AARP Illinois Statement on the 2022 COLA in Social Security Benefits

Posted on 10/18/21

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FOR IMMEDIATE RELEASE:

October 18, 2021

CONTACT:
Monika Wnuk, Associate State Director of Communications
AARP Illinois
Office: 312-458-3611 Cell: 312-402-5257 
mwnuk@aarp.org

AARP Illinois Applauds the 2022 COLA in Social Security Benefits

AARP Illinois State Director Bob Gallo issued the following statement today in response to the announcement of the 2022 cost-of-living-adjustment (COLA) in Social Security benefits:

“On behalf of our 1.7 million members and older adults across Illinois, AARP applauds the 5.9% COLA increase in Social Security benefits, the largest such increase in decades, as a necessary step to protect the financial security of the almost 2.3 million social security beneficiaries in the state.

This increase will make a measurable difference, especially for 46.6 % of beneficiaries age 65 and older in Illinois who rely on Social Security for 50% or more of their income, and for the 22.5% of beneficiaries age 65 and older in the state who rely on Social Security for 90% or more of their income.

As millions of Americans continue to grapple with the health and economic impacts of the pandemic, and as they now face the rising costs of many of their basic needs, this COLA Social Security increase could not come at a more critical time. AARP Illinois applauds this step and urges Congress to continue reducing one of the fastest rising costs – high drug prices – and expanding coverage under Medicare coverage to include dental, hearing and vision, all important steps toward protecting the financial security of older adults in Illinois and across the country.”

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This story is provided by AARP Illinois. Visit the AARP Illinois page for more news, events, and programs affecting retirement, health care, and more.

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