United States Social Security recipients with a check from the previous year will have seen their benefit increase. The retirement check increases a little each year depending on the COLA.
This COLA (Cost of Living adjustment) is announced by the United States Government in October of each year. After it is announced, the COLA is applied to Social Security checks beginning in January of the following year. For that reason, this year’s May payment is higher than last year’s payment.
How much does Social Security increase in May?
The increase in Social Security benefits in May 2024 is 3.2% over the previous year. This means that for every $1,000 we were getting in 2023 we are now getting $1,032 in 2024. While this may not seem like much of an increase in one month, if we calculate over the full year we see that there is indeed a considerable increase.
So there is no exact figure on the increase. But it is certain that all Social Security beneficiaries get that annual increase. Since it is a percentage increase, it is a fair increase because it means that all beneficiaries can continue to have the same purchasing power.
When do the May Social Security payments arrive?
In the month of May, the Social Security Administration will send out checks on up to 6 different days. Two of these checks are for Supplemental Security Income beneficiaries. The other four checks are for retirement beneficiaries.
In this regard, these will be the payments we will see in the month of May:
- May 1st.
- May 3rd.
- May 8th.
- May 15th.
- May 22nd.
- May 31st.
The payments on May 1st and 31st will be for Supplemental Security Income recipients. Therefore, it is possible to get these two checks in the same month. If we have activated Direct Deposit, the payment will arrive twice in May.
On the other hand, the 3rd, 8th, 15th and 22nd will be for United States retirees. The payments on the 3rd will be for Social Security beneficiaries with a benefit prior to May 1997. The remaining paydays will be for retirees after that date.
But in order to collect payments on May 8, 15 and 22, it is mandatory to have a birthday on certain specific days. Not just any retiree can get payment on any of these days. Therefore, check the requirements to see if you have access to one of these Social Security checks in the month of May 2024.