In March, the nearly 50.7 million retired workers who collected a Social Security benefit took home an average of $1,913.31. Though this might not sound like much, a study from the Center on Budget and Policy Priorities finds that Social Security has lowered the poverty rate for adults 65 and older to 10.2% from an estimated 38.7% if the program didn't exist.

Also, national pollster Gallup has shown that as many as 90% of surveyed retirees said they rely on their Social Security income, in some capacity, to pay their bills.

Given how important Social Security income is to the financial well-being of most retired workers, as well as survivor beneficiaries and workers with long-term disabilities, no announcement is more anticipated than the cost-of-living adjustment (COLA) reveal by the Social Security Administration (SSA) during the second week of October.

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Source Fool.com