In June, Social Security's more than 51.1 million retired-worker beneficiaries took home an average check of $1,918.28, which works out to a little over $23,000 on an annualized basis. While Social Security isn't going to make its recipients rich, it is a program that most retirees lean on to cover at least some portion of their expenses.

Over the last 23 years, national pollster Gallup has been surveying retirees to gauge their reliance on America's top retirement program. Over this time line, between 80% and 90% of retirees have leaned on their Social Security income, in some capacity, to make ends meet, including 88% of respondents in 2024.

For Social Security beneficiaries, nothing is more important than the cost-of-living adjustment (COLA) reveal during the second week of October. Although COLA estimates have varied quite a bit over the last six months, it's looking increasingly likely that a history-making "raise" is in order for the upcoming year.

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Source Fool.com