The average retired worker collects around $1,925 per month in Social Security benefits, according to the most recent data from the Social Security Administration. But it's possible to earn far more,

Biden estimated the bill should lead to an average monthly increase of $360 for certain public employees and their spouses and survivors. The outgoing president said more than 2.5 million Americans will receive a lump sum payment worth "thousands of dollars" to compensate for the benefits they should have received last year.