There is less than a week until millions of retirees receive their first August Social Security check, worth up to $4,555 for people who delay their retirement until they are in their 70s.

The first wave of three August payments will go out in six days on Wednesday, Aug. 9, 2023, to people born between the 1st and 10th of the month. A second wave of payments will be sent a week later on Aug. 16 for those born between the 11th and 20th of the month, and the final payment will be released on Aug. 23 to those born after the 21st.

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Retirees that live outside of the United States, retirees that receive both Supplemental Security Income and Social Security benefits, and people that retired before 1997 should get their payments on Thursday, Aug. 3.

The maximum payments each beneficiary can receive differs. Some of the factors that affect how much each retiree receives include the age they retire, how long they have paid into the federal program, and how much money they pay into Social Security during those working years.

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Recipients who retire at the youngest retirement age of 62 get the lowest possible monthly installment, which is up to $2,572. People who retire at 67, considered 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.

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. Those currently on Social Security would not be affected by these changes.