Final Social Security checks up to $5,108 going out today with potential for ‘retroactive’ bonus – did you get the cash?

GettyTHE final round of March’s Social Security payments is being sent out to millions of Americans today, with some beneficiaries receiving up to $5,108. But for some, there’s even better news. A retroactive bonus could be on the way too, thanks to a major change in Social Security law.

GettyThe next payment is due March 12[/caption]The Social Security Administration (SSA) distributes payments on a staggered schedule based on birth dates. Those born between the 11th and 20th of the month will receive their checks today, March 12.While these payments are part of the regular Social Security distribution, a separate group of beneficiaries could see additional funds soon.



The amount you receive depends on several factors, including your earnings history and retirement age.ADDITIONAL PAYMENTSFollowing a key adjustment to Social Security law, payments are being sent out immediately.The recent changes target two controversial Social Security provisions: the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP).

These rules impacted approximately 3.2 million Americans—mainly teachers, firefighters, and police officers, by reducing or eliminating their Social Security benefits if they also received government pensions.The GPO specifically cut benefits for spouses, widows, and widowers with government pensions.

WEP reduced payments for those who had pensions from employers that did not withhold Social Security taxes. Both provisions were overturned with the passing of the Social Security Fairness Act of 2023.Those who lost benefits under these rules will see long-awaited relief.

PAYING UPMost eligible Americans will receive a one-time retroactive payment by the end of March, with deposits going directly into their bank accounts. However, the exact payment dates will vary based on the complexity of each case.Additionally, those who qualify for ongoing Social Security benefits will see an increase reflected in their April payments.

The Social Security Administration (SSA) will notify eligible recipients before they receive their money. Those still waiting on payments are advised to wait until the end of April before contacting Social Security about missing fundsThis change marks a significant victory for millions of Americans who were previously shortchanged by outdated provisions. HOW TO SUPPLEMENT YOUR SOCIAL SECURITYHere's how to supplement your Social Security:Given the uncertainty surrounding Social Security’s long-term future, it’s essential for workers to consider ways to supplement their retirement income.

Senior Citizens League executive director, Shannon Benton recommends starting early with savings and investing in retirement accounts like 401(k)s or IRAs.401(k) PlansA 401(k) is a retirement account offered through employers, where contributions are tax-deferred. Many employers also match employee contributions, typically between 2% and 4% of salary, making it a valuable tool for building retirement savings.

Maxing out your 401(k) contributions, especially if your employer offers a match, should be a priority.IRAsAn Individual Retirement Account (IRA) offers another avenue for retirement savings. Unlike a 401(k), an IRA isn’t tied to your employer, giving you more flexibility in your investment choices.

Contributions to traditional IRAs are tax-deductible, and the funds grow tax-free until they are withdrawn, at which point they are taxed as income..