Social Security May Checks 2024: Know When Will You Get your Payments?

Your Social Security check for May will be arriving soon as April draws to a close, so you must check this page to know more on Social Security May Checks 2024. While the most of recipients will have to wait until later this month, some will get their payments this week, on May 3. The time your check arrives depends on when you started getting Social Security Payment May 2024 and on your birthday. In the month of May, you can get multiple payments if you applied for Social Security or Supplemental Security Income. Remember that these payments cannot be received if you do not have the SSA’s consent. Social Security retirement benefit applications must be submitted by the age of 62. However, retirees who are blind, disabled, or 65 years of age are the only ones eligible to apply for Supplemental Security Income, another need for SSI is having a low income.

Social Security May Checks 2024

The Social Security May 2024 Payment will be paid according to the Social Security May Payment Dates 2024 shared by SSA. As we know that April 24th, there were not any more benefit disbursements and recipients had to wait for few days before they receive another check. You have to wait a few more days to receive your Social Security retirement, disability, or other form of payment. Group 4 retirees might be able to pick up a check, but everyone else will have to wait a few days to receive the SSA May Payment 2024. You must know that up to 4 separate days each month might see checks from the Social Security Administration. Most importantly, you can predict exactly when you will have access to your retirement payment each month. As a result, understanding this Social Security Checks 2024 Payment Date is must for American households’ financial management.

Social Security checks May 2024 Payment Dates

You will, at the very least, have to wait until the first week of May to get the upcoming Social Security retirement benefit. Therefore, keep an eye on the date of incoming payments since you can be one of the recipients who receives their check shortly. Upcoming SSA Retirement May 2024 Payment are:

• May 3. Look up retirees whose benefits began before May 1997.
• May 8. Retirees who were paid after May 1997 and whose birthday occurs on a day other than the 1st or 10th  of the month are eligible to cash in on this day
• May 15. Social Security benefits are paid to retirees who turned 65 after May 1997 and whose birthday is between the 11th and the 20th.
• May 22. This day marks the retirement for beneficiaries whose birthday is between the 21st and the 31st of any given month and whose check was after May 1997.

Additionally, May has two extra payment days as checks for Supplemental Security Income will be shared by the Social Security Administration on May 1st and May 31st. For those receiving Supplemental Security Income, this means an additional payday. Since June 1st is a Sunday, this extra day is really the June advance payment, that will be received on May 31st. As is typical in 2024, the combined amount of both Supplemental Security Income payments might exceed USD 943.

Social Security and COLA

For millions of seniors, particularly when their savings become increasingly scarce, Social Security is a lifeline. These monthly payments may be quite helpful, especially because expenses are still rising and many seniors are experiencing a problem related to their cost of living as it often means an increase in benefits, many retirees eagerly await the Social Security Administration’s (SSA) annual cost-of-living adjustment (COLA). The formal announcement from the SSA is not expected until October, but projections of the COLA for 2025 have already been made using the data shared thus far this year.

The COLA forecast for 2025

Even while the COLA for the following year won’t be revealed until October, The Senior Citizens League, an independent organization, has already made predictions about what the adjustment would include based on inflation statistics thus far this year. The group’s latest forecast, that was made in mid-April, was that the COLA will be around 2.6% in 2025. The accuracy of that prediction is still unknown, although The Senior Citizens League has a good history of accurately predicting the COLA. The group accurately projected the COLAs for the next year in September of 2022 and 2023 to be 8.7% and 3.2%, respectively.