Millions of recipients of Social Security payments will get their next retirement checks for August, which are worth up to $4,555 per payment, on Wednesday.

People who receive Social Security checks and were born from the 21st through the 31st of their birth month are set to receive their monthly checks on Aug. 23. Those who have birth dates from the 1st through the 20th of any month have already received their monthly check during one of the earlier waves of distribution.

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The monthly retirement payments are paid to those who are eligible in three waves, with all occurring on Wednesdays. The waves of checks are divided by the days of the month a recipient was born.

The first wave of checks is always sent out on the second Wednesday of each month to those born on the 1st through the 10th of their birth month, with this month's payment being sent to that group on Aug. 9. The second wave of payments was sent out on the third Wednesday of this month, Aug. 16, for those born on the 11th through the 20th of their birth month, per the Social Security Administration.

Social Security payments are based on the earnings throughout a recipient's life and have no limits based on income or resources, but the amount varies on the age a person retires. Those who retire at the retirement age of 67 receive a maximum check of $3,627, while those who retire at 62 get up to $2,572, and those who delay their retirement to 70 get the largest payment of $4,555 per month, according to the SSA.

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Regular Social Security payments are different from other checks handed out by the SSA, such as disability insurance or Supplemental Security Income. The next round of SSI payments is scheduled to be paid out to eligible recipients on Sept. 1.

Some analysts predict that Social Security insolvency may occur as early as 2034 unless action is taken by Congress to prevent it via restructuring or another method.