The final round of May's three Social Security payments, worth up to $4,555, will be released in six days, according to the Social Security Administration's schedule.
The payment will go out on May 24, the fourth Wednesday of the month, to people born after the 21st of a month. The payments are always sent out on the second, third, and fourth Wednesdays of each month.
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The first distribution was sent to retirees born between the 1st and 10th of a month last week on the second Wednesday of May. The second wave was sent Wednesday, May 17, to those born between the 11th and 20th of a month.
The amount of money each recipient gets varies depending on his or her age at retirement. Recipients who retire at 62 get up to $2,572, those who retire at 67 receive a maximum check of $3,627, and those who delay retirement until age 70 get the highest payment of $4,555 per month, according to the SSA.
The current age of retirement in the United States is 67, but some lawmakers have proposed raising it to 70.
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Recipients could see a decrease in their payments if Congress does not figure out how the program will be funded by 2037. Discussions on the future of Social Security have occurred in Congress for years, but experts have warned that the program could be insolvent in 10 years if nothing is done.
Social Security recipients could see a cost-of-living adjustment of just 3.1% next year, a significant dip from the 8.7% they received for 2023. The annual COLA is based on the consumer price index for urban wage earners and clerical workers.
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Social Security update: Direct payment worth up to $4555 goes out to millions in six days - Washington Examiner
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