Millions of retirees will see the first disbursement of three monthly Social Security payments in August in 11 days, which is worth up to $4,555 for people who retire at 70.

The first round will go out Aug. 9 to recipients born between the 1st and 10th of the month. The other rounds will go out Aug. 16 and Aug. 23.

GOP SENATORS WORK TO BLOCK BIDEN'S PLANS — LITERALLY

The maximum amount of money each beneficiary can receive differs. Factors that impact how much they receive include their age at retirement, how long they paid into the program, and how much money they pay into Social Security during those years.

Recipients who retire at the earliest age of 62 get monthly installments of up to $2,572. People that retire at 67, the full retirement age, receive a maximum benefit of $3,627. Those who delay retirement until 70, the oldest age of retirement, get the highest maximum payment of up to $4,555 per month, according to the Social Security Administration.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

The future of Social Security, including how the payments work and the amount individuals receive, is still uncertain. But experts have warned that recipients could see a decrease in their payments in 2034 if Congress does not settle on funding for the program before the Social Security trust runs out. Money in the program's trust is expected to run out by 2034.

Discussions on ways to save the program have been going on in Capitol Hill for years. One recent proposal by House Republicans suggested raising the full retirement age to 69 by 2033. Those who retire in the next few years will not be affected by the changes.