<p>The first round of October Social Security payments for retirees, capped at $5,181, will be issued today.</p>
<h2>When will payments arrive?</h2>
<p>Retirees born on or before the 10th of a month will receive this payment on Wednesday, Oct. 14.</p>
<p>The second round will go out on Oct. 21 to those born between the 11th and 20th of a month, and the third round will go out on Oct. 28 to those born on or after the 21st of a month.</p>
<h2>Who is eligible?</h2>
<p>Citizens are eligible for Social Security payments beginning at age 62.</p>
<h2>How much will I receive?</h2>
<p>Payments are largely reliant on a person’s retirement age. While the youngest retirement age, 62, could receive up to $2,969 per month, a recipient who waited until 70 years old could receive up to $5,181 per month, according to the Social Security Administration.</p>
<p>For those who wait until full retirement age, their benefit would be up to $4,152. Anyone born in 1960 or later must be 67 years old to be considered full retirement age, according to the Social Security Administration.</p>
<p>The benefit could be less if the recipient earned less than the taxable maximum.</p>
<p>Beneficiaries can see a personalized estimate of how much they could expect each month using the SSA’s calculator.</p>
<h2>How is it financed?</h2>
<p>Employers and employees finance the Social Security fund through withholdings.</p>
<p>However, payment amounts could change unless Congress takes action to address the depleting fund. According to a report from trustees, the retirement fund is set to run out by 2032 due to a rising number of retirees and a shrinking workforce.</p>