Social Security Benefits: Payments of up to $5,181 Arriving This Week
Newsweek • • business
Key Points:
- Over 70 million Americans receive Social Security benefits, with the next May payments scheduled for May 27 for those born between the 21st and 31st; the June payment schedule is staggered based on birth dates and benefit type.
- Monthly Social Security payments vary based on lifetime earnings and claiming age, ranging from about $2,969 at age 62 to a maximum of $5,181 if claimed at age 70, with the average retired worker receiving approximately $2,026.41 as of April 2026.
- The 2027 Cost of Living Adjustment (COLA) for Social Security benefits is projected to be higher than this year’s 2.8%, with estimates between 3.9% and 4.2%, potentially increasing average monthly payments by $79 to $85.
- The SSA is reviewing a proposed rule change that could reduce Supplemental Security Income (SSI) benefits for some recipients by altering how household income and support are calculated for eligibility.