WASHINGTON—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 Security benefits:
“Social Security is the largest source of retirement income for most retirees, so today’s announcement of a 1.6% 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 benefits.”
For information about Social Security benefits and claiming strategies, those approaching retirement age may visit AARP’s Social Security Resource Center.