The Social Security Administration has confirmed that there will be a new payment on May 8. None of the remaining payments are for you if you are on benefits before May 1997.
May 8 will be your payment date if you meet the birthday requirement Social Security established. Of course, you must have been on retirement benefits after April 30, 1997.
SOCIAL SECURITY FOR 62-YEAR-OLDS AND OLDER
The Administration will make sure that these direct deposits and checks only go to eligible recipients. Therefore, your birth date must be from the first to the tenth of any month. If so, your check is due on May 8.
Do not worry if you are in a similar situation but your birthday is from the 11th to the 20th instead. In that case, your Social Security payment will be due on May 15, 2024.
Another chance to get a Social Security payment will be on May 22. This monthly payment is for those 62-year-olds and older who receive money from SSA and whose birthday is from 21-31.
SOCIAL SECURITY AMOUNTS FOR THE MAY PAYMENTS
The age you started collecting Social Security affects your monthly payments. Thus, if you filed early, expect a lower-than-average payment from the Administration.
SSA claimed that, as of March 2024, the average check in retirement is worth $1,937. The older you are, the higher your average payment can be. Maximum benefits are also possible for May 8, 15 and 22.
For example, if you qualify for the largest Social Security at 70, you can receive a direct deposit of up to $4,873. This amount decreases if you file at Full Retirement Age.
Seniors at 66-67 can get up to $3,822. Early filing can be devastating since the largest maximum benefit is just worth $2,710. Retirees can get 30% reductions, so it is something to take into account before apply for benefits in retirement. SSI can supplement your payments is you get too little money.