In just a few days, the first batch of May’s Social Security payments will be distributed to beneficiaries, as stated by the Social Security Administration. These payments are scheduled for recipients with birthdates falling between the 1st and 10th of any month and will be disbursed on May 10th, which is the second Wednesday of the month.
Social Security payments are consistently sent on the second, third, and fourth Wednesdays of each month. The specific week in which an individual receives their payment corresponds to the 10-day interval of the month in which they were born. We are going to reveal all the data related to the payment dates, both the first dates and the next steps that you should take into account.
Social Security second round and final set of payments
The second round of disbursements will be directed towards retirees born between the 11th and 20th of a month, with payments being issued on May 17th, the third Wednesday of the month. The final set of payments will be distributed on May 24th, the fourth Wednesday of the month, catering to individuals born between the 21st and 31st of their birth month.
The sum each beneficiary receives is contingent upon their age at the time of retirement. According to the SSA, those who retired at 67 can expect a maximum monthly payment of $3,627. Individuals who opted for retirement at 62 are eligible for up to $2,572 per month, while those who deferred retirement until 70 will receive the highest possible monthly payment of $4,555.
Beneficiaries may experience a reduction in their payments if Congress fails to establish a funding plan for the program by 2037. Congressional debates regarding the future of Social Security have been ongoing for years, with recent expert warnings indicating potential insolvency within a decade if no action is taken.
Several legislators have suggested increasing the age for receiving full benefits from 67 to 70. While workers are eligible to retire and begin collecting Social Security as early as age 62, the maximum benefit is achieved by those who opt for retirement at 70.