Whether you're already retired or just entering the labor force, the chances are high that you'll be reliant on Social Security income during your golden years. When national pollster Gallup surveyed retirees earlier this year, it found that 89% rely on their Social Security payout in some capacity to cover their expenses.

Social Security playing such a key financial role for seniors is why the annual cost-of-living adjustment (COLA) announcement during the second week of October is so important.

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Source Fool.com