The last installment of July's Social Security payments, worth up to $4,555 for people who retire at 70, will go out to millions of retirees in three days, according to the Social Security Administration's schedule.

The final round of payments will go out to recipients born after the 21st of the month, on July 26, and marks the third round of payments for July.

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The first round was distributed on July 12 for those born between the first and 10th of the month, and the second was disbursed on July 19. Each recipient receives just one of these checks each month.

The maximum amount of money each beneficiary can receive differs depending on his or her age at retirement, how long he or she has paid into Social Security, and how much goes into the program during those years.

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

The future of Social Security, including how the payments will work and how much people will receive, is still in the air. Recipients could see a decrease in their payments in the future 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.

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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.

One possible change comes from a proposal by House Republicans, which suggested slowly raising the full age of retirement to 69 by 2033. But those looking to retire in the near future could also take an early retirement at 62, or they can wait as late as 70 to receive more money.