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AARP Says 'No Way' to No Social Security COLA in 2010
Date:10/1/2009

Urges Congress to Pass Relief Legislation for Older Americans - Would benefit Nearly 250,000 Idahoans

BOISE, Idaho, Oct. 1 /PRNewswire-USNewswire/ -- In the midst of dwindling retirement savings and soaring health care costs, older Idahoans are bracing from more bad news that could spell disaster for many - no Social Security cost of living adjustment (COLA) in 2010. Today, AARP announced it will urge Congress to immediately pass legislation to provide relief to the over 50 million Social Security beneficiaries across the nation, including nearly 250,000 Idaho residents.

"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," said Jim Wordelman, AARP Idaho State Director. "We urge Congress to act on this issue immediately and provide older Americans the relief they need."

The relief would come in the form of a one-time $250 payment to all Social Security beneficiaries, providing many people the additional money they need to get by in the harsh economic climate. With older people spending roughly 30% of their income on health care costs which continue to skyrocket past the rate of inflation - consuming a larger share of income each year - the money couldn't come at a better time for many people.

While 100% of older Idahoans receive Social Security, without it, nearly half would fall below the poverty level. For six in ten residents age 65 and older, the program makes up at least half of their income, 25% rely on it as their only source of income. One in six Idaho residents receives Social Security.

SOURCE AARP Idaho


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SOURCE AARP Idaho
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