As of December 2022, the average Social Security benefit for the -- at the time -- more than 48 million retired workers was $1,825.14 per month, or about $21,902 on an annual run-rate basis. Though this is a relatively modest monthly payout, Social Security income is, nevertheless, a necessity for most retired workers.

According to the Center on Budget and Policy Priorities, the mere existence of Social Security has reduced the poverty rate in seniors aged 65 and older by nearly three-quarters (an estimated 38% to 10%). Including children and adults below the age of 65, it's a program that lifts well over 21 million people out of poverty each year.

Given the role Social Security plays in providing a financial foundation for America's workforce, it's no surprise that the program's October-announced cost-of-living adjustment (COLA) is the most-anticipated event of the year.

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Source Fool.com