Americans in retirement rely more and more on Social Security benefits. Millions of retirees are waiting for their new payment from the Government in May. However, not all of them will collect payments on the same date.
Once the April 24 payments are over, some seniors will collect their money in early May. Others will have to wait much longer since Social Security will be sending payments through May 22.
WHO WILL RECEIVE $1,913 FROM SOCIAL SECURITY IN MAY 2024?
If you are on retirement benefits, $1,913 is the average payment that Social Security announced as of March 2024. This does not mean you are going to receive that amount.
Some retirees will receive much lower payments since they have not worked for so many years or had low salaries. The age you file for benefits also matters because it can reduce or increase your retirement checks.
What is more, some high earners can receive Social Security payments of up to $4,873. This is possible if you meet 4 requirements. First, file at 70. Second, work for 35 years. Third, earn the taxable maximum for all those years. Fourth, have jobs covered by SSA.
WHEN WILL SOCIAL SECURITY PAYMENTS BE IN YOUR BANK ACCOUNT?
If you have been on Social Security since before May 1997, your payment will be due on May 3. Those who are on Supplemental Security Income and retirement benefits at the same time get it on May 3 as well. Their SSI check is due on May 1 though.
The next three rounds of payments will arrive on May 8, 15 and 22. Social Security will check you meet the birthdate requirement to send you a check or direct deposit on that date.
For example, if your birthday is from 1-10, you will receive it on May 8. May 15 will be your payment date if your birth date is from 11-20. Those whose birth date is from 21-31 will collect money on May 22.