Social Security Administration Sets May Payment Schedule for Retirees

Security payments for retirees will be issued on May 13, according to the Washington Examiner. This applies to those born on or before the 10th of a month. The payments are capped at $5,181. The second round is set for May 20 for retirees born between the 11th and 20th of a month. The third round will occur on May 27 for those born on the 21st or later.

Citizens become eligible for Social Security benefits at age 62. Payment amounts depend on factors including retirement age, the amount paid into Social Security, and the number of years of contributions. A beneficiary retiring at age 62 could receive up to $2,969 per month. A retiree at age 70 could receive up to $5,181 per month, as stated by the Social Security Administration.

Beneficiaries can use the Social Security Administration's calculator to estimate their monthly amounts. Social Security is financed through a payroll tax shared by employers and employees. Social Security payment amounts are set to decrease unless Congress intervenes, according to the Washington Examiner. This is due to an increasing number of retirees and a declining workforce.