Social Security update: Direct payment worth up to $4,555 to go out to millions in two days
Jack Birle
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Millions of Social Security recipients are set to receive their next monthly retirement checks, worth up to $4,555 per payment, in two days.
Social Security beneficiaries who were born from the 1st through the 10th of their birth month are set to receive their checks on May 10. Those who have birth dates from the 11th through the 31st of any month will receive their monthly checks for May in the coming weeks.
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These Social Security payments are based on earnings throughout a person’s lifetime and have no limits based on income or resources, but they do vary on the age an individual retires. Those who retired at the current retirement age, 67, receive a maximum check of $3,627, while those who retired at 62 get up to $2,572, and those who delay their retirement to age 70 get the largest payment of $4,555 per month, per the Social Security Administration.
The monthly retirement checks are paid to those who are eligible in three waves, with all occurring on Wednesdays. The waves of payments are divided by the birthdays of the recipients.
The second wave of checks is always sent out on the third Wednesday of each month to those born on the 11th through 20th of their birth months, with this month’s payment having been sent to that group on May 17. The third wave of payments was sent out on the fourth Wednesday of this month, May 24, for those born on the 21st through 31st of their birth months, per the SSA.
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Regular Social Security checks differ from other payments distributed by the agency, such as disability insurance or Supplemental Security Income. SSI payments are set to be paid out to eligible recipients on June 1.
Analysts predict that Social Security insolvency may occur as early as 2034 unless action is taken by Congress to prevent it.