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October 11, 2024 - WASHINGTON - AARP Chief Executive Officer Jo Ann Jenkins released the following statement in response to Thursday’s announcement of a 2.5% cost-of-living adjustment (COLA), or an additional $561 in Social Security income over the course of the year for an average retired worker:
Related: Social Security Announces 2.5 Percent Benefit Increase for 2025 - On Average, Social Security Retirement Benefits Will Increase By About $50 Per Month
“The COLA is a vital component of Social Security, ensuring older Americans have an inflation protected source of income in retirement. This adjustment means older Americans will receive needed relief to help better afford essential items from groceries to gas. Inflation took a financial toll this past year, particularly on retirees, who often rely on Social Security as a key source of income. Even with this adjustment, we know many older Americans who rely on Social Security may find it hard to pay their bills. Social Security is the primary source of income for 40% of older Americans.
“While this adjustment is important, there is more we must do to ensure older Americans can continue to count on Social Security. AARP continues to call on Congress to take bipartisan action to strengthen Social Security and secure a long-term solution that Americans can rely on.”
About AARP
AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering Americans 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP produces the nation's largest circulation publications, AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org/about-aarp/, www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.
Source: AARP
