The first group of retired seniors will receive their January Social Security payments, worth up to $4,873 for top earners who retire at 70, in 12 days.

Retirees born between the 1st and 10th of a month will receive payments on Wednesday, Jan. 10. Those born after the 11th of the month will receive their payments in one of the two later disbursements.

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Social Security payments begin on the second Wednesday of every month, and the following waves go out on the third and fourth Wednesdays. January's other two payments will go out on Jan. 17 and Jan. 24.

The age of recipients at the time of retirement, the amount paid into Social Security, and the number of years paid into Social Security all affect the maximum payment retirees receive. However, payments largely rely on the age at which recipients choose to retire.

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Beneficiaries can see a personalized estimate of what they can expect each month through the Social Security Administration's calculator.

The totals sent out will shrink unless Congress takes some action to prevent it. Analysts estimate that 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 declining number of workers.