On Wednesday, May 18, the second group of checks for Social Security benefits for the month of May will be mailed out.
Every month, recipients get their Social Security benefits according to their birthdays, which are used to determine which of the three payment batches they receive.
Every second, third, and fourth Wednesday of the month, checks are given out to the appropriate parties.
If the day of your birthday comes between the first and the tenth of the month, the payday that you normally get falls on the second Wednesday of that month instead.
If your birthday comes between the 11th and the 20th of the month, you will receive your paycheck on the third Wednesday of the month.
And the final payments are issued on the fourth Wednesday of each month to recipients whose birthdays fall on or after the 21st of the month.
On May 11th, the initial distribution of May payments was made to retirees whose birthdays fall within the first third of the month.
If you were born between the 11th and 20th of a month, your benefit check for the month of May will be issued to you on Wednesday, May 18th.
The typical monthly benefit from Social Security in 2022 is $1,657, which is $92 more than the amount received in 2021.
The most recent adjustment to account for inflation has resulted in an increase in the amount owed (COLA).
The cost-of-living adjustment (COLA) pushed up the benefits by 5.9 percent in 2022.
This rise was put into effect to match the fast-climbing inflation rate in the United States, which is currently 8.3 percent.
Beneficiaries may be in for an even larger payment increase in 2023, as one senior organization estimates that the cost of living adjustment (COLA) would climb by 8.9 percent for the next year.
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The rise of 8.9 percent would result in an increase in the average benefit to about $1,804, while the maximum benefit would increase by approximately $373 to $4,567.
The whole payment schedule for Social Security, Supplemental Security Income, and Social Security Disability Insurance will begin in 2022.
We break down the reasons why it makes good financial sense to start collecting Social Security at age 70.
And now, here are five possible explanations for why you may not be receiving payments from Social Security.