Belonging to one group or another of Social Security retirement beneficiaries determines the day on which we collect our benefit check in the United States. Thus, knowing which group we are in is important in order to have full control of the money coming into our household.
Therefore, we can conclude that knowing the day on which we collect our Social Security retirement payment is essential once we stop working. Likewise, those beneficiaries for other reasons such as Disability can also know the day of the collection.
And in just one week the new group of retirees can get their payment in their checking account. If we keep this in mind, we will be able to know the payment schedule perfectly and, therefore, we will have our household money budget under control. This is key to enjoying the golden years to the fullest.
New Social Security retirement payment in May
This new Social Security retirement payment will appear in just a few days in thousands of checking accounts across the United States. The mailing day for this check will be May 22nd, 2024. The maximum payment is $4,873, but that does not mean that all beneficiaries can get such a payment.
Each check is individual, since the retirement payment is calculated through a formula involving the beneficiary’s work history. But the amount is not important to get the May 22nd payment. What is important is meeting the mandatory requirements that the Social Security Administration imposes in order to have the money in your pocket on that day.
Requirements for the new Social Security retirement payment
Only two requirements need to be met to get this new check. The first is to have an accepted benefit from May 1997 forward. If your retirement check is after that date, then you meet the first of these requirements.
The second requirement is to have a birthday between the 21st and 31st of any month. This means that if you were born between these days, regardless of the year or month of birth, you meet this second condition.
And there are no other mandatory conditions for the Social Security Administration to send us this check. But it is true that it is necessary to fulfill a third requirement in order to have the retirement payment on the same day it is sent. The third optional requirement is to activate Direct Deposit as a collection method. This collection method is the fastest of all and makes the retirement money appear immediately in our checking account.