Third round of May Social Security payments goes out today
The third round of May Social Security retirement payments-capped at $5,181-will be issued today. Retirees born on or after the 21st of the month receive their payments on May 27, following earlier rounds issued May 13 (born on or before the 10th) and May 20 (born between the 11th and 20th).
Eligibility generally starts at age 62. Check amounts depend on retirement age, earnings history, and years worked, with the SSA estimating up to $2,969 per month for retiring at 62 and up to $5,181 per month for retiring at 70. Recipients can use the SSA’s calculator to estimate individual benefits. Social Security is funded through payroll taxes paid by both employers and employees, and benefits are projected to be reduced over time unless Congress acts; analysts suggest full payments may not be possible as soon as 2034.
The third round of May Social Security payments for retirees, now capped at $5,181, will be issued today.
When will payments arrive?
Retirees born on or after the 21st of a month will receive this payment on May 27.
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The first round went out on May 13 to those born on or before the 10th of a month, and the second round went out on May 20 to those born between the 11th and 20th of a month.
When am I eligible?
Citizens are eligible for Social Security payments beginning at age 62.
How can I maximize my check?
Social Security payment amounts are determined by several factors, including age of retirement, the amount paid into Social Security, and the number of years paid into Social Security.
Payments largely depend on a recipient’s retirement age. A beneficiary retiring at the youngest age, 62, could receive up to $2,969 per month, while a 70-year-old retiree could receive up to $5,181 per month, according to the Social Security Administration.
Beneficiaries can see a personalized estimate of how much they could expect each month using the SSA’s calculator.
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How is it financed?
Social Security is financed by a payroll tax paid for by employers and employees.
Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts estimate the SSA will no longer be able to issue full payments as early as 2034, due to a rising number of retirees and a shrinking workforce.
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