The May Social Security payments, ranging up to $4,873 for those retiring at 70, will be distributed to the next group of retirees in two days. Here is everything you need to know about this month’s Social Security payments.
Social Security retirement payments are monthly checks provided to retirees to replace or reduce their income after they stop working. Established in 1935 by President Franklin D. Roosevelt, the Social Security Administration manages these payments.
Payments typically start on the second Wednesday of each month, with subsequent waves sent out in the following weeks based on the recipient’s birth date. Those born between the 1st and 10th of a month received their payment on May 8, while those born between the 11th and 20th will get theirs on Wednesday, and those born after the 21st will receive their payment on May 22.
The maximum payment retirees receive is influenced by their age at retirement, the amount paid into Social Security, and the number of years of contributions. Recipients can estimate their monthly payment using the Social Security Administration’s calculator. Payments vary based on the retirement age chosen, from $2,710 at age 62 to $4,873 at age 70.
Individuals can begin receiving Social Security payments at age 62. Social Security is financed through a payroll tax paid by employers and employees. Without intervention from Congress, payment amounts are projected to decrease by 2034 due to an increasing number of retirees and a declining number of workers.
