For decades, AARP has been committed to protecting Social Security for the millions of Americans who have paid into the program through a lifetime of hard work.
Despite promises from many to the contrary, some in Washington are now pushing a budget proposal, called "chained CPI”, that would cut Social Security and other benefits for today's seniors, disabled veterans, and military retirees. The hidden consequence of this proposal would be that current and future seniors and veterans would lose $146 billion in benefits over the next 10 years — and for the oldest Americans, that would be the equivalent of losing a full month's check. AARP believes that Americans deserve better than shortsighted cuts to their hard-earned benefits.
The chained CPI proposal would lower the yearly cost-of-living adjustment (COLA) for Social Security and veterans' benefits an average of 0.3% per year and could continue to change over the years, leaving retirees and veterans struggling to keep up with the rising cost of utilities, health care, and medications. To calculate how this would directly affect your benefits, click here. It would reduce Social Security and veterans' benefits by larger amounts every year, hurting people more as they age and as their retirement savings start to run out. For those not yet retired, this means that there will be reduced Social Security benefits upon retirement.
Social Security is separately funded by the contributions of hard-working Americans and employers. Washington should not try to reduce the budget deficit by cutting the earned Social Security benefits for the typical retiree with an income of $20,000 a year and benefits for veterans who sacrificed for our nation. Instead, Washington should find other responsible ways to address our nation's budget challenges.
For more information and to find out how to take action, including signing a petition, click here.