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

Millions of retirees can expect to see their August Social Security payments, worth up to $4,873 for the highest-income earners who retire at age 70, in just three days.

The first round of Social Security payments typically are sent out on the second Wednesday of every month, with the next two rounds to follow on subsequent Wednesdays.

This month, retirees born between the 1st and 10th of a month will receive their payments on Aug. 14. Beneficiaries born between the 11th and 20th of a month receive their checks on Aug. 21, and retirees born on or after the 21st of a month receive their payments on Aug. 28.

A person is eligible to begin receiving their Social Security payments at age 62, but they will only receive a maximum amount of $2,710 per month. Delaying retirement until age 70 can allot up to $4,873 per month.

How much a person receives is dependent on their age, how much they paid into the system, and how long they've been making payments.

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Beneficiaries can see a personalized estimate of how much they can expect each month through the SSA’s calculator.

Social Security payment amounts are set to shrink unless Congress takes action to prevent it. 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 dwindling number of workers.