The third round of payments by the Social Security Administration (SSA) ends this week, distributing benefits to more than 70 million withdrawals in the United States with amounts reaching up to $5,000 dollars.

According to the payment schedule published by Social Security, the next round of payments will be made this Wednesday, January 28, to retirees born after 1997, with a birthdate between the 21st and 31st of any month.

The amounts allocated to each beneficiary will depend on several factors, especially retirement age. Those seniors who applied for retirement at age 62 will receive $2,000, which is the minimum payment from the agency. This is because retiring early results in a 30% reduction in monthly benefits.

Meanwhile, retirees between the ages of 65 and 67 receive 100% of their benefit, which is equivalent to $3,000 per month.

Meanwhile, retirees who delay their retirement until age 70 receive the highest amount, about $5,000 per month, which is more than 100% of their benefits each month. The next Social Security checks will be sent out in February for retirees who retired before 1997, as well as those insured under the Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) programs, plus the three rounds of payments for retirees who retired after May 1997.