to ten years of employment.
  • One work credit is awarded for earning $1,810 in 2025, and you can receive up to four credits year.

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Age Requirements

  • Although 62 is the minimum eligibility age, early claims result in lower benefits.
  • Each birth year has a different full retirement age (FRA).
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Required Tax Payments

  • During your tenure in office, you must pay Social Security taxes.

Benefits for Spouses and Survivors

Even if you never worked, you may still be eligible for spousal or survivor payments if your spouse or parent was a Social Security eligible individual.

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In March 2025, when will you get your Social Security check?

Based on the date of birth, payments are made:

DateBirthdays
March 12Born between the 1st and 10th
March 19Born between the 11th and 20th
March 26Born between the 21st and 31st

Your payment will arrive on March 3 if you were receiving benefits prior to May 1997 or if you are now receiving Supplemental Security Income (SSI).

$1,924 Inflation’s Impact on Payments

COLA increases are frequently smaller than actual inflation, even though Social Security benefits are adjusted for inflation.

For instance:

The purchasing power of recipients suffered in 2022 when the COLA was only 5.9% and inflation hit 9.1%.

Do taxes apply to Social Security benefits?

Yes, your benefits can be subject to taxes if your overall income surpasses a specific threshold.

Filing Status50% of Benefits Taxable85% of Benefits Taxable
Single$25,000 – $34,000Over $34,000
Married (Joint Filing)$32,000 – $44,000Over $44,000

Methods for Tax Reduction:

  • Put money into a Roth IRA.
  • Make sure to correctly plan your 401(k) withdrawals.
  • Don’t go above your income boundaries.

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