The first of May's three Social Security payments, worth up to $4,873 for the highest income earners, will go out to the next group of retirees tomorrow.
Social Security retirement payments are monthly checks given to retirees, meant to reduce or altogether replace one’s income once they stop working. The Social Security Administration, which manages the payments, was signed into law by President Franklin D. Roosevelt in September 1935.Social Security payments begin on the second Wednesday of every month, and the following waves go out the following weeks. The distribution of payments depends on the day of the month that one was born.
Retirees born between the 1st and 10th of a month will receive their payment on Wednesday. Beneficiaries born between the 11th and 20th of a month get their checks on May 15, and retirees born on or after the 21st of a month will receive their payments on May 22.The age of recipients at the time of retirement, the amount paid into Social Security, and the number of years paid into Social Security all affect the maximum payment retirees receive.
Payments largely rely on what age recipients choose to retire at. Retiring at the youngest age of 62 allows up to $2,710 per month while delaying to 70 can allot up to $4,873 per month, that the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.
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