Here's who gets Social Security payments this week on May 13

Key Points:

• The first wave of Social Security payments for May will be distributed this week, with beneficiaries born between the 1st and 10th of the month receiving payments on Wednesday, May 13.
• Social Security benefits are typically paid on Wednesdays, with payment dates determined by the recipient's birthdate: 1st-10th on the second Wednesday, 11th-20th on the third Wednesday, and after the 20th on the fourth Wednesday.
• Individuals who received Social Security before May 1997 usually receive payments on the third day of the month, while those receiving both Social Security and Supplemental Security Income (SSI) get Social Security on the third day and SSI on the first day of the month.
• SSI payments are generally issued on the first business day of each month, with the next payments scheduled for June 1, July 1, July 31, and subsequent dates through the end of 2026.
• Social Security faces a projected shortfall by 2032, potentially leading to a 28% cut in benefits if Congress does not act; proposals to address this include a controversial suggestion to cap annual benefits at $100,000.