While Social Security payments in the United States generally follow a regular schedule for retirees, there are occasions when changes may directly affect beneficiaries. Such changes can also occur with other types of payments, such as Supplemental Security Income (SSI). Fortunately, most of the time, we are able to know well in advance about any changes to Social Security checks, allowing us to properly organize our household finances.
In this way, by being informed about the changes in the May Social Security payments, we can better plan the available money. Although there are few changes, they might require us to slightly adjust the budget for the upcoming months.
Social Security Changes in May 2024
One of the major changes to Social Security for May 2024 is an increase in benefits compared to the previous year. This increase has already been implemented in previous months. For instance, any retiree who received a check in May 2023 will see that their May 2024 check is 3.2% higher. Thus, the maximum check for age-based retirees in May 2024 is $4,873, while the maximum Disability payment is $3,822 per month. This change is crucial as it provides a few extra dollars to retirees in the United States.
On the other hand, the change in the payment schedule is minor but significant enough to impact the pockets of beneficiaries. Retirement payments will arrive as usual on the third day and the second, third, and fourth Wednesdays of the month. However, there is a slight change in the Supplemental Security Income checks.
Adjustments in Payment Schedule
On May 1st, we will have access to this Social Security check, and there will also be another one of these payments on the 31st of the same month. This early delivery will somewhat affect the economy for recipients, who will receive their June SSI check early.
Therefore, it is crucial to keep this in mind to organize the budget for those months. In summary, the most significant changes are that we will receive a larger check in May 2024, as well as double Supplemental Security Income (SSI) payments in that month, which is important to remember as we will not receive one of these extra Social Security benefit checks in June.
