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New AARP Calculator Shows How Much Seniors and Veterans Would Lose from the Chained CPI

New AARP Calculator Shows How Much Seniors and Veterans Would Lose from the Chained CPI

FOR IMMEDIATE RELEASE:

February 13, 2013

CONTACT:

AARP Media Relations

202-434-2560 or media@aarp.org

 

New AARP Calculator Shows How Much Seniors and Veterans Would Lose from the Chained CPI

On-line tool personalizes results based on user input.

Washington, DC – As elected officials consider adoption of the chained CPI as part of a budget deal, AARP has unveiled a new on-line calculator to show Americans how much they would lose if Washington changed the way the cost-of-living adjustment is calculated for Social Security and veterans benefits. By entering their age and estimated annual benefit, users can see how much less they would receive over the years if chained CPI is adopted.

“Seniors and veterans are not line items in a budget. AARP created this calculator because we believe people deserve to know the chained CPI proposal is on the table and that it could cost them thousands of dollars over their lifetimes,” said AARP Director of Financial Security Cristina Martin Firvida. “Washington may think this is a ‘technical change,’ but it is painfully real to seniors and veterans who are already living on tight budgets and have sacrificed so much for this great country.”

According to the calculator, a 65-year-old receiving the average Social Security retirement benefit of $14,800 a year would lose $8,904.58 in total benefits by the time they reached age 85. The calculator draws on data provided by AARP’s Public Policy Institute.

“The greatest impact of the chained CPI would fall on the oldest and those who can least afford it,” added Martin Firvida. “It is the only proposed change to Social Security that would cut the benefits of current seniors as well as future generations.”

More than 125,000 Americans have contacted the White House with their concerns about the chained CPI since AARP began advertising, grassroots and on-line alerts last week. The ads and e-mails call on President Obama to honor his commitment to seniors and protect beneficiaries from this cut to their COLA by keeping Social Security out of any budget deal.

“Social Security is a self-financed program that didn’t cause the deficit, so it shouldn’t be cut to fix Washington’s budget problems,” concluded Martin Firvida.

The AARP Chained CPI Calculator is live at: www.aarp.org/whatyoulose.

For more on where AARP stands on Chained CPI, please visit: www.aarp.org/politics-society/advocacy/info-02-2013/stop-proposals-to-cut-social-security-and-veterans-benefits.html.

 

AARP is a nonprofit, nonpartisan organization, with a membership of more than 37 million, that helps people 50+ have independence, choice and control in ways that are beneficial to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for Americans 50+ and the world's largest-circulation magazine; AARP Bulletin, the go-to news source for the 50+ audience; AARP VIVA, a bilingual lifestyle multimedia platform addressing the interests and needs of Hispanic Americans; and national television and radio programming including My Generation and Inside E Street. The AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Learn more at www.aarp.org.

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Contacts

If you are a reporter with a media inquiry please contact the AARP Media Relations office:  202-434-2560 or media@aarp.org

 

If you are an AARP member and not with the press, please call 1-888-OUR-AARP or e-mail member@aarp.org.

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