Social Security benefits are scheduled to be distributed in early May. In 2022, approximately 64 million Social Security beneficiaries will see the largest increase in cost-of-living adjustments in nearly 40 years — 5.9 percent. This increase took effect on January 1 for Social Security recipients and on December 30, 2021, for Supplemental Security Income recipients.
COLA increases are typically modest, but the annual inflation rate in the United States is increasing, having accelerated to 8.5 percent in March and possibly even higher.
The following is the Social Security schedule for May:
- If your birthday falls between the 1st and 10th of the month, you will receive your payment on Wednesday, May 11.
- If you were born between the 11th and 20th of May, your payment will be distributed on Wednesday, May 18.
- If your birthday falls between May 21 and May 31, your payment will be distributed on Wednesday, May 25.
The Social Security Administration’s schedule for benefit payments in 2022 can be found here.
If your monthly Social Security benefits are insufficient to cover basic expenses, you may qualify for SSI. The Supplemental Security Income (SSI) program provides monthly payments to adults and children who are blind or have another disability and meet certain financial criteria. SSI is also available to individuals 65 years of age or older who have a low income and financial resources.
If you began receiving Social Security benefits prior to May 1997 — or if you receive both Social Security and SSI — you will receive your Social Security benefits on May 3.
By creating a My Social Security account, you can easily monitor your benefit payments and Social Security statements. You can check the status of an application, estimate future benefits, and manage the benefits you already receive through your online account.