Social Security Payment of $4,873 will go out this week

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Millions of retirees who receive Social Security benefits will be getting their May payments this week.

The Social Security Administration (SSA) pays monthly benefits to beneficiaries such as retired Americans, individuals with disabilities, and surviving family members of deceased claimants. Due to the multiple categories of payments and a substantial number of recipients, not all payments are made on the same day each month.

This week, on Wednesday, May 8, Social Security recipients with birthdays that fall between the 1st and 10th of any given month will receive their retirement check. Payments for most beneficiaries are made on Wednesdays throughout the month.

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However, not every recipient will receive a sum as large as $4,873, the maximum amount available to claimants. Retirement benefits are calculated based on an individual's situation, including how much they earned in their working years. Some retirees are also eligible to claim Supplemental Security Income (SSI) if they are blind, have a disability or if their usual Social Security payments would not be enough. According to the SSA, the estimated average monthly Social Security retirement benefit for January 2024 was $1,907.

A stock image of Social Security cards and U.S. Dollar bills. Social Security benefits are paid monthly to all beneficiaries. GETTY

This year's payments have seen a boost thanks to the annual cost-of-living adjustment, commonly known as COLA. Recipients are receiving a 3.2 percent increase compared to their monthly payments throughout 2023.

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Benefits increase every year in line with the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). In 2023, a historic rise of 8.7 percent was granted to retirees and other benefit claimants due to high inflation following the coronavirus pandemic.

Payments to those with birthdays that fall in the latter days of a month are also scheduled to go out. Those with birthdays between the 11th and 20th will have their payment in their bank accounts on May 15. The final usual payment on May 22 is for those who were born between the 21st and 31st of a given month. Any person who retired before 1997 should have already received their monthly payment on May 1.

A rare double payment will happen this month for certain beneficiaries. Those who would usually receive their payment on the first of every month will be paid a day early on May 31, instead of June 1. This is because the usual disbursement date falls on a Saturday. Newsweek has contacted the SSA via email outside of normal working hours for clarification.

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If you don't receive your payment on the scheduled date, the SSA suggests waiting an additional three mailing days before contacting them to ask about any missing payments.

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