Social Security Beneficiaries Have Been Cheated Out of $6,200 in Annual Income Since 2000
Social Security's importance to the financial well-being of retirees is undeniable.
In April, national pollster Gallup conducted its 22nd annual survey of retired workers to gauge how reliant they are on the Social Security income they receive. A whopping 59% noted that it represents a "major" source of income, with another 29% counting on it as a "minor" income source. Just 1 out of 10 seniors claimed they didn't require their Social Security benefit to cover their expenses. For 22 years, between 80% and 90% of retired workers have leaned on their Social Security payout in some capacity to make ends meet.
It's this reliance on Social Security income that makes the annually announced cost-of-living adjustment (COLA) so important to the program's more than 49 million retired workers.
Source Fool.com
