There's arguably no social program in this country that means more to seniors than Social Security. That could change over time as medical care expenditures outpace wage growth, but for now, Social Security's importance in providing a financial foundation for retired workers is simply unmatched.
According to data from the Social Security Administration (SSA), 62% of seniors rely on their monthly stipend to account for at least half of their income. What's more, 34% lean on Social Security for between 90% and 100% of their monthly income. If this program weren't there, the Center on Budget and Policy Priorities suggests that 22.1 million additional Americans would be living below the poverty line.
This is the biggest raise beneficiaries have seen in six years
Considering how important this program is to seniors, it's no surprise that mid-October is easily the most anticipated time of the year for recipients. This is when the SSA announces its annual changes to the program, many of which are indexed to some inflationary measure.