Millions of retirees received the first round of Social Security payments for July on Wednesday, which were worth up to $4,555 for people who retire at 70, according to the Social Security Administration's schedule.
The first of July's three payments will go out on July 12 for recipients born between the first and 10th of a month. Monthly payments are always disbursed on the second, third, and fourth Wednesdays of each month. The 12th marks the second Wednesday of July.
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The next round of retirement payments goes out in one week, on July 19, for those born between the 11th and 20th of the month. The final round will go out July 26 to those born after the 21st. Each recipient receives just one of these checks each month.
The maximum amount of money each beneficiary can receive differs depending on their age at retirement. Recipients who retire at 62 get monthly installments of up to $2,572. Those who retire at 67 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.
Not every beneficiary receives the maximum payment, which also depends on the length of time they pay into Social Security, and the amount of money that is paid into the program during those years.
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 2033.
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Discussions on the future of Social Security have occurred in Congress for years, and experts have warned that the program could be insolvent in 10 years if nothing is done.
The current age of retirement in the United States is 67. However, a recent proposal by House Republicans 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 or late retirement at 62, or they can wait as late as 70 to receive more money.