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Social Security adjustments and payment schedule for May 2024

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  • Digital Team 

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

MONTHSecond WednesdayThird WednesdayFourth Wednesday
JanuaryJanuary 10, 2024January 17, 2024January 24, 2024
FebruaryFebruary 14, 2024February 21, 2024February 28, 2024
MarchMarch 13, 2024March 20, 2024March 27, 2024
AprilApril 10, 2024April 17, 2024April 24, 2024
MayMay 8, 2024May 15, 2024May 22, 2024
JuneJune 12, 2024June 18, 2024June 26, 2024
JulyJuly 10, 2024July 17, 2024July 24, 2024
AugustAugust 14, 2024August 21, 2024August 28, 2024
SeptemberSeptember 11, 2024September 18, 2024September 25, 2024
OctoberOctober 9, 2024October 16, 2024October 23, 2024
NovemberNovember 13, 2024November 20, 2024November 27, 2024
DecemberDecember 11, 2024December 18, 2024December 24, 2024
Source: Social Security Administration

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.

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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