Social Security announces changes to May payments
While it is true that Social Security payments follow a regular schedule for United States retirees, sometimes there may be changes that directly affect beneficiaries. Likewise, there may also be changes in other payments such as Supplemental Security Income.
Fortunately, most of the time we will be able to know well in advance of any changes in Social Security checks. Knowing this, we can keep in mind everything related to organizing our household finances.
This way, knowing the changes we will have in the May Social Security payments we will be able to organize the money available. There are just a few changes that may cause us to have to recalculate a little the budget for the coming months.
Social Security Changes in May 2024
For starters, one of the big changes to Social Security in May 2024 is that we have an increase in the benefit over the previous year. This change has already taken effect in previous months. So any retiree who collected a check in May 2023 can see that the May 2024 check is 3.2% higher.
So the maximum check for age-based retirees in May 2024 is $4,873. Similarly, the maximum Disability payment is $3,822 per month. This change is important because it gives a few extra dollars to United States retirees.
On the other hand, the change in the schedule is small, but large enough to affect the pockets of beneficiaries. Retirement payments will arrive as usual on the 3rd day and on the second, third and fourth Wednesdays of the month. However, the Supplemental Security Income check changes a bit.
On the 1st of May we will have access to this check from Social Security, but we will also have one of these payments on the 31st of this same month. This will somewhat affect the economy for recipients, who will get their June SSI check early. So in order to organize the budget for those months we should keep this in mind.
In short, the biggest changes are that we will have a larger check in May 2024, as well as double Supplemental Security Income (SSI) payments in this month. Therefore we should keep in mind that in June we will not get one of these extra Social Security benefit checks.
