The Social Security Administration does not send all checks or direct deposits on the same date. That is why some recipients have to wait much longer than others to receive their money.
In fact, there are 2 groups of beneficiaries who have not gotten an average payment of $1,915 yet. Social Security will send retirement benefit payments on May 15 and May 22.
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LAST SOCIAL SECURITY PAYMENT IN MAY
There is a group of retirees that will be the last one to receive an average payment of $1,915 in May 2024. In fact, this last payment in May will on the 22nd if you meet 2 key requirements.
The first condition to receive money from Social Security on May 22 is you started collecting retirement benefits after April 30, 1997. Then, there is also a birth date requirement.
Those seniors who are on retirement after April 30, 1997, and whose birthday is from 21-31 will be eligible for this payment. If you meet the birthday requirement, but are on SSI too or have not applied, you do not qualify.
SOCIAL SECURITY MAXIMUM AMOUNTS ON MAY 22
If you were a high earner as a worker, you may qualify for a higher Social Security retirement benefit payment. Therefore, some may still get even more money than an average payment of $1,915. That is the latest average figure announced by SSA as of April 2024.
The maximum retirement benefit is worth $4,873 if you file at 70. However, you must have worked for at least 35 years and earned the taxable maximum or contribution benefit base all those years. As you can see, it is really challenging to earn so much money for so many years so few retirees qualify.
Those who filed at Full Retirement Age can receive up to $3,822. Of course, they must also meet the previously mentioned condition. At 62, you can only get a Social Security check of $2,710. For your information, some workers may get a lot less than an average payment. That is why they qualify for SSI and SNAP.