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Older Idahoans To Be Hit Hard By No Social Security COLA in 2010

Friday, October 16, 2009 General News
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AARP Urges Congress to Immediately Pass Relief Legislation Would Benefit Nearly 250,000 Idahoans

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BOISE, Idaho, Oct. 15 /PRNewswire-USNewswire/ -- For the first time in nearly 30 years, there will be no Social Security cost of living adjustment – it is news that could spell disaster for some older Idahoans.  With dwindling retirement savings, sinking home values and soaring health care costs – the announcement couldn't come at a worse time for the state's elderly already living on the brink.  AARP is calling on Congress to pass legislation to provide immediate relief.
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"Without any relief, many of Idaho's elderly won't be able to afford their health care, prescription drugs or other basic necessities," said Jim Wordelman, AARP Idaho State Director.  

While 100% of older Idahoans receive Social Security, without it, nearly half would fall below the poverty level.  For six in ten residents age 65 and older, the program makes up at least half of their income, 25% rely on it as their only source of income.  One in six Idaho residents receives Social Security.  

"Idaho's elderly, who have among the lowest incomes in the nation, are particularly vulnerable to this harsh news – AARP is urging Congress for immediate relief," added Wordelman.

The relief would come in the form of a one-time $250 payment to all Social Security beneficiaries, providing many people the additional money they need to get by in the harsh economic climate.  

The reason given for no COLA is because of stagnant inflation - while the items older people spend the most amount of money on have soared over the last year - prescription drugs saw the highest increase over the past year than in the prior six, health care costs which eat up nearly 30% of older residents income continue to soar past the rate of inflation and rising utility rates.  

SOURCE AARP Idaho

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