First round of May Social Security payments will be issued in 11 days
The first round of May Social Security payments will be issued on May 13 to retirees born on or before the 10th of any month, with subsequent payments on May 20 and May 27 for other birth dates. The maximum monthly benefit for a 70-year-old retiree is $5,181, while those retiring at 62 could receive up to $2,969. Social Security is funded by payroll taxes, but projections indicate the program may not be able to pay full benefits after 2034 without congressional action.
- ▪Retirees born on or before the 10th of a month will receive May Social Security payments on May 13.
- ▪The maximum monthly Social Security benefit for someone retiring at age 70 is $5,181.
- ▪Social Security payments are determined by retirement age, contributions, and years paid into the system.
- ▪The Social Security Administration projects it may stop paying full benefits as early as 2034 due to demographic shifts.
- ▪Beneficiaries can estimate their monthly payments using the SSA’s online calculator.
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The first round of May Social Security payments for retirees, now capped at $5,181, will be issued in 11 days. When will payments arrive? Retirees born on or before the 10th of a month will receive this payment on Wednesday, May 13. The second round will go out on May 20 to those born between the 11th and 20th of a month, and the third round will go out on May 27 to those born on or before the 21st of a month. Recommended Stories COVID is ‘biggest scandal’ of the 21st century: Joe Concha DOJ files complaint against New Jersey for providing in-state college tuition to illegal immigrants Republican Oklahoma Senate candidate found dead in wildlife preservation area When am I eligible? Citizens are eligible for Social Security benefits beginning at age 62.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Washington Examiner.
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