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

When calculating your monthly benefits, Social Security uses a specific formula that takes your 35 highest-paid years of income into account. You can qualify for Social Security with a shorter work history, but for each year you're missing income within your top 35, you'll have a $0 factored into your benefits calculation.

The last round of Social Security payments will be sent to recipients in the next few days. Here's when to expect it.