Social Security beneficiaries will notice a boost in their monthly checks. Discover the reasons behind this increase and how it aims to support retirees amidst rising living costs.

Tens of millions of Americans rely on Social Security benefits for a substantial portion of their retirement income. Not only is Social Security a valuable source of retirement income, with the average retired worker receiving about $1,975 per month, but it is also the only inflation-protected source of income many retirees have.

Millions of older Americans collect a monthly Social Security benefit. And without that income, many would be unable to cover even basic expenses like shelter and food. But living on Social Security alone isn’t easy.