:quality(75)/cloudfront-us-east-1.images.arcpublishing.com/elcomercio/XEO2VOOGNVAG3GR2G353WZ6QKU.jpg "Social Security: beneficiaries and payment amounts for Friday, May 3 | MIX")
Social Security Payments Set to Go Out on May 3, 2024
As the end of the month approaches, millions of Americans who rely on Social Security benefits are eagerly awaiting their payments, which are set to be distributed on Friday, May 3. The United States Social Security Administration (SSA) is gearing up to make payments to a group of 68 million pensioners, as well as 7.5 million Supplemental Security Income (SSI) beneficiaries.
For those who are part of the Social Security program, it is essential to understand the rules and requirements for receiving these benefits. In order to qualify for a pension in the United States, individuals must have contributed to Social Security throughout their working life and have met certain criteria, such as earning a sufficient number of annual credits.
According to data from the SSA, nearly nine in ten people age 65 and older receive a Social Security benefit as of December 31, 2023. This year, payments are set to increase by 3.2% for the Cost of Living Adjustment (COLA) to address inflation and maintain the purchasing power of Social Security benefits.
The payment scheduled for May 3 is specifically intended for those who retired before May 1997, as well as survivors and beneficiaries of Disability Insurance (SSDI). The amount of the payment varies depending on factors such as retirement age and contributions made throughout one’s working career.
On average, retirees receive a monthly payment of $1,907, with those who retired early at age 62 receiving up to $2,710 per month. Those who retired at age 67 can receive a maximum of $3,822 per month, while individuals who delayed retirement until age 70 may be eligible for a monthly payment of up to $4,873.
Overall, the Social Security payment schedule plays a crucial role in providing financial support to millions of Americans who rely on these benefits for their livelihood. As the May 3 payment date approaches, recipients can expect to receive their much-needed funds to help cover their living expenses and maintain their quality of life.