In June, the more-than 51 million retired workers who received a monthly benefit from Social Security took home an average of $1,918.28, which works out to a little over $23,000 on an annualized basis. While this might not sound like a lot of money, Social Security income has, for decades, proved vital to helping retirees make ends meet.

In addition to America's top retirement program pulling 22.7 million people above the federal poverty line in 2022 (including 16.5 million adults aged 65 and over), 23 years of annual surveys by pollster Gallup have shown that 80% to 90% of retirees lean on their monthly payout, in some capacity, to cover their expenses.

With most recipients reliant on their monthly Social Security check, it should come as little surprise that the cost-of-living adjustment (COLA) reveal in October is highly anticipated. Although estimates suggest Social Security's 2025 COLA will be historic, beneficiaries are still liable to be disappointed.

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Source Fool.com