According to the Social Security Administration’s timetable, the first of May’s three Social Security payments—worth up to $4,555—has paid to retirees on Wednesday.
On May 10, the money was delivered to people who were born within the first 10 days of a month.
Social Security Payment Schedule
The second, third, and fourth Wednesdays of each month are when the payments are made.
Retirement beneficiaries who were born between the 11th and 20th of a month will receive the second distribution, which will be made on May 17, the third Wednesday in May.
A week later, on May 24, the last wave will be sent to people who were born between May 21 and May 31.
Depending on their age upon retirement, each beneficiary receives a different amount of money.
According to the SSA, recipients who retired at 67 can receive a maximum check of $3,627, those who retired at 62 can earn up to $2,572, and those who postponed retirement until age 70 can receive a maximum payment of $4,555 each month.
If Congress cannot determine how to fund the program by 2037, recipients may notice a reduction in their benefits.
Congress has been debating Social Security’s future for years, but experts recently issued a warning that if nothing is done, the program may run out of money in 10 years.
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Smaller Benefit Hike in 2024
Also, an 8.7% cost-of-living adjustment that was intended to counteract the greatest inflation in forty years was given to the 66 million SSA users in the country, giving them their biggest benefit increase since 1981.
The benefit adjustment for the following year, however, appears to be much smaller.
According to the Senior Citizens League, an organization for older Americans that constantly monitors Social Security, retirees and other recipients may only receive a cost-of-living adjustment (COLA) of 3.1% based on current inflation rates.
With this year’s 8.7% increase and 2022’s 5.9% increase already having occurred, 2024’s COLA would be the weakest in the previous three years.
Despite a recent decline, inflation is still above 3.1%, with consumer prices climbing 4.9% annually in April.
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