For most Americans, Social Security is a vital program they couldn't live without. An analysis from the Center on Budget and Policy Priorities found that it pulls 22.7 million people above the federal poverty line each year. Meanwhile, annual surveys from Gallup spanning more than two decades have shown that 80% to 90% of retirees count on their monthly payout from Social Security to cover at least some portion of their expenses.

Considering how important the monthly payouts provided by America's top retirement program are to the financial well-being of its more than 67 million beneficiaries, there's not an event that's more anticipated each year than the cost-of-living adjustment (COLA) reveal in October by the Social Security Administration (SSA).

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Source Fool.com