WASHINGTON, Oct. 13, 2020 /PRNewswire/ -- AARP Chief Executive Officer Jo Ann Jenkins released the following statement in response to today's announcement from the Social Security Administration of its 2021 cost-of-living adjustment (COLA) in Social Security benefits:
"Today's announcement of a 1.3% COLA increase – while modest – is needed to help Social Security beneficiaries and their families 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 one-two punch of the coronavirus's health and economic consequences.
"In fact, thanks to recently enacted changes supported by AARP to lower the Medicare premium for next year, more seniors will at least see a small monthly COLA.
"Social Security is arguably the most important and successful program in our nation's history, providing vital benefits that individuals earn through a lifetime of hard work and contributions to the system. It is the largest source of retirement income for most Americans and provides nearly all income (90% or more) for one in four seniors.
"AARP will continue advocating for bipartisan solutions to help ensure the long-term solvency and adequacy of the Social Security program, to maintain its dedicated funding stream and to protect the hard-earned benefits of millions of Americans and their families."
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 or follow @AARP and @AARPadvocates on social media.