The first round of June's three Social Security payments, worth up to $4,555, will be disbursed to millions of retirees in less than two weeks, according to the Social Security Administration's schedule.

The payment will be released on June 14, the second Wednesday of the month, and will be sent to people born between the first and 10th of each month. The monthly payments are disbursed on the second, third, and fourth Wednesdays of each month.

GAVIN NEWSOM'S 2023-24 BUDGET RECEIVES PUSHBACK FROM LOCAL LAWMAKERS ON KEY ISSUES

The second distribution will go to retirees one week later, on June 21, and will go to those born between the 11th and 20th of the month. The final wave will go out on June 28, the final Wednesday of the month, to those born after the 21st of a month.

The amount of money each beneficiary receives differs depending on his or her age at retirement. Recipients who retire at 62 get monthly installments of up to $2,572, those who retire at 67 receive a maximum payment of $3,627, and those who delay retirement until 70 get the highest amount of a maximum of $4,555 per month, according to the SSA.

Recipients could see a decrease in their payments in the future if Congress does not figure out how to fund the program within a decade. Discussions on the future of Social Security have occurred in Congress for years, but experts have warned that the program could be insolvent in 10 years if nothing is done.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Social Security recipients could see a cost-of-living adjustment of just 3.1% next year, which would be a significant dip from the 8.7% they received for 2023. The annual cost-of-living adjustment is the yearly increase in the monthly installments based on the consumer price index for urban wage earners and clerical workers.

The current age of retirement in the United States is 67, but some lawmakers have proposed raising the age of retirement to 70.