By Arlenys Tabare
May 5, 2024, 16:35 PM EDT
The Social Security Administration (SSA) benefits millions of retirees, seniors, and people with disabilities with monthly payments; However, not everyone receives the same amount.
For example, in the case of retirees To receive the maximum amount, which is $4,873 dollars per month, you must meet some requirements such as: postponing the retirement age until age 70, since for each year that passes after full age (67 years) it increases by 8%.
For this reason, applying for retirement requires very careful planning, because if the beneficiary only intends to have Social Security income, It is best to try to receive the highest check.
However, there are people who, for various reasons, They retire at age 62, those who advance their retirement age usually lose 30% in their monthly payments, this is currently equivalent to about $2,710 dollars. However, retirees at full age 67 receive 100% of the benefit which after the 2024 Cost of Living (COLA) adjustment was $3,822 dollars per month.
The four Social Security payment dates for May:
For this month, Social Security has already announced what the payment dates will be for retirees. The first to receive their benefits are those retired before May 1997; they already received their check last Friday, May 3.
The following weeks the distribution will be made to retirees after May 1997 and will be made in three rounds depending on the day of birth:
- Wednesday, May 8: payment to retirees after May 1997 born between the 1st and 10th of any month.
- Wednesday, May 15: payment to retirees after May 1997 born between the 11th and 20th of any month.
- Wednesday, May 22: payment to retirees after May 1997 born between the 21st and 31st of any month.
Keep reading:
- Who will receive a stimulus check for $500 in Michigan on May 15?
- Who can request a $300 tax refund?
- Stimulus check in Texas for $500 will begin to be sent on May 3: who will receive it?