Social Security update: Second round of August payments worth $4,873 to go out in two days

The second round of August’s Social Security payments, worth up to $4,873 for the highest income earners who retire at age 70, will go out to the second group of retirees on Aug. 21.

Retirees are eligible to begin receiving Social Security payments when they turn 62, but they will only receive a maximum amount of $2,710 per month while delaying retirement until age 70 can allot up to $4,873 per month.

How much a person receives is dependent on age, the amount paid into the system, and for how long.

The first round of Social Security payments typically are sent out the second Wednesday of every month with the next two rounds to follow on subsequent Wednesdays.

This month, retirees born between the 1st and 10th of a month will receive their payments on Wednesday. Beneficiaries born between the 11th and 20th of a month receive their checks on Aug. 21, and retirees born on or after the 21st of a month receive their payments on Aug. 28.

Social Security benefits have been around since 1935 when President Franklin D. Roosevelt signed a law creating the Social Security Administration to manage it.

Social Security payment amounts are set to shrink unless Congress takes 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 dwindling number of workers.