WASHINGTON, Oct. 10, 2019 /PRNewswire/ -- AARP Chief
Executive Officer Jo Ann Jenkins
released the following statement in response to today's
announcement of the 2020 cost-of-living adjustment (COLA) in Social
"Social Security is the largest source of retirement income for
most retirees, so today's announcement of a 1.6 percent COLA
increase, while modest, will help Social Security beneficiaries and
their families as they try to keep up with rising prices.
"Social Security's annual COLA amount typically does not keep
pace with all the increases in living expenses that most seniors
face, including the costs of housing, food, transportation and,
especially, health care and prescription drugs. AARP's recent Rx
Price Watch report found that retail drug prices increased by twice
the rate of inflation during 2017, and have exceeded the inflation
rate for at least 12 consecutive years.
"AARP will continue our advocacy for bipartisan solutions to
help ensure the long-term solvency of the Social Security program,
as well as adequate benefits for recipients. We will also
continue to fight for lower health care and prescription drug
costs, which are eating up a growing share of Social Security
For information about Social Security benefits and claiming
strategies, those approaching retirement age may visit AARP's
Social Security Resource Center.
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.
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