In less than a week, millions of retirees will receive their first batch of November Social Security benefits, which can total up to $4,555 for those who retire at age 70.

On Wednesday, Nov. 8, retirees who were born between the first and tenth of a month will get their first round of retirement benefits. The monthly check will be distributed during one of the two subsequent instalments this month, on November 15 or November 23, to individuals whose birth dates fall between the eleventh and the thirty-first of a given month.

Each beneficiary only receives one check from the Social Security Administration, which is distributed in three instalments on the second, third, and fourth Wednesdays of each month.

Impact of Retirement Age on Maximum Benefits

When a person retires impacts the maximum amount of Social Security benefits. For instance, the Social Security Administration states that retirees at age 62, the earliest at which benefits may be received, may obtain up to $2,572 each month, while those who retire at age 70 may receive up to $4,555. The maximum monthly payout for individuals who retire at the full retirement age of 67 is $3,627.

Because Social Security could go bankrupt as early as 2034, the program’s future is uncertain. Analysts project that insolvency will happen unless Congress takes measures to stop it. Those now receiving Social Security would not be impacted by any changes made to the program.

The SSA reports that as part of yearly adjustments based on inflation, payments would increase by 3.2% in 2019. For all payments made by the administration, including retirement and disability compensation, the increase will be the same percentage.