The Social Security Administration (SSA) is actively disbursing payments for retired workers, survivors of deceased contributors, and recipients of Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) throughout May.
The SSA has already initiated the first three rounds of payments for the month, with another scheduled for Wednesday, May 15. Let’s get into who will receive these payments and the corresponding amounts.
On May 1st, the SSA dispatched payments for Supplemental Security Income recipients. Subsequently, on May 3rd, beneficiaries who commenced receiving retirement payments before May 1997 received their funds.
Moving forward to Wednesday, May 8th, the SSA processed payments for beneficiaries born between the 1st and the 10th of the month. The upcoming round of payments slated for Wednesday, May 15th, will cater to individuals born between the 11th and the 20th.
Here’s the breakdown of the remaining May payments:
- Wednesday, May 22nd: Beneficiaries born between the 21st and the 31st
- Friday, May 31st: SSI beneficiaries (payment for June)
- In May, the SSA disburses two Supplemental Security Income payments due to June 1st falling
- on a Saturday, prompting the advance disbursement to Friday, May 31st.
Social Security and SSI payments are electronically transmitted to beneficiaries who have furnished their bank account details to SSA. Conversely, other benefits are disseminated via postal mail in the form of checks, which necessitates additional transit time.
Moreover, the following amounts are allocated monthly based on different beneficiary categories, post the 3.2% Cost of Living Adjustment (COLA) increase:
- Retired Workers: Average payments exceed $1,900
- Surviving Spouse with Two Children: $3,540 to $3,653
- Single Elderly Surviving Spouse: $1,718 to $1,773
- Worker with Disability, Spouse, and One or More Children: $2,636 to $2,720
- Supplemental Security Income (SSI): $943 for individuals and $1,415 for couples
- All Disabled Workers: $1,489 to $1,537
It’s imperative to note that these figures are approximate, varying depending on individual circumstances, income, and other pertinent factors.
Furthermore, the maximum benefits at different retirement ages are as follows:
- At 62 years: $2,710
- At 65 years: $3,426
- At 66 years: $3,652
- At 67 years: $3,822
- At 70 years: $4,873
