Social Security payment dates in May 2024: who will receive up to $4,873?
The Social Security Administration (SSA) is preparing to send out payments for May. Like every month, the agency will distribute benefits as part of its retirement, disability, survivors and Supplemental Security Income (SSI) schemes.
This year, the maximum monthly benefit has increased to $4,873. However, the average payment for retired workers is less, about $1,900. In this article, we share with you the exact payment dates for May 2024.
Payment schedule for Social Security benefits in May 2024
As outlined in the SSA’s official payment schedule, Supplemental Security Income (SSI) payments are sent on the first day of each month.
Retirement, survivors and disability Social Security cheques are sent out on Wednesdays, with payments staggered throughout the month depending on recipients’ day of birth. The exception to this system is if beneficiaries began receiving their payments before May 1997. If that’s the case, they get their money on the third day of each month.
It’s important to note that two SSI cheques are to be sent out in May. This is because next month’s payment will be sent out a day early as 1 June is a not a working day.
How much are Social Security payments in 2024?
In 2024, average payments for retired workers rose to just over $1,900, according to the SSA.
The maximum benefit for workers who retired at age 62 is $2,710; at age 65, this increases to $3,426, and at age 66 it is $3,652. For payments claimed at full retirement age (67 for people born after 1960), the maximum benefit is $3,822. Those who delay their retirement until age 70 are eligible for a maximum payment of $4,873.
Meanwhile, payments for surviving spouses with two children are, on average, $3,653. Benefits for elderly surviving spouses with no dependents are $1,773. The average payments for disabled workers is $1,537, while $2,720 goes out to disabled workers who are supporting a family. SSI benefits have this year risen to $943 for individuals and $1,415 for couples.