Every month, close to 66 million people -- mostly retired workers -- receive a Social Security benefit. Although this monthly payout isn't particularly large, with the average retired worker bringing home $1,677 a month as of October 2022, it's nevertheless a vital source of income for many seniors. 

Since 2002, national pollster Gallup has surveyed retirees to decipher how important Social Security income is to making ends meet. Over those two decades, only 9% to 18% of respondents have proclaimed that it's "not a source" of income they rely on.  

With this in mind, it should come as no surprise that the annual cost-of-living adjustment (COLA) announcement from the Social Security Administration is the most-anticipated event every year.

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Source Fool.com