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

The final round of August's Social Security payments, worth up to $4,873 for the highest income earners who retire at age 70, will go out to the second group of retirees in six days.

Retirees born on or after the 21st of a month will receive their payments on Wednesday.

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

Retirees are eligible to begin receiving Social Security payments when they turn 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 depends on age, the amount paid into the system, and for how long.

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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Social Security benefits have been around since 1935 when President Franklin D. Roosevelt signed a law creating the SSA to manage them.

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.