AARP Statement on Social Security COLA Announcement

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Oct 13, 2022, 10:10 ET

WASHINGTON, Oct. 13, 2022 /PRNewswire/ -- AARP Chief Executive Officer Jo Ann Jenkins released the following statement in response to today's announcement of the 2023 cost-of-living adjustment (COLA) in Social Security benefits:

"Social Security is the largest source of retirement income for most Americans and provides nearly all income for one in four seniors. Today's announcement of an 8.7% cost-of-living adjustment, or about an average of $145 more per month, will provide much needed relief to millions of Americans. The guaranteed benefits provided by Social Security, including the annual COLA, are more crucial than ever as high inflation remains a problem for older Americans. The automatic adjustment is an essential part of Social Security that helps ensure the benefit does not erode over time due to rising prices.

"AARP continues to urge Congress to work together in a bipartisan way to protect and strengthen Social Security for the long term. Millions of Americans work hard throughout their lives to earn their benefits, and Social Security is a promise that must not be broken. We urge leaders of both parties to work together to protect Social Security for years to come. The stakes are too high for anything less."

Last month, the Centers for Medicare & Medicaid Services (CMS) announced a decrease in Medicare Part B premiums and deductibles, bringing more welcome news for seniors. AARP had called for CMS to lower Part B premiums following a decline in the price and coverage of Aduhelm, which accounted for half of the premium increase in 2022. In addition to lower Part B premiums, several provisions in the Inflation Reduction Act will go into effect in January 2023. For those enrolled in Medicare Part D, most vaccines will be covered at no cost and insulin copays will be capped at $35 per month.

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, www.aarp.org/espanol or follow @AARP, @AARPenEspanol and @AARPadvocates, @AliadosAdelante on social media.

SOURCE AARP