The dates for May for the cashing of Social Security checks are already known. More than 64 million Social Security beneficiaries will see the 5.9% increase in their bank accounts, the largest in 40 years.
This increase went into effect on January 1 for Social Security beneficiaries and on December 30, 2021 for Supplemental Security Income beneficiaries.
COLA increases are not usually this large, but the annual inflation rate in the U.S. is on the rise, accelerating to 8.5% in March, and could go even higher.
This is the May Social Security calendar:
- If your date of birth is from the 1st through the 10th of the month, your payment is distributed on Wednesday, May 11.
- If your date of birth is the 11th through the 20th of the month, your payment is distributed on Wednesday, May 18.
- If your date of birth is the 21st through the 31st, your payment is distributed on Wednesday, May 25.
The complete 2022 schedule for benefit payments can be found on the Social Security Administration’s calendar here.
You may qualify for SSI if your monthly Social Security benefits are not enough to cover your basic expenses. The SSI program sends monthly payments to adults and children who are blind or otherwise disabled and meet financial requirements. SSI is also available to people over the age of 65 who have limited income and financial resources.
If you received Social Security before May 1997 – or if you are getting both Social Security and SSI – you will receive Social Security on May 3.
You can easily check your Social Security benefit payments and statements by creating a My Social Security account here. Through your online account, you can check the status of your claim, estimate future benefits, manage benefits already received and much more.