The first Social Security stimulus check payments for the month of May, which has a total sum of $4,555, will be issued in 11 days. The payments have been scheduled for the 10th of May and will be issued to those recipients who were born between the 1st and 10th of every month. Two other payments will then be issued to different sets of recipients in the latter half of the month. These payments will be sent out on the second, third, and fourth Wednesdays of every month- and the week a recipient’s payment will be coinciding with the 10-day block of a month in which the person was born.
Stimulus Check Payment For Social Security Recipients Might Be Insolvent
The stimulus check amount every recipient will receive will be dependent on their age at retirement. Recipients who retired at the age of 67 will be receiving a maximum payment of $3627. People who then retired at 62 will receive $2.572, and those who had delayed retirement to 70 will be receiving the highest payment of $4,555 per month. The next two payments will take place on the Wednesdays that follow the 10th of May. The second payment will be issued on 17th May, and the third will be sent out on 24th May.
It has also been announced that the recipients might come across a reduction in the stimulus check payments if Congress fails in determining just how far the program will be funded by 2037. Discussions on the future of Social Security have already been a fixture in Congress for years, and some experts have warned that the program could be completely insolvent in the next 10 years if nothing is done.