The Social Security Administration is all set to issue the last round of Social Security payments this month. The Administration does not issue payments for all the beneficiaries at once to reduce the load on its system. It has divided the beneficiaries into four groups depending on their date of birth. According to the previously fixed schedule, the beneficiaries belonging to the last group are going to receive their payments on the 28th of May this week. If you are someone who wants to know more about the Social Security payments coming on May 28, the following article is for you.
Who’s Going To Receive The Social Security Payments Coming On May 28?
The Social Security Administration defines a yearly schedule for the issue of Social Security payments depending on the date of birth of the beneficiaries. It has already issued three rounds of payments this month. One of the rounds was for those who started receiving their benefits before May 1997. The other two were for those who started receiving their benefits after May 1997, with birth dates falling between the 1st to 20th of any month. The fourth round of payment, which is coming on 28 May, is for beneficiaries who have birth dates falling between the 21st and 31st of any month.
How Much Are You Going To Receive As Social Security Payments On 28 May?
The cost-of-living adjustment this year has resulted in a 2.5% increase in the Social Security benefits this year. If we consider this increase, the retirees, who are reportedly three-quarters of Social Security beneficiaries, are going to receive around $1,999.97 this month. The maximum benefit that the retirees can actually receive as a Social Security payment is $5,108. Similarly, the workers who are disabled are going to receive around $1,581.88 this month, while the survivors can receive around $1,565.52 this month.
Two Payments Coming For SSI Beneficiaries In May
The Social Security Administration is also responsible for issuing the Supplemental Security Income payments on the 1st of every month. This payment is for beneficiaries who are old, disabled, or blind, with limited incomes. If you are someone who also receives SSI payments, you must have received them on the 1st of May this month. But it is important for you to know that the month of May is going to be an exception. This means SSI beneficiaries are going to receive two payments into their accounts this month. The second payment will arrive on May 30. This second payment is not an additional check but the payment you were going to receive on the 1st of June. The 1st of the upcoming month was a weekend, which is a holiday. This is the reason why you are going to receive two payments this month in May.
What Should You Do If Your Social Security Payment Does Not Arrive On Time?
Most of the Social Security payments these days are issued electronically and are credited directly into the bank accounts of the beneficiaries. Therefore, delays in the issue of payments are rare unless you have submitted wrong bank details or you have a pre-existing loan with your bank. In case you haven’t received your Social Security payment on time, you must wait for three business days before contacting the administration. You must also check with the bank for the possibility of any delays from its side.
