Once the April payments are over for more than 70 million beneficiaries, Social Security has announced the upcoming payments and possible amounts in the United States.
As a matter of fact, the new payment schedule has revealed that there will be a total of 6 Social Security payments in May. However, 2 of them will only be for those who have a low income and collect SSI. SSI will be due on May 1 and May 31.
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How does the COLA increase affect Social Security payments in May?
The Cost-of-Living Adjustment (COLA) for Social Security benefits in 2024 is 3.2%. This increase applies to Social Security benefits and Supplemental Security Income (SSI) payments for over 71 million Americans. The COLA is designed to ensure that the purchasing power of these benefits is not eroded by inflation, as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The increase will begin with benefits that Social Security beneficiaries receive in January 2024, and increased SSI payments will start with the December 29, 2023 payment 12.
Social security payment amounts in may
If you are on retirement benefits, you could get up to $4,873 thanks to COLA. That is the maximum benefit and they are up from $4,555 in 2023. On average, retirees get about 59 dollars more than in 2023 after the COLA increase.
SSDI recipients get 48 dollars extra after the 2024 COLA boost. Their average payments are $1,537. If you get the maximum SSDI benefit, you can receive $3,822, just like the largest retirement benefit at Full Retirement Age.
Retirees who filed at 62 can get up to $2,710. All May payments include the 3.2% COLA increase from Social Security. The latest projections for the 2025 COLA boost are lower, between 1.8% and 2.5%. But it is too soon to know the next COLA figure for certain.
Social security retirement and ssdi payments in may
The Administration will start sending a payment on May 3 (already happened) if you got benefits before May 1997. This payment date is for both SSDI and retirement beneficiaries who are eligible and filed.
SSI recipients who get SSDI or retirement benefits too, get Social Security on May 3. Therefore, two completely different groups of American beneficiaries qualify for the payment on the 3rd. May 3 will not be the only payday for SSDI or retirement.
The next payday will be due on May 8 (already happened) if your birthday is from 1-10. What is more, the remaining payments are only for those who got Social Security after April 30, 1997. May 15 and May 22 will be paydays if your birthday is from 11-20 or 21-31 respectively.