Washington D.C. – Social Security recipients are receiving $1,900 payments today, with the possibility of double payments this month. The Social Security Administration has initiated May payments for retirees and individuals with disabilities. Those who receive Supplemental Security Income (SSI) saw their first payment on May 1, followed by another payment just two days later.
These payments are specifically for Social Security recipients who began receiving benefits before May 1997. The schedule for the rest of the beneficiaries varies depending on their birthdate. Recipients born between the 1st and 10th of the month will receive their payment on May 8, while those born between the 11th and 20th will get theirs a week after. Beneficiaries born between the 21st and 31st will see their payments on May 22.
On May 31, SSI recipients will receive a second check, which counts as their June payment. This payment is scheduled a day earlier due to June 1 falling on a Saturday this year. The recent 3.2 percent cost-of-living adjustment (COLA) has boosted Social Security payments, leading to an average payment of $1,900, with most recipients seeing a $50 increase in their monthly check.
High-income workers who delayed retirement until age 70 can receive a maximum payment of $4,873 this year. Individuals and couples under SSI receive payments of $943 and $1,415, respectively. Despite the COLA increase, some seniors are expressing concerns about the adequacy of the payments to keep up with rising inflation in essential areas like groceries, housing, and healthcare.
There are growing fears among seniors about potential cuts to their benefits as the Social Security Administration grapples with an impending insolvency crisis. Analysts predict that the program may not be able to sustain full payments beginning in 2033 as more baby boomers retire. Seniors across the country, facing a 3.5 percent inflation rate, emphasize that their current benefits are insufficient for their needs.
Jonathan Price, national retirement practice leader at employee benefits consulting firm Segal, highlighted the necessity of assessing the annual COLA’s impact on individual retirees based on their expenses and additional sources of income. As seniors navigate these uncertainties, they continue to advocate for adjustments to ensure financial stability in the long term.