Many retired Americans who are benefited by Social Security income are going to receive their May payments this week, the Social Security Administration (SSA) makes benefit payments on a monthly basis, beneficiaries such as retirees, people with disabilities and surviving relatives of deceased beneficiaries, since there are multiple categories of payments and the large number of people who receive benefits, that’s why not all payments are made on the same day of each month.
This week, on Wednesday, May 8th, those Social Security beneficiaries who have birthdays between the 1st and the 10th of any month will be receiving their retirement check. Payments for most beneficiary citizens are made on Wednesdays throughout the month.
Who Qualifies for the Maximum $4,873 Retirement Check?
Now, not all recipients are going to receive such an important sum as the $4,873 of the maximum amount available to beneficiaries. The calculations of retirement benefits are made depending on the situation of each person, including how much he earned in his working years.
Some retirees are also eligible for Supplemental Security Income (SSI) if they have a disability, are blind, or if their usual Social Security payments are not sufficient, the SSA reported, which estimated the average monthly Social Security retirement benefit for January 2024 was $1,907.
The Social Security Benefits Small Increment
The payments of this year 2024 have had a boost thanks to the annual adjustment that was made for cost of living, popularly known as COLA, the beneficiaries will receive an increase of 3.2 percent compared to their monthly payments in the year 2023.
The profits grow every year with reference to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). In 2023, a historic increase of 8.7 percent was authorized for retired citizens and other beneficiaries of benefits, due to the increase in inflation that remained after the COVID-19 pandemic.
It is also expected that payments will be made to those beneficiaries, that their birthdays fall on the last days of any month, those people who have birthdays between the 11th and the 20th will receive the payment in their bank accounts on May 15th, the last payment is usually on May 22nd and is for those people who were born between the 21st and the 31st of any month, anyone who retired before 1997 should have already received the payment of their monthly payment, on May 1st.
Remember that this month some beneficiaries will be receiving an atypical double payment, people who normally receive their payment on the first day of each month will be receiving their payment one day earlier, on May 31, instead of June 1. This is because the normal disbursement date falls on a Saturday.
If you do not receive your payment by the date already stipulated, the SSA suggests that you wait an additional three shipping days before contacting them to inquire about any missing payments.
