The United States Social Security retirement or disability benefit payments for the month of May 2023 are about to start. The first of the payments is always for a specific group of retirees while the rest of the citizens have to wait for the following weeks. Even if we have to wait, it doesn’t matter, as in the end we will always receive the retirement Social Security check in our pocket.
Social Security payday is important for all beneficiaries. This is because many retirees receive their monthly benefit check as their only source of income. This practice is not entirely advisable, but some Americans have no other option available to them. So they have no choice but to wait month to month to receive their Social Security money.
To find out if we belong to the first of these groups, all we have to do is look at our retirement date. The Social Security Administration divides retirees into two major groups. The second of these groups has a subdivision, but the first does not. Therefore, any of the beneficiaries in this first group will receive a check very soon.
However, there is nothing to worry about if we do not receive the next check. As long as we have the benefit accepted, we will receive our Social Security money monthly. So if we don’t get it this week, we will receive it in the following weeks.
Who can collect the first Social Security payment in May?
The first retirees to collect the first of the May Social Security checks are all those seniors who applied for the benefit before 1997. This is the first group of seniors to receive the benefit each year. So if you are retired before that date, you don’t have to wait any longer to get your benefit amount.
Whether you get the maximum payment of $4,555 or an average Social Security benefit of about $1,800, you’ll get your money soon. Therefore, pay attention to your bank account, as the check will arrive in less than 24 hours at your disposal. To be exact, the payment day for this benefit is May 3rd, although not all retirees will receive the money on the same day.
Can I receive the benefit money on the same day the check is mailed?
The Social Security Administration sends checks to pre-1997 retirees on May 3rd. However, this does not mean that all beneficiaries will receive the money on the same day. This is due to the method of collection chosen by the beneficiary. There are two collection methods used to receive Social Security benefits:
- Bank Account Deposit.
- Direct Deposit.
Each of these methods is as reliable as the other. However, there is one that is much faster, as the money appears immediately without having to wait a day. That faster method is Direct Deposit. Thanks to this collection method, any money sent by Social Security or any other federal agency will arrive immediately.
If we do not choose Direct Deposit as a collection method, it may take up to 3 days for the money to arrive. It could arrive the day after it is sent, but the average wait is 3 days. Therefore, it is best to activate the fastest method of collecting Social Security.
Other Social Security payments in May
In addition to the payments listed above, the Social Security Administration will send out several other checks in May. Although these are also disability and age retirement benefits, the date of payment is different.
These are the rest of the days on which the Administration will send the payment to retirees:
- May 10th. Payment for post-1997 retirees with birthdays between the 1st and 10th of the month.
- May 17th. Retirees born between the 11th and 20th of the month with retirement after 1997 are paid on this day.
- May 24th. Any Social Security beneficiary with a post-1997 benefit and birthday between the 21st and 31st will collect on this day.
It is important to remember that the type of benefit does not matter, since both disability beneficiaries and age-based retirees are paid on the same day. Likewise, any other beneficiary who has the benefit accepted can cash the check without any problem. The only thing they have to comply with is the requirement of the date of the birthday and the year of retirement.