Social Security update: First round of July payments worth $4,873 goes out in 10 days

In 10 days, millions of Social Security beneficiaries will receive their July retirement payments — worth up to $4,873 per check for those who retire at 70 years old.

Citizens who receive Social Security payments and were born between the first and the 10th of a month will get their regular monthly checks from the Social Security Administration on July 10.

Regular Social Security payments issued by the SSA are based on the earnings throughout a retiree’s life and have no limits based on income, but the amount each check is worth is dependent on the age when a person retires.

Those who retired at the current retirement age, 67, receive a maximum check of $3,822, while those who retired at 62 get up to $2,710, and those who delay their retirement to age 70 get the largest payment of $4,873 per month, according to the Social Security Administration.

The monthly payment schedule has three waves, all occurring on Wednesdays — or Tuesday if Wednesday is a federal holiday.

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The distribution of checks is divided by the day of the month recipients were born. The second wave of payments will be sent out on July 17, while the third wave will go out on July 24.

The monthly Social Security payments being sent out in the coming weeks are different from other checks given out by the SSA — such as disability insurance or Supplemental Security Income, which are sent out on a different schedule. SSI payments are sent to recipients by the beginning of each month.