Overview

• The Social Security Administration will send the second of three May payments on Wednesday, May 15.
• Payments this month can reach up to $4,873 for those retiring at age 70.
• Around 72.23 million Americans received Social Security benefits in April, an increase of nearly 200,000 from March.
• The average monthly Social Security retirement benefit for 2024 is approximately $1,907.
• Concerns about the future of Social Security funding persist, with potential reductions in benefits by 2033 without legislative action.