The Average Social Security Beneficiary Has Lost Nearly $6,500 in Annual Purchasing Power Since 2000

Regardless of whether you're currently retired or just entering the workforce, there's a good chance America's most successful social program, Social Security, is going to play a key role in your financial well-being.

According to surveys conducted by national pollster Gallup in April 2021, 85% of nonretirees expect to rely on their Social Security income to some degree to make ends meet during retirement. This compares somewhat similarly to the 89% of polled retirees who were already leaning on Social Security as a "major" or "minor" source of income. 

Because of the critical role Social Security will play/is playing for most workers during retirement, arguably no announcement from the Social Security Administration is more closely monitored than the annual cost-of-living adjustment (COLA).

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Source Fool.com