Only 2 groups of retirees will receive average payments of $1,913 from the Social Security Administration in May. Of course, the rest has already receive their money on May 3 and May 8.
Unless their payment has been delayed, they must be enjoying their monthly retirement check. The Administration has announced that the next Social Security retirement benefits will be due on May 15.
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ELIGIBILITY FOR SOCIAL SECURITY ON MAY 15
The Administration will make sure that you meet all the requirements to get $1,913 (payments could be higher or lower depending on your work history and filing age). First of all, you must have filed.
If you filed and got approval after April 30, 1997, and your birthday is from 11-20, you will receive Social Security on May 15. If you are receiving Supplemental Security Income at the same time you will not receive retirement benefits on May 15, but on June 3 instead.
Luckily, this will not be the last payment in May. Eligible retirees whose birthdays are from 21-31 will collect Social Security on May 22. If you began receiving retirement benefits before May 1997, June 3 will be your next payday.
WHO WILL GET MORE THAN $1,913 ON MAY 15/22 FROM SOCIAL SECURITY?
If you have worked for 35 years in jobs covered by Social Security and filed at the age of 70, it is likely that you get a larger payment. However, this will depend on your previous wages.ç
The lower your wage, the lower your Social Security payment will be in retirement and vice-versa. Those who have earned the contribution and benefit base for 35 can receive up to $4,873.
The contribution and benefit base is commonly known as the taxable maximum. If you were a high earner for 35 years who filed at 70 you will get a higher payment on May 15 or May 22. If you are 62, you can apply for retirement benefits now, but it may mean getting a 3’% reduction.