The third and final round of May's three Social Security payments, worth up to $4,555, will be sent out in one day, according to the Social Security Administration's schedule.
The payment will be sent to those born between the 21st and 31st of a month and will be disbursed on May 24, the fourth Wednesday of May. These payments are always sent out on the second, third, and fourth Wednesdays of the month.
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The amount of money each recipient gets depends on his or her age at retirement. Recipients who retired at 67 can receive a maximum check of $3,627, people who retired at 62 get up to $2,572, and those who delayed retirement until age 70 get the highest payment of $4,555 per month, according to the SSA.
The first distribution was sent to retirees born between the 1st and the 10th of a month on the second Wednesday of May.
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, 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 if the United States defaults on its loans before June, it could cause an “economic catastrophe” for the public, including senior citizens and disabled people who require Social Security funds in order to pay for food or bills. The U.S. reached its debt limit in January, and it will need to raise the debt ceiling or come up with an alternate solution by next month in order to avoid a default.
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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May 20, 2023 at 09:00PM
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Social Security update: Direct payment worth up to $4555 goes out to millions in four days - Washington Examiner
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