Social Security update: First round of August payments worth $4,873 to go out in 16 days

Millions of retirees can expect to see their Social Security benefits for the month of August hit their bank account on Aug. 14.

The amount of Social Security benefits retirees receive depends on the age at which they retire, the number of years they paid into the system, and the amount of money they paid to Social Security. Highest-income earners who retired at age 70 can expect to receive a maximum of $4,873 each month. Those who retired at age 62, the earliest age at which one can begin to collect benefits, at most, can collect $2,710 each month.

Beneficiaries can see a personalized estimate of how much they can expect each month through the Social Security Administration's calculator.

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When a retiree receives their Social Security check depends on when their birthday falls. The first round of checks will go out to people born between the 1st and 10th of the month on the second Wednesday of the month, which falls on Aug. 14. Retirees born between the 11th and 20th of a month will receive their checks on Aug. 21, and retirees born on or after the 21st of a month will receive their payments on Aug. 28.

The federal government has provided Social Security benefits to retirees since 1935, when former President Franklin D. Roosevelt signed it into law. It is financed by a payroll tax paid by both employers and employees. However, analysts estimate the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers. It is up to Congress to make changes to ensure recipients don't see a dip in payments.