For the first time since 1975, Social Security beneficiaries will not receive a Cost of Living Adjustment (COLA) this year.F
or over three decades, millions of Americans have counted on these annual increases to help make ends meet. Particularly in this economic climate, having this extra protection is even more critical for the financial security of the 41 million older Americans currently on Social Security.
AARP is urging Congress to extend $250 in economic relief this year to Social Security beneficiaries. Health care costs are rising more rapidly than inflation. Older Americans are facing depleted retirement savings and are facing higher out-of-pocket costs for medical care. Many have experienced a real decline in their housing values and low returns on their interest-bearing accounts.
AARP members are speaking up on this issue and we need Congress to hear their voices and make economic relief to Social Security beneficiaries a high priority. Without relief, millions of older Americans will be unable to afford even basic necessities, and we urge Congress to take action now.
Sy Larson
President
AARP New Jersey State
East Brunswick