The third round of June’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 June’s Social Security payments.

The cost-of-living adjustment, commonly referred to as COLA, has been a long-standing element of Social Security benefits, being put it in place in 1975. The adjustment is designed to keep payments in line with inflation so that the purchasing power of benefits is not eroded over time.