Social Security COLA – Where We Stand

Yesterday, AARP CEO A. Barry Rand sent a letter to leaders on the Hill, encouraging them to provide $250 in emergency relief to millions of older Americans who are struggling in the current tough economic climate. AARP’s support for this measure comes in response to the expected announcement that there will be no Social Security Cost of Live Adjustment (COLA) in 2010.
Here’s an excerpt from the letter from Rand:
“Seniors spend a disproportionate share of their income (about 30 percent on average) on health care costs, which continue to increase well above the rate of overall inflation. The combination of higher health care costs, including prescription drug prices, and a stagnant Social Security benefit is particularly troubling and will result in lower net Social Security payments to millions of America’s seniors in January 2010.”
You can read the entire letter here. We’ll certainly stay tuned to see what legislators decide to do for America’s seniors on this issue.
In today’s AARP News…
U.S. News and World Report highlighted results from an AARP survey that showed that the recession is really taking a toll on older workers in America. With a need for cash now, many people have stopped contributing to their 401(k)s and IRAs. Read the entire article here.
And don’t forget about this year’s member event – Vegas@50+. AARP is continuing to hype up our star-studded, three-day event taking place October 22-24. We’ll have plenty more news on the event as it nears, but for now check out this preview at PlanetEye Traveler.
Have a great weekend!