The new Social Security payments for retirees aged 70 and above, now capped at $5,108, go out today. When will checks arrive? Social Security payments are scheduled to begin on the second Wednesday of every month and continue in waves on a weekly basis.

Most retirees are lucky when it comes to the taxation of Social Security benefits, as only nine states currently tax them. Don't get too worried if you happen to live in one of them, though, as many tax with a light touch. Here's a closer look at the issue.

The first of this month's SSI payments will be dispersed Wednesday. There will also be a second August disability check due to September's Labor Day holiday.

For millions of Americans, Social Security and Supplemental Security Income (SSI) payments are a vital source of income. As August approaches, knowing the exact dates these benefits will be distributed is crucial.