Social Security checks are getting a boost next year, but if you're a retiree, you'll probably still need money from other sources to make ends meet.

Gradually raising the full retirement age to 69 years old, up from the current rule of 67 for those born in 1960 or later, would mean that individuals would get less money over their lifetime, the Congressional Budget Office said in a response to queries by Democratic Rep. Brendan Boyle released Wednesday.

Most older adults rely on Social Security to some extent in retirement. A whopping 88% of current retirees say they depend on their benefits, according to a 2024 poll from Gallup, while 60% of that group say their checks are a major source of income.

If Social Security benefits were reduced or eliminated, Americans would need to double or triple their savings rate to retire with a sufficient nest egg.

With the presidential election not far away, the future of Social Security is on many Americans' minds. As it stands, though, many people are pessimistic about the chances of Social Security