Millions of retirees can now expect Social Security payments that could reach up to $4,873.
The Social Security Administration plans to mail checks on May 22 to retirement benefit claimants born between the 21st and 31st of each month.
read more: Compare the best high-yield savings accounts to grow your savings
Recipients born on the first day of the month should already have received a check. People who receive regular retirement benefits without additional fees, such as Supplemental Security Income, typically receive their benefits on Wednesday. For those born between the 1st and 10th of each month, she should be paid on May 8th, and for those whose birthday was born between the 11th and 20th of each month, she should be paid on May 15th. was.
People who receive Social Security but live overseas or have claimed it since before 1997 should have received their payment on May 1st. People claiming SSI (which includes the elderly, the visually impaired, and disabled people with minimal income and assets) should also receive payment the next day. beginning of the month.
May SSI beneficiaries may receive two payments because the usual June 1st payment date falls on a weekend, with payments scheduled to arrive in bank accounts on May 31st. .
getty
SSA recommends waiting three business days after the scheduled payment date before contacting the agency about missing a check.
read more: Great place to offer rewards: CDs and high-yield savings accounts.
Unlike other government benefits, Social Security benefits are deposited directly into recipients’ bank accounts. However, not everyone receives the same amount. Social Security benefits are calculated based on the age at which you begin filing and your highest-paid 35 years of income. The average January stipend was $1,907, but the maximum eligible person can receive is $4,873.
In 2024, the maximum amount of $4,873 will only be paid to those who retire at age 70. If you stop working and start making a claim at the earliest possible age, age 62, the maximum amount will be $2,710, the SSA said.
Regardless of how much you receive, your benefits increase each year with cost-of-living adjustments to account for inflation and maintain purchasing power.
read more: Compare top CD rates
Retirees won’t know until October how much of a raise they can expect next year, but the League for Seniors is projecting a 1.75% increase in Social Security benefits in 2025, and the Congressional Budget Office is predicting a 2.5% increase based on current inflation rates.
The annual boost calculation is based on the Consumer Price Index for Urban Wage and Office Workers, also known as CPI-W. Benefits rose 8.7% in 2023, the largest single-year increase in SSA history due to high inflation as the U.S. recovers from the lingering coronavirus pandemic. The annual growth rate in 2024 was 3.2%.
rare knowledge
Newsweek is committed to challenging conventional wisdom, finding common ground and finding connections.
Newsweek is committed to challenging conventional wisdom, finding common ground and finding connections.