Millions of Americans are in for a financial boost this week as two major Social Security payments roll out. Supplemental Security Income (SSI) recipients will see their March checks arrive early, while former public sector workers affected by outdated policies will finally get a long-overdue benefit increase.
Here’s everything you need to know about these big payouts and how they might affect your finances.
SSI Payments Arriving Early – Here’s Why
If you rely on Supplemental Security Income (SSI), expect to see your March payment hit your account sooner than usual. Normally, SSI payments are sent out on the first of every month, but because March 1 falls on a Saturday, the Social Security Administration (SSA) is sending the money out on Friday, February 28 instead.
It’s important to remember that this is your March payment arriving early, not an extra check. That means there won’t be another SSI deposit until April 1, so plan your budget accordingly.
Social Security Benefits Increasing for Public Sector Retirees
Another major update is a long-awaited boost in Social Security benefits for millions of retired teachers, firefighters, police officers, and other public workers. Thanks to the repeal of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) under the recently passed Social Security Fairness Act, affected retirees will finally see an increase in their monthly benefits.
These outdated rules had unfairly reduced Social Security payments for public workers who also received a pension from jobs that didn’t pay into Social Security. With the repeal of WEP and GPO, retirees who were shortchanged for years will now receive higher payments, plus retroactive pay for the months they were underpaid.
The SSA has announced that these retroactive payments will be sent out by the end of March, and increased monthly benefits will begin in April 2025.
What You Need to Do
- SSI Recipients: Be aware that your March check is coming early on February 28 and plan accordingly since there won’t be another deposit in March.
- Public Sector Retirees: If you were affected by WEP or GPO, watch for a retroactive payment by the end of March and expect a permanent increase in your Social Security benefits starting in April.
Make sure your banking details and personal information with the SSA are up to date to avoid any delays in receiving your funds.
With these big payouts on the way, many Americans can breathe a little easier financially. If you’re expecting one of these deposits, check your account and stay informed to make the most of your benefits.
