The first wave of December's Social Security payments will go out to millions of retired seniors in just over a week.

Retirees born between the first and 10th of a month will receive their payments, worth up to $4,555 for those who retired at 70, in eight days, on Dec. 13. Other beneficiaries born between the 11th and 31st of the month will get their checks in one of two later payments, which go out on Dec. 20 and Dec. 27.

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The amount paid into Social Security and the number of years paid into Social Security both affect the maximum payment retirees receive, but it largely depends on what age recipients choose to retire. For example, retiring at the youngest age, 62, allows up to $2,572 per month, while delaying to 70 can allot up to $4,555 per month, according to the Social Security Administration. Those who retire at 67 will see up to $3,627 per month.

Not every recipient will receive the maximum payment, but beneficiaries can see a personalized estimate of what they can expect each month through the SSA's calculator.

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Monthly payments are expected to rise by 3.2% in January as part of the program's annual adjustments based on inflation, the SSA announced in October. The increase will be the same percentage for all payments the administration sends, including retirement and disability pay.

Those totals will shrink come 2034 unless Congress takes some action to prevent it. Analysts estimate the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.