AARP: Social Security COLA Maybe Not Enough for Rising Expenses

The AARP said the announced 2 percent cost of living adjustment for those on Social Security may not adequately cover rising expenses for many who are faced with rising prescription drug prices and housing costs.

The organization expressed its concern in a statement released on Friday:

"Today's 2 percent COLA (cost of living adjustment) announcement gives some relief to Social Security beneficiaries and their families who depend on their earned, modest benefits. Since 2011, beneficiaries have received little to no increase — never more than 1.7 percent.

"For the tens of millions of families who depend on Social Security for all or most of their retirement income, this cost of living increase may not adequately cover expenses that rise faster than inflation including prescription drug, utility and housing costs."

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