Social Security's 2025 Cost-of-Living Adjustment (COLA) Is on Pace to Do Something That Hasn't Occurred in 32 Years
In May, more than 51 million retired-worker beneficiaries took home an average Social Security check of $1,916.63, which works out to roughly $23,000 on an annualized basis. Although America's top retirement program isn't going to make its recipients rich, the income it provides helps to form a financial foundation for most seniors.
In April, national pollster Gallup surveyed retirees to gauge how necessary their Social Security income is to make ends meet. A whopping 88% of respondents noted that their Social Security payout represents either a "major" or a "minor" source of income. In fact, more than two decades of annual surveys by Gallup have shown that 80% to 90% of retirees would struggle to meet their expenses without Social Security.
With roughly nine out of 10 retirees reliant on their Social Security check in some capacity, it should come as no surprise that the cost-of-living adjustment (COLA) reveal during the second week of October is the most eagerly awaited announcement each year.
Source Fool.com
