Modest Social Security COLA Crucial for American Families

WASHINGTON, Oct. 22, 2014 /PRNewswire-USNewswire/ -- AARP CEO Jo Ann Jenkins offered the following statement in reaction to today's announcement by the Social Security Administration of a 1.7 percent Cost of Living Adjustment (COLA) for 2015:

The modest Social Security COLA for 2015 remains crucial to the financial security of the nearly 59 million Americans receiving benefits. The COLA helps beneficiaries of all ages maintain their standard of living, keeping many from falling into poverty by providing partial protection against inflation. Millions of families, including 41 million retired workers and their dependents, 6 million survivors of deceased workers, and 11 million workers with disabilities and their dependents, will depend on next year's modest COLA increase as they face rising costs of basic needs like food, utilities and health care.

Although in the long term we need to strengthen Social Security with reasonable changes, volatility in the stock market has never impacted the promise of Social Security benefits. With $2.8 trillion in assets these popular benefits can exist far in to the future, continuing on their nearly 80 year streak of never missing a payment. That's why candidates and outside groups have scrambled in these final few weeks before Election Day to define who wants to protect and strengthen Social Security benefits the most. Because most retirees depend upon their earned benefit for at least half of their retirement income, we hope Americans of all political stripes will ask candidates where they stand on Social Security and Medicare and look at our voter guide to see what candidates have already said about these vital issues. 

For more information about what political candidates have to say about Social Security, Medicare, and financial security, check out the AARP Voter Guide at aarp.org/YourVote. For tips on when to claim Social Security and how to best plan for retirement go to aarp.org/ReadyforRetirement. Additional resources may be seen here.

AARP is a nonprofit, nonpartisan organization, with a membership of more than 37 million, that helps people turn their goals and dreams into real possibilities, strengthens communities and fights for the issues that matter most to families such as healthcare, employment and income security, retirement planning, affordable utilities and protection from financial abuse. We advocate for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name as well as help our members obtain discounts on a wide range of products, travel, and services.  A trusted source for lifestyle tips, news and educational information, AARP produces AARP The Magazine, the world's largest circulation magazine; AARP Bulletin; www.aarp.org; AARP TV & Radio; AARP Books; and AARP en Español, a Spanish-language website addressing the interests and needs of Hispanics. AARP does not endorse candidates for public office or make contributions to political campaigns or candidates.  The AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Learn more at www.aarp.org.

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SOURCE AARP

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