Millions of retirees can expect to see their Social Security benefits for the month of August hit their bank account on Aug. 14.

The amount of Social Security benefits retirees receive depends on the age at which they retire, the number of years they paid into the system, and the amount of money they paid to Social Security. Highest-income earners who retired at age 70 can expect to receive a maximum of $4,873 each month. Those who retired at age 62, the earliest age at which one can begin to collect benefits, at most, can collect $2,710 each month.