Social Security benefit payment update: Check mailing confirmed with May increase

May comes loaded with Social Security benefit payments for millions of SSI recipients, retirees, survivors, and disabled individuals in the country. In addition to the double SSI payment that recipients will receive since June 1st occurs on a Saturday, all Social Security beneficiaries will receive monthly checks with a 3.2% increase due to the cost of living adjustment (COLA) authorized last October. If you qualify for any of Social Security’s programs, see the confirmed mailing dates for this month. 

Social Security beneficiaries receive an income boost each year from the cost-of-living adjustment (COLA), which enables them to maintain their standard of living despite rising inflation and costs. The most recent CPI-W data from March indicates that inflation is occurring at a rate of 3.5%. After analyzing the 2023 third-quarter average, which yields an average CPI-W reading of 301.236, it is clear that since the end of the third quarter of 2023, inflation has averaged 1.7% based on the index’s March 306.502 level.

COLA estimates for 2025

Therefore, it is unlikely that inflation will drastically drop from its current levels so beneficiaries should expect a sizable increase in payments the following year. As previously stated, the latest CPI-W reading showed 3.5% annual inflation. Experts anticipate a 2.4% Social Security COLA in 2025, according to the most recent Social Security Trustees’ Report. But remember, this might all alter drastically if third-quarter inflation turns out to be much higher or lower than forecasters had predicted.

According to Michael Ryan, a financial expert, SSI recipients, seniors, survivors, and disabled people should not see the 3% increase as a triumph or win in purchasing power because they already struggle to pay for necessities like healthcare, food, and housing. He also warns that the increase would not adequately preserve their purchasing power due to inflationary pressures in housing, healthcare, and transportation.

Confirmed Social Security benefit amounts for this month 

Every year in October, the cost of living adjustment (COLA) determines the new rise in Social Security income for the next year. For instance, in October 2023, a 3.2% COLA was granted, resulting in the following allowable payment amounts: 

Supplemental Security Income (SSI) 

• Individual: $943
• Couples: $1,415
• Essential person: $472

Retirement program

• On average: $1,900
• Age 62 (Before FRA): $2,710
• Age 67 (FRA): $3,822
• Age 70 (After FRA): $4,873

Survivor benefits 

• On average: $1,505
• Individual: $1,773
• 2 Children: $3,653

Social Security Disability Insurance (SSDI)

• On average: $1,537
• Blind recipients: $2,590
• Maximum payment: $3,822

Social Security payments confirmed for May

The SSA establishes a yearly Social Security benefit payment schedule according to each financial program, and payments are distributed based on each beneficiary’s birth date. Also, if your Social Security check does not arrive on the planned date, leave at least three mailing days before contacting the Social Security Administration (SSA). 

Since each month could have different payments, we added the payment schedule resume for this month so that all beneficiaries can mark their calendars with the upcoming payment dates. For further information, please check the Social Security benefit payment schedule for 2024 or access your “my Social Security account.”.