The second distribution of Social Security checks for August, worth up to $4,555 for people who delay their retirement until age 70, will be sent to millions of retirees in just four days.
The next round, which is the second of three payments, will go out Wednesday, Aug. 16, for those born between the 11th and 20th of the month. The final leg of payments will be released the following week, on Aug. 23, to those born on or after the 21st of a month. The first round was disbursed on Wednesday for those born between the 1st and the 10th of the month.
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The maximum payment for each retiree depends on certain factors, such as the person's age at retirement, how long they have paid into Social Security, and how much money the recipient paid into the program during those years.
Seniors who retire at the youngest retirement age of 62 get the lowest maximum payment, which is worth up to $2,572 each month. Those who retire at 67, which is considered the full retirement age, receive a maximum benefit of $3,627.
People 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.
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A separate group that consists of retirees that receive both Supplemental Security Income and Social Security benefits, United States retirees that live outside of the country, and people who retired before 1997 already received their payments on Aug. 3, regardless of the day of the month they were born.
The future of Social Security, including the amount individuals will receive and how those disbursements will work, is still uncertain. But experts have warned that future recipients could see a decrease in their payments starting in 2034 if Congress does not settle on funding for the program before the Social Security trust runs out. People currently receiving Social Security would not be affected by any changes.