Bigger Social Security checks headed for millions if Biden signs new bill

Millions of Americans could see their Social Security benefits increase under a bill headed to the president Joe Biden‘s desk – although critics warn the measure comes at the cost of pushing the fund further towards insolvency.

If signed by the president before the new Congress meets on January 3, the law would increase Social Security payments to more than 2 million beneficiaries, according to to the Congressional Research Service. The increases — as much as $550 a month for some retirees — would be retroactive to December 2023.