Millions of retirees will receive the last installment of July's three Social Security payments on Wednesday. It is worth up to $4,555 for people who retired at 70, according to the Social Security Administration.

The final wave goes out on July 26 to recipients born after the 21st of the month. The payment comes a week after the second round, which was given to recipients born between the 11th and 20th of the month.

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The first round was distributed on July 12 for those born between the 1st and 10th of the month. The payments go out on the second, third, and fourth Wednesday of each month. Each recipient receives just one retirement check every month.

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

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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.

The future of Social Security, including how the payments work and the amount individuals receive, is 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.