A new round of Social Security will be landing in bank accounts this week.
Why It Matters
The Social Security Administration (SSA) pays benefits to tens of millions of Americans, forming a bedrock of income for those who are retired, a survivor of a deceased worker or are disabled. Payments are made every month, and the majority of recipients get their money in one lump sum. But given that there are several types of benefits going out to 70 million payees, not every claimant receives their money at the same time.
What To Know
Retirement, survivor and spousal benefits, are distributed at different times, based on either the recipient’s birth date or the length of time they’ve been receiving payments.
This week, benefits will be paid out on Wednesday, May 14. This payment date applies to anyone born between the 1st and 10th of any given calendar month.
How Much Is Social Security Can I Get?
If you start collecting Social Security benefits at Full Retirement Age—currently 67—the maximum monthly payment is $4,018. Claiming benefits early at age 62 reduces that maximum to $2,831, while waiting until age 70 can increase it to as much as $5,108 per month.
These amounts represent the highest possible payouts, but your actual benefit will depend on factors like your lifetime earnings and how long you’ve paid into Social Security. As of January 2025, the average monthly retirement benefit was $1,976.
Benefits increase in line with inflation every year thanks to something known as the Cost of Living Adjustment, or COLA.
The definitive answer for how much benefits will rise next year is not set in stone, and will be officially announced in October this year.
The Senior Citizens League (TSCL) has forecast the COLA for 2026 will be 2.3 percent, which is based on current economic conditions.
But President Donald Trump‘s widespread tariffs mean this prediction could change dramatically as the year continues, and could also have significant impacts on the finances of beneficiaries.
“Placing broad-based tariffs on goods from numerous countries could have a profoundly negative impact on the daily lives of seniors, including the costs of drugs and medical equipment that many seniors rely on,” TSCL executive director Shannon Benton said in a statement. “It is also highly likely that import taxes will keep food prices high, increase auto insurance costs, and contribute to higher inflation, among other effects.”
What Happens Next
More payments are scheduled for later in the month:
- Wednesday, May 21: Benefits for those born between the 11th and 20th.
- Wednesday, May 28: Benefits for those with birthdays between the 21st and 31st.
- Friday, May 30: SSI payments for June.
The post Social Security: Payments of Up to $5,108 Going Out This Week appeared first on Newsweek.
