Social Security serves as a vital financial safety net for many Americans, especially retirees, with studies showing it lifted 22 million individuals above the federal poverty line in 2023. Approximately 80% to 90% of retirees depend on their benefits for essential expenses. In August, over 53 million retired workers awaited the annual cost-of-living adjustment (COLA), which, despite being significant, is expected to leave many beneficiaries dissatisfied. The discussion around the estimated average payout for 2026 highlights ongoing concerns about financial security for older adults.
