economy
First round of May Social Security payments goes out in 10 days
The first round of May Social Security payments for retirees, now capped at $5,181, will be issued in 10 days.
TL;DR
- The first round of May Social Security payments for retirees will be issued on May 13.
- Subsequent payment dates are May 20 and May 27, based on birthdates.
- Retirees can receive benefits starting at age 62.
- Payment amounts depend on retirement age, contributions, and years paid into the system.
- A 70-year-old retiree can receive up to $5,181 monthly, while a 62-year-old can receive up to $2,969.
- Social Security is financed by payroll taxes paid by employers and employees.
- Without intervention, Social Security payments may shrink as early as 2034.