Jhe third and final round of three Social Security payments for May, worth up to $4,555, will be sent out in one day, according to the Social Security Administration’s schedule.
Payment will be sent to people born between the 21st and 31st of a month and will be paid on May 24, the fourth Wednesday in May. These payments are always sent on the second, third and fourth Wednesday of the month.
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The amount of money each beneficiary receives depends on their retirement age. Beneficiaries who retired at age 67 can receive a maximum check of $3,627, those who retired at age 62 receive up to $2,572, and those who delayed retirement until age 70 receive the highest payment of $4,555 per month, according to the SSA.
The first distribution was sent to pensioners born between the 1st and 10th of a month on the second Wednesday of May.
Beneficiaries could see a decrease in their payments if Congress does not determine how the program will be funded by 2037. Discussions about the future of Social Security have been taking place in Congress for years, and experts have warned that the program could be insolvent in 10 years. if nothing is done.
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Additionally, Treasury Secretary Janet Yellen warned on Tuesday that failure by the United States to repay its loans by June could spell “economic disaster” for the public, including the elderly and people with disabilities who need of social security funds to pay for food. or invoices. The United States reached its debt limit in January, and it will have to raise the debt ceiling or come up with an alternative solution by next month to avoid a default.
Social Security recipients could see a cost-of-living adjustment of just 3.1% next year, down significantly from the 8.7% they received for 2023. The annual COLA is based on the consumer price index for urban wage earners and office workers.