Here's How Much the Average Social Security Benefit Will Rise in 2022
Whether you're already retired or planning to retire at some point in the future, surveys conclusively show that there's a good chance you'll lean on Social Security income in some capacity to make ends meet.
Back in April, national pollster Gallup asked nonretirees to what extent they expect to rely on Social Security income during retirement. A record-high 38% proclaimed it would be a "major source," with another 47% expecting it to be a "minor source" of income. As for retirees, Social Security is a major income source for 57% of respondents and a minor source for an additional 32% of those surveyed.
This reliance on Social Security is precisely why the annual cost-of-living adjustment (COLA) announcement during the second week of October is so closely monitored.
Source Fool.com
