Whether you're already retired or just entering the labor force, there's a high likelihood that Social Security will play an important role in helping you pay the bills during your golden years. When national pollster Gallup surveyed retirees and nonretirees earlier this year, 89% of current retirees said they lean on Social Security as a needed source of income (to some varied degree), while 84% of nonretirees expect to rely on Social Security in some capacity during retirement. 

Given these figures, it's no shock that Social Security's annual cost-of-living adjustment (COLA) is a much-awaited announcement.

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Source Fool.com