For the vast majority of working Americans, Social Security will play a vital role in their financial well-being during retirement. According to a recent survey from national pollster Gallup, a combined 84% of nonretirees expect to lean on Social Security as a "major" or "minor" source of income in their golden years. This lines up pretty consistently with the 89% of already retired seniors who rely on Social Security income to some degree to make ends meet each month. 

Given the importance that Social Security income plays, or will play, for most Americans, there's arguably not a more-anticipated announcement each year than the October cost-of-living adjustment (COLA).

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Source Fool.com