For most retirees, Social Security is a necessary source of income to make ends meet. Nearly 90% of the retirees surveyed by national pollster Gallup earlier this year stated that their Social Security payout was a "major" or "minor" source of income.

Furthermore, a study from the Center on Budget and Policy Priorities (CBPP) found that 16.1 million people aged 65 and older are lifted out of poverty each year as a result of their Social Security benefit. With Social Security, the poverty rate among aged Americans is 9%. It would be closer to 38% without it, according to the CBPP. 

Because of the program's undeniable importance to the financial well-being of seniors, all eyes are on the cost-of-living adjustment (COLA) for 2023, which is right around the corner.

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Source Fool.com