This announcement will directly affect the monthly payouts of over 65 million beneficiaries.For most aged Americans, Social Security is imperative to their financial well-being. An April survey conducted by national pollster Gallup found that 84% of non-retirees believe Social Security will represent a “major” or “minor” source of income during their golden years. Meanwhile, 89% of existing retired workers are currently leaning on their Social Security income, to some degree, to make ends meet.Given how important monthly Social Security checks are for seniors, there simply isn’t a more anticipated annual announcement than the cost-of-living adjustment (COLA).What is the cost-of-living adjustment...