First round of May Social Security payments will be issued in 10 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 scheduled for May 20 and May 27. 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 potential shortfalls by 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 financed through payroll taxes paid by employers and employees.
- ▪Beneficiaries can estimate their monthly payments using the Social Security Administration’s online calculator.
- ▪Analysts project the Social Security Administration may stop issuing full payments as early as 2034 due to demographic shifts.
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The first round of May Social Security payments for retirees, now capped at $5,181, will be issued in 10 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 June Social Security direct payment worth $994 goes out in 29 days First round of May Social Security payments will be issued in 11 days COVID is ‘biggest scandal’ of the 21st century: Joe Concha When am I eligible? Citizens are eligible for Social Security benefits beginning at age 62.
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