May 8 is payday for millions of American seniors on Social Security retirement benefits. However, there are two requirements to receive this monthly payment, and not all retirees meet them.
To get Social Security on May 8 you must have filed after April 30, 1997. Besides, you must also meet the birth date requirement. Thus, if you were born from the first to the tenth of any month, you get a payment of up to $4,873 on May 8.
SOCIAL SECURITY ON MAY 15
If your birthday falls on days 11-20 of any month, you will receive retirement benefits on May 15. Of course, you can only get this money from the Administration if you filed after April 30, 1997, and got the approval.
Bear in mind that the amount of your payment will depend on your background. If, as a worker, you were a high earner, you will receive a larger check. For example, to get $4,873, you must meet 4 requirements. It is essential to:
- have filed at the age of 70.
- work for 35 years
- earned the taxable maximum for a minimum of 35 years
- have jobs covered by Social Security
SOCIAL SECURITY ON MAY 22 & SSI
If you are on retirement benefits, but did not qualify for benefits on May 3, 8, or 15, your payday will be May 22. Of course, your birthday must be from 21-31. If you collected benefits before May 1997, your next payment date will be June 3.
June 3 will also be a payday for those who get Social Security and SSI, If you are on SSI, you will receive your next payment on May 31. Therefore, you will receive your June payment one day in advance.
The average Social Security payment for retirees is worth $1,913 as of March 2024. If you are on SSI the average payment is worth about $699. The maximum benefit for SSI is $943 for a single person and $1,415 for married couples. Apply for retirement if you are already 62 or wait until you are 70 if you want to get a larger payment.