Social Security recipients across the country, especially retirees, are anxiously awaiting the arrival of their Social Security payments for the month of May. Some already received it on May 8, which are those born between the 1st and the 10th of any month.
May 15th is the magic date for retirees who have birthdays between the 11th and the 20th of any given month. The third group of retirees who receive their payments are those of May 22nd, those who turn between the 21st and the 31st of any given month. A fourth group will receive a payment on May 31st, which are those who receive the Supplemental Security Income, known as SSI.
Later, already in the month of June, those who have been receiving Social Security since before May 1997 or if they receive Social Security and SSI at the same time will receive their next payment. The latter group will receive Social Security on June 3 and SSI on June 1.
Now, why do those receiving SS benefits get paid on May 31st? It may seem like a double payment, as if the Social Security Administration were sending double payments to this group of beneficiaries; however, this happens because the first of June, which is the date that corresponds to them, falls on a Saturday, that is, the payment date is brought forward to the nearest previous business day, in this case, May 31.
Who Qualifies to Receive the Maximum $4,873 Social Security Check?
To apply for Social Security payment in May, you must meet the qualification requirements. The total maximum amount being paid by the Social Security Administration is $4,873 and the requirements to receive this juicy check are as follows.
To receive the maximum Social Security check of $4,873 in 2024, two conditions must be met:
- Retirement age:
- Full retirement: The beneficiary must wait until reaching the full retirement age, which is 67 years for people born in 1960 or later.
- Early retirement: If you choose to retire before full age, the monthly benefit is permanently reduced. For example, if you retire at age 62, the benefit will be about 30% less than if you waited until age 67.
- Social Security Credits:
- Amount of credits: The amount of Social Security credits accumulated over a working life determines the benefit amount. A minimum of 40 credits is needed to receive any benefit, and the more you have worked, the more credits will be accumulated and therefore the higher the benefit will be.
- Highest earning years: The calculation of the benefit is based on an average of the highest earnings during the working career, usually the best 35 years.