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Social Security recipients will get $1,900 payments today, and many could expect double payments this month. Read more: Compare the Best High-Yield Savings Accounts to Grow Your Savings May payments are underway from the Social Security Administration for retirees and people living with disabilities. The first payment went out on May 1 for all Supplemental Security Income (SSI) recipients, but the next payment went out just two days later, on Friday. This payment is specifically for Social Security recipients who started getting their benefits before May 1997. The rest of the beneficiaries will have to wait for a later date this month, depending on their birthday. On May 8, recipients who were born between the 1st and 10th of the month will get their monthly check. A week later, those born between the 11th and 20th will follow suit. And on May 22, beneficiaries with a birth date between the 21st and 31st will see their payments. SSI recipients then get a second check, which counts as their June payment, on May 31. That payment arrives a day early because June 1 is on a Saturday this year. Recipients saw a boost on Social Security payments this year due to the 3.2 percent cost-of-living adjustment (COLA), and the average payment has climbed to $1,900. Read more: Average Savings Account Rates For most Americans, that translates to a roughly $50 increase on their monthly check. The maximum payment, which is available only to high-income workers who delayed retirement until age 70, is set at $4,873 this year. Recipients who retire later and earned more money during their time in the workforce tend to bring in greater Social Security checks when they file for benefits. Meanwhile, for SSI, payments are set at $943 for individuals and $1,415 for couples. Since the COLA has gone into effect for Social Security payments this year, seniors have had a range of complaints about how the increased amount doesn't keep up with the inflation they're facing for groceries, housing and health care. Seniors have also been increasingly concerned that their benefits could be cut down the line as the Social Security Administration faces an insolvency crisis as more baby boomers retire. Current estimates by analysts predict the program will no longer be able to send out full payments starting in 2033. In the meantime, seniors relying on the checks say they aren't adequate for the 3.5 percent inflation rate they experience nationwide. Read more: Find the Best Types of Savings Accounts With Maximum Rates "Whether the annual COLA is appropriate for a specific retiree to ensure equal purchasing power as the prior year is highly specific to the life situation of the individual retiree, both in terms of expenses and other sources of income," Jonathan Price, the national retirement practice leader at employee benefits consulting firm Segal, previously told Newsweek. Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground. Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground. ");jQuery(this).remove()})
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