Millions of retirees will receive the first wave of June's Social Security retirement payments, worth up to $4,555, on Wednesday.

The first round of payments, which goes to recipients born between the first and 10th of each month, will be sent out on June 14, the second Wednesday of the month. The monthly payments are disbursed on the second, third, and fourth Wednesdays of each month.

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The second distribution will go to retirees on June 21, the third Wednesday of June, for those born between the 11th and 20th of a month. The final wave will go out on June 28, the fourth and final Wednesday of the month, to those born on or after the 21st of a month.

The amount of money each beneficiary receives differs depending on his or her age at retirement, along with other factors. 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, and those who delay retirement until 70 get the highest amount, with a maximum of $4,555 per month, according to the SSA.

Recipients could see a decrease in their payments in the future if Congress does not settle on funding for the program. 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.

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Social Security recipients could see a cost-of-living adjustment of 3.1% next year, which would be a significant dip from the 8.7% they received for 2023. The annual cost-of-living adjustment is the yearly increase in the monthly installments, based on the consumer price index for urban wage earners and clerical workers.

The age of retirement in the United States is 67, but some lawmakers have proposed raising the age of retirement to 70. However, people can take an early retirement at 62 or delay retirement until as late as 70.