AARP Responds to COLA Announcement, Unveils New Social Security Resources and Research

News provided by

Oct 11, 2018, 11:18 ET

WASHINGTON, Oct. 11, 2018 /PRNewswire/ -- AARP responded to today's announced cost of living adjustment (COLA) for Social Security beneficiaries in 2019. Additionally, AARP launched the Social Security Resource Center, a one-stop place for consumers to have their Social Security retirement questions answered, including when to claim. Consumers can find more at www.aarp.org/socialsecurity.

AARP Chief Executive Officer Jo Ann Jenkins said, "The 2.8 percent COLA announced today brings needed income security to those Social Security beneficiaries and their families who depend on their earned, modest benefits. The COLA is particularly important for the tens of millions of families who depend on Social Security for all or most of their retirement income, many of whom may have lost ground during the Great Recession. Unfortunately, the cost of living increase may not adequately cover their expenses that rise faster than inflation including health, prescription drug, utility and housing costs."

New research unveiled by AARP found that 4 in 10 beneficiaries (43 percent) started exploring their Social Security options, an earned benefit that millions depend on, less than a year before making their first claim. Research AARP conducted with the Association of Young Americans earlier this year found that about 9 in 10 (86 percent) across generations said it's very or somewhat important that Social Security be there for them when they retire including 78 percent of Millennials, 89 percent of Gen Xers, and 95 percent of Baby Boomers.

Recent papers from AARP's Public Policy Institute demonstrate the importance of Social Security to women and minorities, and to ensuring the long-term stability of the successful program. This election season AARP has also asked voters to "Be the Difference. Vote" because critical issues like Social Security, Medicare and prescription drug costs are all on the line.

About AARP
AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence and nearly 38 million members, AARP strengthens communities and advocates for what matters most to families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org or follow @AARP and @AARPadvocates on social media.

SOURCE AARP