Jthere are still two days until the final round of three May Social Security payments, worth up to $4,555, that will be paid to retirees, according to the Social Security Administration.
Payment will be made on the fourth Wednesday in May, May 24, to people born after the 21st of the month. Payments are always sent on the second, third and fourth Wednesday of each month.
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The first distribution was sent to pensioners born between the 1st and 10th of a month on May 10, the second Wednesday of May. The second wave was sent last week, Wednesday May 17, to people born between the 11th and 20th of the month.
The amount of money each beneficiary receives varies depending on their retirement age. Beneficiaries who retire at age 62 receive up to $2,572, those who retire at age 67 receive a maximum check of $3,627, and those who delay retirement until age 70 receive the highest payout $4,555 per month, according to the SSA.
Obama’s proposal to resolve the Social Security crisis would only make matters worse, Senate Republicans said.
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The current retirement age in the United States is 67, but some lawmakers have proposed raising the retirement age to 70.
Recipients could see a decrease in their payments if Congress does not determine how the program will be funded in the future. Discussions about the future of Social Security have been going on in Congress for years, but experts have warned the program could be insolvent in 10 years if nothing is done.
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Recipients could also see delayed or reduced payments next month if the United States defaults on its loans in June.
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.