Who's Ready for the Biggest Social Security Benefit Increase in 41 Years?
Regardless of whether you're just entering the workforce or already retired, Social Security is likely to play a key role in helping you make ends meet during your golden years.
According to a 2022 survey by national pollster Gallup, 89% of current retirees lean on their monthly Social Security payout as a "major" or "minor" source of income. Meanwhile, 85% of non-retirees anticipate relying on Social Security income to some degree after they hang up their work coats for good. Both of these figures are near all-time highs.
Given the critical role Social Security plays for tens of millions of mostly retired Americans, it should come as no surprise that the program's cost-of-living adjustment (COLA) is the most-anticipated announcement each year.
Source Fool.com
