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Millions of retirees in the United States are set to receive their August Social Security payments soon, with benefits maxing out at $4,873.

The Social Security Administration (SA) typically sends out payments on the second, third, and fourth Wednesdays of each month. However, the day a retiree gets their Social Security payments largely depends on their birthday and when they started receiving their benefits.

Below is the schedule for when retirees should receive their Social Security checks.

• August 14 (second Wednesday): Social Security payments for retirees with birthdays falling between the 1st and 10th of any given month

• August 21 (third Wednesday): Social Security payments for retirees with birthdays falling between the 11th and 20th of any given month

• August 28 (fourth Wednesday): Social Security payments for retirees with birthdays falling between the 21st and 31st of any given month

The schedule is different for retirees who have received Social Security benefits before May 1997 or those who receive both Social Security and Supplemental Security Income (SSI). Instead of receiving the payments on a Wednesday, they will get their Social Security payment on the third day of each month and their SSI on the first day of each month.

It is important to note that these dates change if either the first or third day of the month falls on a weekend or a holiday. For instance, the SSA sent out Social Security payments two days early in March as the 3rd day fell on a weekend.

How Much Should Retirees Expect To Receive?

The amount a retiree receives from Social Security depends on several factors, including how much they've earned over their working life when they began taking their benefits, and the COLA increase.

By retirement age, the maximum initial monthly benefit caps at $2,710 for people who retired at age 62, $3,822 for those who retired at full retirement age, and $4,873 for individuals who retired at age 70.

Social Security reduces benefits by about 30% for those filing at age 62, the youngest possible retirement age. On the other hand, it increases benefits by 8% for each year after full retirement age that retirees delay filing.