There are still three Social Security Payments available for retired survivors and SSDI recipients. To qualify for retirement and SSDI benefits, you need to have worked and contributed enough in taxes. Survivor benefits can be accessed through workers’ records. It’s important to note that the average SSDI payment stands at $1,581, while retirees generally receive higher amounts.
The higher Social Security Disability Insurance benefits allow retirees to work longer since there are no barriers hindering their ability to pay more taxes. Currently, the average benefit for retirees is about $1,997, which represents an increase from the previous average of $1,980. This uptick in average payments has been quite significant.
When will Social Security recipients see the $1,997 (on average) in May?
There are three remaining payments after some retirees receive their monthly benefits on May 2nd. If you started receiving benefits before May 1997 or are on supplemental security income, you won’t receive any of these upcoming payments. If you’re not in these categories, be sure to check for your next direct deposit on Wednesday.
The timeline for the remaining payments in May is as follows:
- May 14: For retirees born from the 1st to the 10th after April 30, 1997
- May 21: For retirees born between the 11th and 20th, who began receiving benefits post-April 30, 1997
- May 28: For retirees born between the 21st and 31st who also began benefits after April 30, 1997
Could Social Security pay more than $1,997 in May?
Some eligible recipients might receive more than $1,997 from their Social Security. However, others may find their amounts to be lower. This variation often depends on your earnings, the age at which you applied for benefits, and the total years you’ve worked.
If you’ve had gaps in SSA-covered employment over the years, your benefits will also be impacted and possibly reduced. The maximum retirement payment in May is $5,108.
This substantial payment is achievable only if you apply at age 70 and have worked the maximum taxable amount for 35 years. Applying before age 70 could mean receiving less money.
For instance, if you were to apply at age 62 in 2025, you could be eligible for a maximum of $2,831. This early submission leads to a 30% reduction in retirement benefits, which could significantly affect your finances.
The point at which you get 100% of your retirement benefits is when you submit your application at your complete retirement age. If you wish to maximize your benefits, it could be worth waiting to apply at that age, although you won’t receive any SSA payments in the meantime.
