In May, 51 million retired-worker beneficiaries took home an average Social Security check totaling $1,916.63, which works out to $23,000 on an annualized basis. While this might not sound like a game-changing amount of money, the average retiree would struggle mightily without their guaranteed monthly benefit.
Over the last 23 years, national pollster Gallup has surveyed retirees to gauge their reliance on Social Security income. Between 80% and 90% of respondents have consistently leaned on their payout as a “major” or “minor” income source. In other words, a majority of retired workers might not be able to cover their expenses if Social Security didn’t exist.
Considering how important this program has been for more than eight decades to the financial well-being of our nation’s aging workforce, it’s no surprise that the annual cost-of-living adjustment (COLA) is the most anticipated announcement for beneficiaries.
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