For most retirees, Social Security income is indispensable. More than two decades of surveys from national pollster Gallup have shown that an overwhelming percentage of current and future retirees are reliant on, or expect to lean on, their Social Security income to cover at least some portion of their expenses.

Considering how important Social Security benefits are to the financial well-being of our nation's aging workforce, it's no surprise that the annually announced cost-of-living adjustment (COLA) is the most anticipated event of the year for America's top retirement program. Unfortunately, there's no silver lining waiting for Social Security's beneficiaries in 2024.

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Source Fool.com