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

The first round of September's Social Security payments, which are worth up to $4,873 for the highest-income earners who retired at age 70, will go out to the first group of retirees on Sept. 11.

Here is everything to know about this month's Social Security payments.

Social Security payments typically begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The distribution of payments depends on which day of the month a retiree was born.

For retirees born between the 1st and 10th of a month, their payments will be sent on Sept. 11. Retirees born between the 11th and 20th of a month will receive their checks on Sept. 18. Retirees born on or after the 21st of a month will receive their payments on Sept. 25.

The amount beneficiaries receive depends on a number of factors, including when they retire, the amount they paid into Social Security, and the number of years they paid into Social Security.

Payments largely depend on recipients' retirement age. Retiring at the youngest age, 62, allows up to $2,710 per month, while delaying retirement until age 70 allows up to $4,873 per month.

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

U.S. citizens are eligible for Social Security payments beginning at 62 years old.

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Social Security is financed by a payroll tax, which is paid by employers and employees.

Unless Congress takes action to prevent it, Social Security payment amounts are set to shrink in the coming years. Analysts estimate the SSA will no longer be able to give out full payments to recipients as early as 2034 due to an increasing volume of retirees and a decreasing number of workers.