Social Security update: First round of October payments worth $4,873 goes out in 2 days

The first round of October’s Social Security payments, worth up to $4,873 for the highest-income earners who retire at age 70, will go out to the first group of retirees in two days.

People will receive their checks depending on the date they were born. Social Security checks are typically first sent out on the second Wednesday of every month, with the rest of the waves sent out on the following Wednesdays.

Retirees born between the first and 10th of a month will receive their payments on Oct. 9. Beneficiaries born between the 11th and 20th of a month will receive their checks on Oct. 16, and retirees born on or after the 21st of a month will receive their payments on Oct. 23.

How much someone receives is based on three factors: how long they’ve worked, how much they paid into Social Security, and the age at which they retire.

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According to the Social Security Administration, retiring at the youngest age, 62, allows up to $2,710 per month, while delaying retirement until age 70 can allot up to $4,873 per month.

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