Social Security payments typically begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The distribution of payments depends on which day of the month a retiree was born.

Since income earned above the wage base limit is not subject to Social Security payroll taxes, it's also not considered when calculating monthly benefits. To be eligible for the maximum benefit, you must earn at least the wage base limit for 35 years, which is the period of time Social Security will consider when calculating your monthly benefit.