AARP Wants Social Security COLA in 2010
October 2, 2009 by Stephen Kersey
Filed under Finance
As it stands, Social Security won’t be receiving a cost of living adjustment (COLA) in 2010 due to a lack of inflation. The AARP strongly opposes and points to rising medical costs as reason enough for COLA in 2010.
Jim Wordelman, Idaho’s state director for AARP, says retirees in his state need help.
Said Wordelman: “While prescription drug prices continue to see record increases of 8% and insurance premiums are expected to double in the next few years, the lack of a Social Security COLA will hit many older Idahoans hard. We urge Congress to act on this issue immediately and provide older Americans the relief they need.”
What does the AARP want? Sources indicate that AARP approves a plan to send each Social Security beneficiary a payment of $250. That payment, which would only occur once, would help those people in retirement pay for their medical costs — according to the AARP.
Will Congress agree? Many experts are unsure. Such a plan would likely cost over $10 billion and would likely face opposition by many groups.
AARP (Image: Flickr)
