The Social Security Administration (SSA) has issued its Monthly Statistical Snapshot for November 2023, and the latest average monthly retirement benefit has risen to $1,845. That might look reasonable at first glance, but multiply it by 12 and you'll see that it's only $22,140 over the course of a year.

But that's just an average. Tens of millions of recipients will be receiving more, and sadly, tens of millions will be receiving less.

It's critical to understand, though, that you're not doomed to only receive a certain benefit in retirement. For one thing, benefits are increased regularly via cost-of-living adjustments (COLAs). On top of that, there are actions you can take to increase your Social Security benefits.

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Source Fool.com