The first round of October Social Security payments for retirees aged 70 and above, now capped at $5,108, will be issued in five days. Social Security recipients are among those affected by this change, though less than 1% receive their benefits through paper checks. Citizens are eligible for Social Security payments beginning at 62 years old. Social Security payment amounts are determined by several factors, including age at retirement, the amount paid into Social Security, and the number of years paid into Social Security. Social Security payment amounts are set to shrink unless Congress takes action to prevent it.