The first round of the Social Security Administration's retirement payments, worth up to $4,555, will be sent to beneficiaries in one day.

The payments going out on Wednesday, March 8, will mark the first of three waves of payments this month. Each wave represents a 10-day block of the month a person was born in, and this round of payments is for people born between the 1st and 10th of a month, according to the SSA's schedule.

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The second round of SSA retirement payments for the month will be issued a week later, on March 15, and will go to those born between the 11th and 20th of a month. The last payment will be on March 22, the fourth Wednesday of March, for people born between the 21st and 31st of a month.

The amount of money recipients get from these payments depends on the age they retired and when they started receiving the benefits. The highest payment of up to $4,555 each month goes to people who retired at 70. Recipients who retired at 67 will receive a maximum check of $3,627, and anyone who retired at 62 will get up to $2,572, according to the SSA.

Retirement payments from the SSA are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income.

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The amount of money retirees receive in Social Security is subject to change, and it may even decrease if Congress does not determine how the program will be funded in the future. Discussions on Social Security have been ongoing in Congress for years, but a pair of bipartisan senators are looking at raising the age of retirement to 70.

Currently, the age of retirement is 67, but workers can take early retirement at 62 or delay retirement to 70.