Millions of retirees are set to receive their Social Security payments this month, with some individuals potentially receiving up to $4,873. The Social Security Administration typically sends out checks to retirement claimants on specific dates depending on their birth month. Recipients born between the 21st and 31st of any month can expect their payments on May 22, while those born earlier in the month should have already received their benefits. Those receiving regular retirement benefits without additional supplements usually receive their payments on a Wednesday, with individuals born between the first and 10th receiving their funds on May 8, and those born between the 11th and 20th receiving theirs on May 15.
Social Security payments are calculated based on various factors, including the age at which an individual starts claiming benefits and their earnings during their highest-paid 35 working years. The average monthly payment in January was $1,907, with a maximum benefit of $4,873 available for those who qualify. Those who retire at age 70 can receive the maximum amount, while individuals who start claiming benefits at the earliest age of 62 would receive a maximum benefit of $2,710. Social Security benefits increase each year to account for inflation and maintain purchasing power, with the exact raise for the following year typically announced in October.
The annual increase in Social Security benefits is determined by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). In 2023, benefits saw a significant increase of 8.7 percent, the largest single boost in SSA history, due to high inflation as the country recovered from the effects of the pandemic. The following year, benefits rose by 3.2 percent. While the exact raise for next year is unknown, projections suggest a potential increase of 1.75 percent by the Senior Citizens League and 2.5 percent by the Congressional Budget Office based on current inflation rates.
It is important to note that unlike some other government benefits, Social Security payments are directly deposited into recipients’ bank accounts. Those who receive Supplemental Security Income (SSI) for elderly, blind, and disabled individuals with limited income and assets also receive their payments at the beginning of the month. In May, SSI beneficiaries will receive their payments twice due to the usual payment date of June 1 falling on a weekend. The SSA advises waiting three working days after a scheduled payment date before contacting the agency about missing checks, as delays can sometimes occur.
Overall, retirees can expect various factors to influence their Social Security payments each month, including their birth month, retirement age, and earnings history. The annual cost of living adjustment ensures that benefits increase each year to keep up with inflation, providing recipients with a consistent level of purchasing power. While exact figures for the following year’s raise will not be known until October, projections suggest a modest increase in benefits based on current economic conditions.
