Who's Ready for a $192 Per Month Increase to Their Social Security Check?
The numbers don't lie: Social Security is the U.S.'s most vital social program. According to the Center on Budget and Policy Priorities, Social Security is responsible for pulling almost 22.5 million people out of poverty each year. More importantly, it's lowered the poverty rate among senior citizens to 9% from an estimated 38%, if Social Security didn't exist.
Surveys have shown that the vast majority of working Americans expect to rely on their Social Security income, to some varied degree, when they retire. National pollster Gallup found that a combined 84% of nonretirees anticipate leaning on Social Security as a "major" or "minor" source of income during their golden years.
Because of Social Security's importance to the financial well-being of tens of millions of Americans, there's arguably no announcement more important than the annual cost-of-living adjustment (COLA).
Source Fool.com
