AARP Online Community: AARPKS - AARP Announces Support for $250 Emergency Relief in 2010

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AARP Announces Support for $250 Emergency Relief in 2010

Urges Congress to Pass Legislation Immediately to Address

Lack of Social Security COLA

Washington, DC –With an expected announcement of no Social Security cost of living adjustment (COLA) in 2010, AARP CEO Barry Rand called on House and Senate leaders to provide $250 in emergency relief to millions of older Americans who are struggling in this economic climate. AARP will work with members of Congress from both sides of the aisle to urge quick passage of legislation that will help combat rising health care and prescription drug costs that consume an increasing amount of seniors’ income each year.

Excerpts from Rand’s letter to House Speaker Nancy Pelosi (CA), House Minority Leader John Boehner (OH), Senate Majority Leader Harry Reid (NV), and Senate Minority Leader Mitch McConnell (KY) follow:

“On behalf of our 40 million members nationwide, AARP would like to express our strong support for providing America's seniors with $250 in emergency relief as the appropriate legislative response to the projected lack of a Social Security cost-of-living adjustment (COLA) in 2010.”

“Seniors spend a disproportionate share of their income (about 30 percent on average) on health care costs, which continue to increase well above the rate of overall inflation. The combination of higher health care costs, including prescription drug prices, and a stagnant Social Security benefit is particularly troubling and will result in lower net Social Security payments to millions of America’s seniors in January 2010.”

“Many senior citizens have lost a significant portion of their retirement savings due to the recent downturn in the U.S. economy. Unlike younger Americans, however, retirees have less time to make up substantial stock market and 401(k) account losses. The decline in housing prices in many parts of the country may also cause severe difficulties for those seniors who need to tap the equity in their homes in order to fund their retirement.”

“We urge you to pass legislation as soon as possible to provide relief to millions of Americans who will not receive a COLA next year.”