As April is nearing its end, beneficiaries are awaiting their Social Security payment check for May 2024 eagerly. Certain beneficiaries will receive their payments this week, on May 3, while others will have to wait until later in the month.
The timing of your payment depends on your date of birth and when you commenced receiving Social Security benefits. If you’re uncertain, we’ll provide you with the precise date to anticipate your payment. Let’s explore when you will receive your Social Security payment in May 2024.
Social Security Payment Check May 2024 Delivery Date
The Social Security Administration (SSA) disburses monthly benefits to individuals aged 65 and above, those with disabilities, and surviving family members of deceased claimants. However, due to different benefit categories and a large number of beneficiaries, payment dates vary each month for claimants.
Payment dates are influenced by factors such as the type of benefit, the claimant’s date of birth, and their place of residence. If you’re uncertain about your payment date, we’ve provided a breakdown of all the Social Security payment dates for May 2024 below:
May 1
This month, all Supplemental Security Income (SSI) payments will be issued on May 1, along with Social Security payments for individuals who have been receiving benefits since before May 1997.
Additionally, those claiming Social Security benefits while residing abroad will also receive their payments on May 1. If you are eligible for both SSI and Social Security benefits, your SSI payment will be issued on May 1, followed by your Social Security payment on May 3.
May 8
Recipients with birthdays falling between the first and 10th day of their birth month will receive their payments on Wednesday, May 8.
May 15
Beneficiaries whose birthdays fall between the 11th and 20th of their birth month will receive their monthly payments on May 15.
May 22
Individuals born between the 21st and 31st day of any month will receive their benefits on May 22.
May 31
For the month of May only, SSI recipients will receive their payments for June on the last day of May. This adjustment is due to June 1 falling on a Saturday this year.
Is Social Security Payment Increasing in May 2024?
In 2024, Social Security benefits experienced a 3.2 percent increase for all recipients, attributed to the annual Cost of Living Adjustment (COLA), which is determined based on the consumer price index for urban wage earners and clerical workers.
The COLA rate for 2025 will be calculated based on the average inflation rate during the third quarter of the year, covering July, August, and September 2024. As of April, the average monthly payment for retirees stands at $1,907, according to data from the SSA.
However, there are rumors that If you’re a recipient, your Social Security payment for May 2024 will likely be higher compared to previous months. Beneficiaries could receive a $120 increase in Social Security payments each month from the SSA.
This hasn’t been confirmed yet from official sources. So, you should only take rumors with a grain of salt. Don’t believe them until officials confirm them.
How Much is the Social Security Payment in May 2024?
The average Social Security check in May 2024 will be $1,907 per month, an increase of about $55 from 2023. The maximum benefit depends on the age of retirement, with the maximum benefit in 2024 being $3,822 for those retiring at full retirement age, $2,710 for those retiring at age 62, and $4,873 for those retiring at age 70.
For those between the ages of 62 and full retirement age who are claiming benefits, the Retirement Earnings Test Exempt Amount for 2024 is $22,320 per year ($1,860 per month). For every $2 earned above the Exempt Amount, Social Security benefits will be reduced by $1.
Remember that the Social Security payment amount varies for every user. You can log in to your account on the SSA website to check the specific value that you’ll receive.
Social Security Monthly Payments in the Last 10 Years
| Year | Average Monthly Payment |
| 2015 | $1,300 |
| 2016 | $1,341 |
| 2017 | $1,360 |
| 2018 | $1,404 |
| 2019 | $1,471 |
| 2020 | $1,503 |
| 2021 | $1,543 |
| 2022 | $1,598 |
| 2023 | $1,652 |
| 2024 | $1,707 |
Who is Eligible for Social Security Payment in May 2024?
Social Security payments are available to various groups, including:
- Retirees: Individuals who have reached the eligible retirement age and have worked and contributed to Social Security over their careers.
- Individuals with disabilities: Those who have a qualifying disability and meet the criteria set by the Social Security Administration (SSA) for disability benefits.
- Surviving family members: Spouses, children, and other dependents of deceased workers who were eligible for Social Security benefits.
- Dependent parents: Parents who are dependent on a deceased worker’s earnings may also be eligible for Social Security benefits.
Eligibility criteria vary depending on the specific program within Social Security, such as retirement benefits, disability benefits, survivors’ benefits, and supplemental security income (SSI).
Final Words
In conclusion, Social Security payments play a vital role in providing financial stability and support to retirees, individuals with disabilities, and surviving family members. The May 2024 Social Security payment schedule reflects the ongoing commitment of the Social Security Administration to provide timely and reliable benefits to millions of Americans across various eligibility categories.
As we anticipate potential adjustments for the upcoming year based on inflation rates and cost-of-living adjustments, it’s essential for beneficiaries to stay informed about payment dates and any changes to the program. Social Security remains a cornerstone of financial security for many Americans, and understanding its intricacies is crucial for maximizing its benefits.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as financial or legal advice. Eligibility criteria, payment schedules, and benefit amounts may vary based on individual circumstances and government regulations.