News Resources for Seniors

AARP makes stunning concession and retraction on Social Security

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In a move that shocked and angered many, one of the country's most powerful lobbying groups for older Americans dropped it's opposition to Social Security cuts, according to the Wall Street Journal. The article, which was released last Friday, sent shockwaves through the government and the public alike.

"The timing is very destructive," Nancy Altman, co-director of the Strengthen Social Security Campaign, told the Huffington Post. "We all know the news is full of the Biden group meetings, and even though they say they don't want [Social Security] to be part of the deficit discussions and raising the debt limit, that's the impact it will have."

Quickly backpedaling, the AARP said it is against these cuts being part of the budget talks and feels that the article was released at a bad time, the media outlet reports.

If cuts are made to Social Security some people may immediately feel the effects, leaving them without time to make investments in annuities that could help supplement their retirement savings. The AARP is however open to changes in the retirement age requirement and the formula that is used to calculate benefits.  

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