With the new month just around the corner, Social Security payments will once again be made to claimants across the country.
The Social Security Administration (SSA) pays monthly benefits to people age 65 and older, people with disabilities, and survivors of deceased claimants. However, due to the different categories of payments and the large number of beneficiaries, not all claimants will receive their funds on the same day each month.
The program, also known as the Old Age, Survivors, and Disability Insurance (OASDI) program, is tax-funded and provides funds to people who might otherwise be unable to make ends meet. While most Social Security claims are retirement benefits, Supplemental Security Income (SSI) is an additional payment given to elderly, blind, and disabled people with low or no income. SSI payments can also help boost income for retirees whose regular benefits aren’t enough.
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The date a claimant is paid depends on several factors, including the type of benefit, date of birth, and place of residence. Not sure when you will be paid? newsweek We’ve compiled a breakdown of all Social Security pay dates for May 2024.
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May 1st
All SSI payments will be made on May 1 of this month, as will Social Security payments for those who have claimed since May 1997 or earlier. The May 1 payment date also applies to people who claim Social Security but live overseas.
For those receiving SSI and Social Security benefits, payments will be made on May 1 and 3, respectively.
May 8th
If your birthday falls between the 1st and 10th of your birth month, your payment will be made on Wednesday, May 8th.
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May 15th
Claimants with birthdays between the 11th and 20th will receive their monthly payments on May 15th.
May 22nd
Those born between the 21st and 31st of each month will receive benefits on May 22nd.
May 31st
For May only, SSI recipients will receive their June payment on the last day of the month. This is because the usual payment date, June 1st, falls on a Saturday this year.
Social Security benefits increased by 3.2% for all claimants in 2024, thanks to an annual cost-of-living adjustment (COLA) based on the consumer price index for urban salaried workers and office workers. The 2025 COLA renewal rate is based on the average inflation rate for the third quarter of this year (July, August, and September 2024).
The average monthly payment for retirees is now $1,907, according to SSA January data.
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