The final round of May's three Social Security payments, worth up to $4,555, will go out to retirees on Wednesday, according to the Social Security Administration's schedule.
The payment will go out on May 24, the fourth Wednesday of May, and it will be sent to people born after the 21st of a month. The payments are always sent out on the second, third, and fourth Wednesdays of the month.
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The first distribution was sent to retirees born between the 1st and 10th of a month on May 10, the second Wednesday of May. The second wave was sent last week, on May 17, to those born between the 11th and 20th of the month.
The amount of money each recipient gets varies depending on his or her age at retirement. Recipients who retire at 62 get up to $2,572, those who retire at 67 receive a maximum check of $3,627, and those who delay retirement until age 70 get the highest payment of $4,555 per month, according to the SSA.
The current age of retirement in the United States is 67, but some lawmakers have proposed raising the age of retirement to 70.
Recipients could see a decrease in their payments if Congress does not figure out how the program will be funded in the future. Discussions on the future of Social Security have occurred in Congress for years, but experts have warned that the program could be insolvent in 10 years if nothing is done.
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Beneficiaries could also see a delay or decrease in payments next month if the United States defaults on its loans in June.
Social Security recipients could see a cost-of-living adjustment of just 3.1% next year, which would be a significant dip from the 8.7% they received for 2023. The annual COLA is based on the consumer price index for urban wage earners and clerical workers.