Retirees in These 5 States Will Get the Biggest Social Security Raise in 2023
For most retirees, Social Security is an indispensable income source. National pollster Gallup found that 89% of current retirees receiving a Social Security check rely on it as a "major" or "minor" source of income.
Meanwhile, the Center on Budget and Policy Priorities estimates that close to 22.5 million people are pulled out of poverty each year, including more than 16 million people aged 65 and over because of Social Security payouts. No matter how you slice the data, Social Security's importance to the financial well-being of senior Americans can't be overstated. That's why all eyes are on Social Security's upcoming cost-of-living adjustment (COLA) announcement, which is slated for Oct. 13, 2022 at 08:30 a.m. ET.
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Source Fool.com
