United States retirees receiving Social Security benefits can anticipate changes in their payments this May, affecting both standard retiree benefits and Supplemental Security Income.
While modifications in benefit amounts and payment dates are relatively rare, they can have significant implications for beneficiaries’ financial planning.
Increase in SSI benefits in May
One notable change is the increase in Social Security benefits for May 2024 compared to the previous year. This adjustment reflects a 3.2% rise in benefits, a welcome boost for retirees.
Those accustomed to receiving Social Security checks can expect a 3.2% increase in their May 2024 payment compared to May 2023, with the maximum payment for age-based retirees rising to $4,873 and $3,822 for Disability recipients.
When will Social Security Checks be sent in May?
Regarding payment dates, while most Social Security payments adhere to a consistent schedule, Supplemental Security Income recipients will encounter a slight alteration.
In May 2024, beneficiaries will receive their SSI checks both on the 1st and 31st of the month, differing from the usual distribution pattern. This early arrival of the June SSI payment could necessitate adjustments to beneficiaries’ budgeting strategies for subsequent months.
Social Security Insurance Payment Schedule 2024
| MONTH | Second Wednesday | Third Wednesday | Fourth Wednesday |
|---|---|---|---|
| January | January 10, 2024 | January 17, 2024 | January 24, 2024 |
| February | February 14, 2024 | February 21, 2024 | February 28, 2024 |
| March | March 13, 2024 | March 20, 2024 | March 27, 2024 |
| April | April 10, 2024 | April 17, 2024 | April 24, 2024 |
| May | May 8, 2024 | May 15, 2024 | May 22, 2024 |
| June | June 12, 2024 | June 18, 2024 | June 26, 2024 |
| July | July 10, 2024 | July 17, 2024 | July 24, 2024 |
| August | August 14, 2024 | August 21, 2024 | August 28, 2024 |
| September | September 11, 2024 | September 18, 2024 | September 25, 2024 |
| October | October 9, 2024 | October 16, 2024 | October 23, 2024 |
| November | November 13, 2024 | November 20, 2024 | November 27, 2024 |
| December | December 11, 2024 | December 18, 2024 | December 24, 2024 |
It’s important to note that the increase in Social Security benefits is automatic, requiring no additional action from recipients. However, the precise timing of benefit disbursement varies depending on individual circumstances.
RELATED: Double Social Security Payment Scheduled For May 2024
In summary, May 2024 brings a notable increase in Social Security benefits and a deviation from the standard payment schedule for Supplemental Security Income recipients. These adjustments underscore the importance of proactive financial planning for retirees and SSI beneficiaries alike
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