AARP Survey Finds Older Idahoans Struggling in Their Golden Years

Battered Retirement Savings; Soaring Costs for the Basics Taking Harsh Toll – Highlights Need for COLAs

BOISE, Idaho, Feb. 23 /PRNewswire-USNewswire/ -- Older Idahoans are finding tough times in the golden years.  An AARP survey of Idahoans aged 65 and older released today finds many stuck between a rock and a hard place as retirement savings dwindle and costs for the basics, such as groceries and health care soar.  

"Idaho's retirees are struggling right now -- due to the harsh economy, many have had the rug pulled out from underneath them," said Jim Wordelman, State Director for AARP in Idaho.  

Key findings from the survey of 65 plus Idahoans:

• One third of those surveyed have seen their retirement savings and investments decrease.
• 71% report the cost of living has increased over the last year.
• Costs for the basics have soared with 71% reporting increases in grocery prices, 64% in utility costs, and 53% in health care related expenses.
• 97% say their monthly Social Security check is important to their monthly budget.

However, with no Social Security cost of living adjustment (COLA) this year and Idaho state retirees now bracing for the possibility of a modest 1% COLA for their state retirement plans being denied by lawmakers, the worst may be ahead and AARP is calling on state and federal lawmakers for relief.  

The Idaho legislation (HCR 42) is being heard before the Senate Commerce and Human Resources Committee today.   AARP stands in strong opposition to the bill.  AARP is also urging Congress to pass a relief measure providing $250 to all Social Security beneficiaries.

"Last year, state lawmakers took away state retirees' health care benefits, this year they are proposing to deny a modest 1% COLA – these are steps in the wrong direction," added Wordelman.  "Idaho's retirees have worked to make this state a better place to live and work – efforts to block needed and deserved COLA's and relief say 'we don't value your contributions'."

A nationwide AARP survey found 55% of older Americans having difficulty affording groceries and medicine, while 44% cited trouble paying their utility bills.  In Idaho, without Social Security, nearly half (48%) of the state's elderly would fall below the poverty level.

The full survey, Economic Well Being in Idaho, can be found online at:  http://www.aarp.org/research/surveys/money/econ/trends/articles/id_ewb_10.html

AARP is Idaho's largest membership organization with over 180,000 members.

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SOURCE AARP Idaho