The first May Social Security payment was sent out last week, and with it, millions of Americans will receive up to $4,800. If you still have not received your check just yey, it could be on the way this coming week or later this month.
The Social Security Administration sends around $1.4 trillion in payments to more than 70 million people each year. Here's what you should expect for May Social Security payments.
When will I receive my Social Security payment?
Recipients will receive their checks depending on when their birthday is and how long they've been receiving benefits. The Social Security Administration typically sends out payments on the second, third and fourth Wednesdays of each month.
For the month of May, here are the dates you should expect to receive your Social Security payment:
- May 3: for those people who've received Social Security since before May 1997.
- May 8: for those whose birthday falls between the first and 10th of any given month.
- May 15: for those whose birthday falls between the 11th and 20th of any given month.
- May 22: for those whose birthday falls between the 21st and 31st of any given month.
How much can I expect to be paid in my Social Security check?
Social Security payments in 2024 increased by 3.2 percent due to the annual cost of living adjustment (COLA). This increase is far less than the 8.7 percent jump recipients experienced in 2023. Despite these numbers, there's still a cap that applies to people who receive these payments each month, which has also risen this year.
The maximum amount of Social Security benefits you can receive each month is based in part on when you decide to start receiving benefits. Also, your full retirement benefits age depends on your date of birth.
If your retirement age is 62, the maximum payment is $2,710. For ages 65 to 67, payment is $3,822 monthly. For age 70, payment is $4,873 monthly.
The Social Security Administration looks at your highest 35 years of earnings to determine your benefit. In 2024, if you want to receive the maximum Social Security when you retire, you'll need to make at least $168,000 annually, an $8,400 increase from last year.
What if my check doesn't arrive on the scheduled date?
If your check is delayed, the Social Security Administration advises waiting three additional mailing days before reaching out. After that, you can speak with a representative at 800-772-1213, or access your Social Security benefits online.
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