SOCIAL SECURITY
Social Security payment dates in May 2024: who will receive up to $4,873?
Social Security benefits continue to go out to eligible Americans, with the maximum allowance rising to $4,873 this year. These are the payment dates for May.
The Social Security Administration (SSA) is preparing to send out payments for May. As it does 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, SSI payments are issued 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.
Social Security payment schedule: May 2024
- Wednesday 1 May: SSI beneficiaries
- Friday 3 May: Beneficiaries since before May 1997
- Wednesday 8 May: Beneficiaries whose DOB begins 1-10
- Wednesday 15 May: Beneficiaries whose DOB begins 12-20
- Wednesday 22 May: Beneficiaries whose DOB begins 21-31
- Friday 31 May: SSI beneficiaries (payment for June)
It’s important to note that two SSI cheques are to be sent out in May. This is because next month’s payment has to be made a day early as 1 June is not a working day.
How much are Social Security payments in 2024?
In 2024, average monthly 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 payment 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.