Your 10.1% Social Security increase will end in 2023.
Over 48 million Americans received Social Security benefits for retired employees in July.
In accordance with a national poll conducted by Gallup in April, 89% of these participants rely on the programme to support themselves during retirement.
When asked whether their Social Security check will be a "major" or "small" source of income in their later years, an amazing 84% of non-retirees surveyed by Gallup earlier this year agreed.
The notion being that Social Security is or will be a necessary source of income for the majority of Americans.
It is for this reason that the program's annual cost-of-living adjustment (COLA) announcement, which is announced in the second week of October, is so important.
On October 13 at 8:30 AM ET, there will be an announcement for this year.
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