Social Security news: $4,194 maximum payout to be distributed to millions in a single day.

Select Social Security recipients will get their up to $4,194 monthly retirement payments in only one day.

Recipients who retired at 70 will receive the maximum reward of $4,194, but others would receive a different sum. According to the Social Security Administration, 

those who retired at age 67 are entitled for a maximum payout of $3,345 while those who retired at age 62 are only eligible for a maximum payment of $2,364.

The SSA states that you can start receiving Social Security retirement benefits as early as age 62. "However, we will cut your benefits by as much as 30% compared to what

 they would have been had you waited to start receiving them until you reached full retirement age. You will receive your full benefit if you wait until you reach

 your full retirement age, which is 67 for those who were born in 1960 or after."Three waves of payments are made to retirees each month; the SSA made its second 

retirement payment this month on Wednesday. The first payment was made on October 12 and the third and final one will be sent on October 26. Other payments made by the

 SSA, such as disability insurance or Supplemental Security Income, which will be paid out next on November 1st, are different from Social Security checks.