Getting a new United States Social Security check each new month that begins is always a financial relief. However, each of these checks is completely individual, so the amount is different for each American.
In addition, there is the so-called COLA. Thanks to the COLA, each and every retiree can get a little extra money each year from Social Security. And in this month of May 2024 we will see that the payment is higher than in the month of May 2023.
So because of these kinds of benefits and increases in those benefits retirees can have a better standard of living. At the end of the day, we should also keep in mind that the increase in these checks is annual and that the objective is to deal with inflation.
Inflation means that retirees can lose purchasing power. And the COLA means that Social Security checks do not lose that purchasing power, at least not in such a big way.
Who gets an increased Social Security check in May 2024?
In the previous year 2023, May had a maximum Social Security check. But as of January of this year 2024 this maximum check has increased by 3.2%, which makes the money retirees get from this benefit a bit larger.
And best of all, we don’t need to do anything in order to get this benefit. So by simply collecting a monthly benefit we already have access to the COLA that will make us collect a little more. However, the day on which we get the money depends directly on other different elements.
In the month of May we will have four payment days for Social Security retirements. Those days will be May 3, 8, 15 and 22. It is true that the check may increase $120 or not depending on the situation.
We should keep in mind that the check increases 3.2% over the previous year. So if in 2023 we had a check of $1,000, in May this year the payment will reach about $1,032. The current maximum payment is $4,873 per month.
Likewise, the Supplemental Security Income payment will also reach Americans in May. This Social Security Supplemental Benefit can reach $943 thanks to the COLA and will arrive on the 1st and 31st of May.