AARP Statement on Social Security COLA Announcement
WASHINGTON, Oct. 13, 2021 -- AARP Chief Executive Officer Jo Ann Jenkins released the following statement in response to today's announcement of the 2022 cost-of-living adjustment (COLA) in Social Security benefits:
"Today's announcement of a 5.9% COLA increase, the largest increase in four decades, is crucial for Social Security beneficiaries and their families as they try to keep up with rising costs. The guaranteed benefits provided by Social Security and the COLA increase are more crucial than ever as millions of Americans continue to face the health and economic impacts of the pandemic. Social Security is the largest source of retirement income for most Americans and provides nearly all income (90% or more) for one in four seniors.
"Given its importance to income security, policymakers should work together to ensure the long-term solvency and adequacy of Social Security and to protect the hard-earned benefits of millions of Americans and their families. Congress must also complete ongoing work to protect seniors by reducing one of their fastest rising costs – high drug prices – and expanding access to needed dental, hearing and vision coverage in Medicare."
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.