Retirees claiming Social Security can receive a wide range of monthly benefits depending on when they claim Social Security, how long they've worked, and how much they've made during their careers.

In October 2022, the average monthly check for retirees was about $1,676, which comes out to about $20,112 per year. But the maximum monthly benefits check this year is $4,194, which equates to annual benefits of $50,328.

Next year, all Social Security checks will rise 8.7% thanks to the Social Security Administration's (SSA) annual cost of living adjustment (COLA), which will be particularly large in 2023 due to some of the highest levels of inflation seen this year in more than 40 years.

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Source Fool.com