Retirees should know that there are 4 payment dates per month if they are collecting retirement benefits. Consequently, Social Security has scheduled the last of these fourth payments on May 22.
This payment is only for those retirees whose birthday is from the twenty-first to the thirty-first, regardless of the month or year you were born. What really matters is the day, but the moment you started getting Social Security is key.
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DID YOU START GETTING SOCIAL SECURITY AFTER APRIL 30 1997?
If your birthday is from 21-31, you must have started getting retirement benefits after April 1997. Otherwise, your retirement benefits will be due on June 3. Those who are on SSI at the same time do not qualify for the May 22 payment either.
For your information, if you meet all these requirements you will receive a Social Security payment on May 22. If you are one of those retirees who likes to plan in advance, your payment in June will be due on the 26.
Therefore, it will be later in the month. The rest of the summer payments for those born from 21-31 who get a check or direct deposit on May 22 will be July 28, and August 28. but what about amounts?
SOCIAL SECURITY AMOUNTS FOR THOSE BORN 21-31
The average amount a retiree could get, as of April 2024, is worth $1,915. The older you filed for Social Security, the higher your payment will be. That is why it is advisable to file at 70 because it is when benefits stop growing.
Some retirees born from 21-31 may not have a large retirement benefit. If you have a low income, you could perhaps qualify for Supplemental Security Income at the same time. Try applying now, if you do not get approval, it may be easier after the rules change next September.
Social Security claims that the largest retirement benefit will be $4,873 on May 22. Actually it will remain the same amount till the 2025 COLA comes into effect.