For the average American, Social Security will be a vital income source during retirement. More than 20 years of annual surveys from national pollster Gallup show that no fewer than 80% of respondents in a given year have relied on their Social Security benefits as a "major" or "minor" source of income.

It's a pretty similar story for future generations of retirees. Over two decades of polling finds that between 76% and 88% of future retirees anticipate needing their Social Security check to cover at least some of their expenses.

Considering the important role Social Security income plays in the financial well-being of our nation's retired workforce, there are few events more anticipated by retirees than the annual cost-of-living adjustment (COLA), which is announced by the Social Security Administration (SSA) during the second week of October.

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Source Fool.com