As a new month soon begins, another round of Social Security payments will be made to claimants nationwide.
The Social Security Administration (SSA) pays out monthly benefits to those over the age of 65, individuals with disabilities, and surviving family members of deceased claimants. However, with various categories of payments and a significant number of beneficiaries, not all claimants receive their funds on the same day each month.
Also known as the Old Age, Survivors, and Disability Insurance (OASDI) program, the tax-funded program provides money for those who would potentially struggle to get by otherwise. While the majority of Social Security claims are for retirement benefits, Supplemental Security Income (SSI) is an additional payment given to elderly, blind, and disabled individuals with low- or no-income and assets. SSI payments can also help boost the income of retirees whose regular benefits may not be enough.
The date a claimant is paid is determined by several factors, including the type of benefit, date of birth, and where they live. If you’re not sure when you are due to be paid, Newsweek has broken down all of the Social Security payment dates for May 2024.
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May 1
All SSI payments will be made on May 1 this month, as well as Social Security payments for those who have been claiming since before May 1997. The May 1 payment date also applies to those who claim Social Security but live abroad.
For those that receive SSI and Social Security benefits, payments will be made on May 1 and 3 respectively.
May 8
Those with birthdays that fall between the first and 10th of their birth month will receive their payment on Wednesday, May 8.
May 15
Those claimants who have a birthday between the 11th and 20th will receive their monthly amount on May 15.
May 22
Anyone born between the 21st and 31st of any month will have their benefits paid on May 22.
May 31
For May only, SSI recipients will receive their payments for June on the final day of this month. This is because the usual payment date of June 1 falls on a Saturday this year.
In 2024, Social Security benefits have increased by 3.2 percent for all claimants thanks to the annual Cost of Living Adjustment (COLA), which is based on the consumer price index for urban wage earners and clerical workers. The updated rate for COLA in 2025 will be based on the average rate of inflation during the third quarter of this year—July, August and September 2024.
The average monthly payment for a retiree is currently $1,907, according to January data from the SSA.
Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.