As of January, more than 50 million retired workers were bringing home an average monthly Social Security benefit of $1,909. While Social Security checks aren't making retirees rich, they're helping to pull more than 15 million seniors aged 65 and over out of poverty each year.

Furthermore, an overwhelming majority of retirees lean on their monthly payout to make ends meet. More than two decades of annual surveys from national pollster Gallup have found that between 80% and 90% of then-current retirees need their Social Security benefit, in some capacity, to cover their expenses.

Considering how vital Social Security is to the financial foundation of aging Americans, there's arguably no event more anticipated each year than the cost-of-living adjustment (COLA) reveal by the Social Security Administration (SSA).

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Source Fool.com