Social Security recipients will not receive bonuses in March

Monica StanlyFebruary 16, 2023

Millions of Supplemental Security Income (SSI) recipients will receive two payments in March, but the second is an advance for April—it’s not a premium payment.

Social Security was created in 1935 to provide pensioners aged 65 and over with a permanent income after retirement. According to the US Social Security Administration (SSA), an average of 67 million Americans per month will receive Social Security benefits in 2023.

As a rule, these are payments that come in on a set date every month. But a VERIFY viewer recently messaged our team to ask if Social Security recipients would receive a bonus payout in March.

QUESTION

Will Social Security recipients receive a bonus payment in March?

SOURCES

ANSWER

No, Social Security recipients will not receive a bonus payment in March.

WHAT WE FOUND

Social security payments are sent on a strict schedule. Most recipients receive payments on the second, third, or fourth Wednesday of every month, depending on their date of birth.

But the AARP says that people who receive Social Security Supplemental Income (SSI), such as those who are blind, disabled or at least 65 years old with very limited financial resources, usually receive these payments on the first of the month. This can be a problem if the first falls on a federal holiday or a weekend when banks are closed, as they are on Saturday, April 1, 2023.

More from CHECK: What you need to know about Social Security benefits: CHECK the fact sheet

As a workaround, SSI payments are sent the next business day. This means that in March, SSI recipients will receive payments on March 1 and March 31. But the last payout is for April, not the premium payout.

This year, SSI recipients will also receive two payments in June, September and December. The AARP says the same schedule adjustment applies to other Social Security payments if the date falls on a holiday. The full payment schedule for 2023 can be found here.