The third round of February’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, will go out to the final group of retirees in four days. Here is all you need to know about this month’s Social Security payments.

Claiming benefits before reaching your full retirement age can reduce your payments by as much as 30%. Waiting until you’re 70 years old to claim, conversely, can significantly raise your future monthly payments.

There’s a reason older Americans are often advised to delay Social Security. For each month you put off your claim past full retirement age (FRA), your monthly benefit grows by about 2/3 of 1%. That may not seem like a lot,