New Report on Status of Middle Class Shows Retirement Security in Doubt

AARP CEO Barry Rand delivered a speech at the National Press Club this morning, outlining AARP’s work to strengthen the middle class and called for renewed focus on strengthening Social Security, Medicare and Medicaid. Rand discussed findings from AARP Public Policy Institute’s newly released “Middle Class Security Project,”  which studies how middle class working Americans struggle – and often fail – to build and maintain retirement security.

Iowa State Director Kent Sovern said these new reports reinforce how important it is to the overall health and retirement security of current Iowa seniors and their children and grandchildren that the earned benefits Iowans have paid into for Social Security and Medicare are protected now and for the future.  Currently in Iowa, 435,929 seniors receive Social Security for an average annual benefit of $14,000.  Social Security makes up about 64% of the typical older Iowan’s income, lifting 40% out of poverty.  Roughly 445,644 Iowans are enrolled in Medicare, spending 13%, or on average $4,600 on out-of-pocket medical expenses. 

Rand’s address builds on the year-long “ Middle Class Security Project” by AARP Public Policy Institute, a major initiative that has focused on the well-being of America’s middle class and their prospects for a financially secure retirement in a series of four research reports.  For full copies of each research report, please visit www.aarp.org/security.

To view Rand’s speech and additional comments offered by Nancy LeaMond, AARP Executive Vice President, State and National Group and Debra Whitman, AARP Executive Vice President, Policy, Strategy and International Affairs, please visit www.aarp.org/middleclass.