What would you do if you knew $5,000 may hit your bank account today? We predict a rollercoaster of emotions for many people if it happens to them. Now, this is not wishful thinking, as Governor Kathy Hochul mentioned that there are ways to increase the amount of money through certain programs. Unfortunately, only specific people who are on the list will be able to put back almost $5,000 in their accounts. Check if you are one of these people on this list.
Some people will be receiving money in their bank accounts today
The SSA will make a new round of payments today to cover essential income for retirement, disability, and survivor benefits. Today will be the SSA’s second round of Social Security payments for May, and many people born between the 1st and the 10th of any given month are bound to jump with joy.
The benefit amount varies based on a person’s lifetime earnings, their retirement age, and the total years they’ve paid Social Security taxes.
- The average monthly retirement benefit for 2025 is $1,976
- The maximum monthly benefit for retiring at age 70 in 2026 is $5,181
- Supplemental Security Income for 2025 is
- $967 for an individual
- $1,450 for a couple
However, many people do not know that four programs could also help them save up to $5,000 in addition.
The 4 programs that can increase the amount of money hitting your bank account
On April 29, Governor Kathy Hochul announced that an agreement had been reached on the Fiscal Year 2026 New York State Budget. The many highlights of the FY 2026 budget will help millions save money, with these four programs standing out:
The expanded Child Tax Credit
According to the Child Tax Credit in the FY 2026 State Budget, the Child Tax Credit will significantly increase, providing eligible families with a credit of $1,000 for kids under four years old and $500 for kids four to 16 years old.
Tax cutting for seniors
The Department of Taxation and Revenue of New York State announced that eligible seniors will pay lower property taxes by decreasing the taxable assessment of seniors’ homes by as much as 50%.
Inflation refund checks
The Inflation Refund Checks in the FY 2026 State Budget also bring good news, as $2 billion will be dedicated to providing direct cash assistance to more than 8 million New Yorkers with checks of up to $400 per family.
Free school meals
The New York City Department of Education will also see some change, as $340 million will be provided to qualifying students to ensure free breakfast and lunch, which would save families an average of $1,600 per child.
People on this list will be able to increase their monthly benefit
These four programs will help people save up to $5,000, but only if they qualify.
To qualify for the increased Child Tax Credit
- You can earn $1,000 for kids under four years old
- You can earn $500 for kids four to 16 years old
To qualify for lower property taxes
- Seniors must be 65 or older
- Seniors must meet the income limitations
- Between $3,000 and $50,000 for a 50% exemption
- $55,700 for a 20% exemption
- $57,500 for a 10% exemption
- $58,400 for a 5% exemption
To qualify for tax refund checks
Eligible people will receive a refund check for tax year 2023 if:
- They correctly filed Form IT-201, The New York State Resident Income Tax Return
- They reported income within the qualifying limits
- They were not claimed as a dependent on another taxpayer’s return
To qualify for free meals
- You must be a K-12 student in New York to receive free breakfast and lunch.
According to Governor Kathy Hochul’s official statement, the FY 2026 Budget will not increase income or state business taxes, but its measures will help people save up to $5,000 per year. It will sustain State reserves to protect state finances and will grant her as the Governor of New York the abilities necessary to make changes if actions by the federal government are needed.
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