$1,900 Social Security payment: Are you eligible for the May 22 benefit?

The Social Security Administration (SSA), a mainstay for many seniors in the US, is preparing to issue a new round of payments under the Social Security program. Month after month, this trusted government agency sends millions of weekly checks to various recipients, ranging from retired workers to people with specific disabilities, including those who receive Supplemental Security Income (SSI).

The payment distribution schedule depends on the beneficiaries’ dates of birth. People born between the 1st and 10th of each month receive their payments on the second Wednesday. Those with a birth date between the 11th and 20th get their checks on the third Wednesday, and those born between the 21st and 31st do the same on the last Wednesday of the month, resulting in the orderly and effective distribution of funds.

However, there are two exceptions in the distribution of payments. Workers who retired before May 1997 and SSI beneficiaries do not fall into the previous scheme since they receive the funds during the first days of the month, regardless of their date of birth. This is because the Social Security Act was amended in 1996 to change the payment date for these two groups of beneficiaries. If a beneficiary receives the Social Security and SSI payment, the SSA will prioritize sending the SSI check on the first day of the month. At the same time, the Social Security will be issued on the third day of the month.

How much is the Social Security check? Amounts and how they are calculated

The amount of money each beneficiary receives varies depending on their situation. The SSA considers various factors, such as work history (including the number of years worked and the average income during those years), wages earned, and taxes paid to Social Security during your working life, to calculate the ‘amount of primary insurance.’ This amount is subsequently adjusted based on the beneficiary’s retirement age and other factors, such as the number of dependents. As a rule, those who retire later receive larger payments.

According to official SSA estimates, with the 3.2% Cost-of-living Adjustment (COLA) increase, which is a measure used to adjust Social Security and SSI benefits to counteract the effects of inflation, the average payout for retirees in 2024 is $1,907 for individuals and $3,303 for couples filing taxes together.

Considering that the amount is linked to age, the maximum benefit is $2,710 for those who retire at age 62, $3,426 at age 65, and $3,652 at age 66. For example, if someone’s ‘amount of primary insurance’ is calculated to be $ 2,000, and they retire at age 62, their actual payment will be $ 2,000. However, if they wait until full retirement age, which is currently 67 for those born in 1960 or later, their payment will be adjusted to $ 2,500. Those who delay retirement until age 70 can receive a maximum payment of $4,873.

Who will receive $1,900 from Social Security on May 22?

Following the Social Security payment schedule, beneficiaries with a date of birth between the 21st and 31st are the ones who will receive the average check of $1,900 this Wednesday, May 22. With this, The distribution of the fifth month of the year is completed. However, since the first June payment falls on a holiday, SSI beneficiaries will receive the advance of their funds on Friday, May 31. This is a standard procedure to ensure beneficiaries receive their funds promptly, even when a payment date coincides with a holiday.