Retirees and disability beneficiaries are gearing up for the first May Social Security payment, set to arrive on Wednesday, May 14. This deposit will include the 2.5% cost-of-living adjustment (COLA) introduced in January 2025, bringing a welcome boost to millions of Americans.
In April, the Social Security Administration (SSA) sent out its final payment for that month. Now, it’s preparing to distribute May’s first check, which will benefit individuals with birthdays between the 1st and 10th. This payment is crucial for those who depend on Social Security to cover everyday needs like rent, food, and healthcare expenses.
Why the May 14 Social Security payment schedule matters for beneficiaries everywhere
According to the SSA, those who started receiving benefits after May 1997 and whose birthdays fall between the 1st and 10th are part of Group 2. Ever wonder when you’ll see the deposit? The check will be sent directly to your bank account or mailed to you, based on your preference. Retirees in this group can receive up to a maximum monthly check of $5,108, while disability beneficiaries may receive up to $4,018, depending on their earnings record.
Below is a brief overview of key information:
| Group | Birthdays | Payment Date |
|---|---|---|
| Group 2 | 1st – 10th of any month | May 14 |
Remember that this deposit includes the permanent 2.5% COLA increase. While it might not sound huge, it is designed to help recipients keep pace with rising living costs and inflation.
Top strategies and tips to maximize your Social Security benefits right now
The COLA adjustment is automatically applied to your monthly payments, but there are still steps you can take to make the most of your benefits. If you’re planning to claim Social Security in the future, here are a few tips:
- Delay retirement: Waiting beyond your full retirement age can significantly boost your monthly benefit.
- Complete 35 work years: The SSA calculates your benefits based on your 35 highest-earning years. Having fewer years may lower your average.
- Maximize your income: Higher lifetime earnings translate into larger monthly checks once you retire.
For disability recipients, timing the application is less flexible. However, ensuring that all your work years are correctly recorded can make a difference. If you’ve had changes in your condition or suspect an error in your record, you should report it immediately to the SSA.
Below is a comparison of the potential maximum monthly amounts:
| Benefit Type | Maximum Monthly Amount |
|---|---|
| Retirement | $5,108 |
| Disability (SSDI) | $4,018 |
If you rely on Social Security, stay informed about upcoming payment dates and COLA changes. It’s always a good idea to double-check your deposit to ensure you receive the correct amount. By doing so, you’ll be better prepared to handle everyday expenses and safeguard your financial well-being.