The Average Social Security Retirement Benefit in 2020
There's arguably not a social program on the planet that does more for retired workers than Social Security. This is a program that doles out 64 million benefit checks each month, 70% of which wind up in the hands of retired workers. Without Social Security, elderly poverty rates would be likely to shoot through the roof.
This reliance on Social Security to help make ends meet as either a major or minor source of income during retirement is what makes the annual cost-of-living adjustment (COLA) announcement in October so important. Social Security's COLA is viewed by the public as a "raise" designed to keep up with the inflation that beneficiaries have faced during the year. And, as has happened in all but three years since 1975, Social Security recipients will be receiving a boost to their payouts come January.
Image source: Getty Images.
Source Fool.com
