Nearly 70 million people in the U.S. receive Social Security benefits. But very few qualify for Social Security’s maximum benefit. In 2021, the maximum monthly check is $3,895, or $46,740 a year. But due to soaring inflation, the maximum benefit will rise to $4,194 a month in 2022, or $50,328 annually, a 5.9% increase.
However, a typical retired worker receives less than half of the maximum Social Security check. The average monthly retirement benefit was just $1,559 in September 2021.