While Social Security is in no danger of insolvency, its existing payout schedule, including annual cost-of-living adjustments (COLAs), is at risk of being cut in the near future.

The Social Security Administration, which overpays billions in benefits annually, will start withholding some benefits sent to overpaid recipients.

The first round of July’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, will be distributed in six days. Here is all you need to know about July’s Social Security payments.