The third and final installment of three Social Security payments will be sent, corresponding to the month of May, according to the schedule established by the Social Security Administration. This final round, with a maximum of $4,555, will be held on Wednesday, May 24.
Payment for the month of May will be sent to those persons whose date of birth falls between 21st to 31st of any month.
Payments are generally made on the second, third and fourth Wednesdays of each month, and in this case, the next payment in May will correspond to the fourth Wednesday.
The amount each beneficiary gets depends on their age at the time of retirement.
Beneficiaries who choose to retire at age 67 have the potential to receive a check of up to $3,627.
On the other hand, those who retire at age 62 can receive up to $2,572, while those who delay their retirement until age 70 receive the highest payout, which is $4,555 per month.
The first installment of payment was made on the second Wednesday in May for those retirees whose date of birth falls between the 1st and the 10th of any month of the year.
Next year, Social Security recipients could have a cost-of-living adjustment as low as 3.1%, a significant decrease from the 8.7% they’ll receive in 2023.
The goal of the annual cost-of-living adjustment (COLA) is to ensure that the purchasing power of Social Security and SSI benefits are not affected by inflation, thereby preventing a decline in their real value.