Understanding Social Security Benefits: Insights for Seniors

Many retirees appreciate their Social Security checks, yet many feel the payments fall short. While most individuals can’t rely on multiple monthly benefits, there is a small group of seniors who do receive three checks this month. If you meet specific criteria, you may be able to join them.

Understanding the Social Security Administration’s Payment Schedule

The Social Security Administration follows a strict payment schedule. Most beneficiaries receive their payments monthly on either the second, third, or fourth Wednesday, depending on their birthdate:

• Born on the 1st through the 10th: Second Wednesday of each month
• Born on the 11th through the 20th: Third Wednesday of each month
• Born on the 21st through the 31st: Fourth Wednesday of each month

This month, these dates correspond to May 14, May 21, and May 28. Those on Supplemental Security Income (SSI) have a different payment date to consider.

SSI is designed to support low-income seniors and individuals who are blind or disabled, regardless of age. This additional monthly benefit is managed by the Social Security Administration and varies based on state and personal income/assets. For 2025, the federal maximum is $967 per month for individuals and $1,450 per month for couples.

The Social Security Administration usually disburses SSI payments on the first day of the month. If this date lands on a weekend or holiday, the payment is issued on the last business day prior. For this month, the May SSI payment is on schedule for May 1. However, since June 1 falls on a Sunday, benefits for June will be paid out on May 30. Essentially, this means recipients are receiving their June funds slightly earlier, not more money overall.

Evaluating SSI as a Potential Option

If your Social Security benefits are insufficient and you have limited savings, consider applying for SSI. You may be able to apply online if you’re also applying for Social Security disability benefits. Otherwise, reaching out to the Social Security Administration directly or setting an appointment at a local office may be necessary.

Check the SSI eligibility requirements first. If you earn below $2,019 per month and hold resources—such as bank account money or vehicles—valued at $2,000 or less for individuals or $3,000 or less for couples, you may qualify.

Gathering detailed information about your income and assets is essential for the application. Although the qualifying process can take some time, signing up might enhance your financial situation in the long run, even if you can’t take advantage of the two SSI checks this month.

A Look at the Overlooked $22,924 Social Security Bonus

Many individuals fall short in their retirement savings. Nonetheless, some lesser-known “Social Security secrets” could provide a substantial increase in retirement income.

By utilizing one simple strategy, you could potentially earn $22,924 more each year. Learning how to maximize your Social Security benefits can pave the way for a more secure retirement. Explore these strategies further for optimal financial preparation.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.