The first wave of December's Social Security payments, worth up to $4,555 for those who retired at 70, will go out to millions of retired seniors in five days.

Retirees born between the 1st and 10th of a month will receive their payments on Dec. 13. Beneficiaries born between the 11th and 31st of the month will get their checks in one of the two later payments, which go out on Dec. 20 and Dec. 27. Social Security disbursements are separated by the day of the month that the recipient was born, and they are divided into three cycles.

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The amount that each retiree receives depends on different factors. The amount paid into Social Security and the number of years paid into Social Security both affect the maximum payment retirees receive. However, the age of retirement is the largest contributing factor. For example, people who retire at the youngest age of 62 can get up to $2,572 per month, while delaying retirement to 70 raises the maximum 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.

The amount that recipients get each month is expected to shrink by 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.