AARP: Hawaii's Kupuna Could Lose $480 Million in Budget Deal12/06/2012
Hawaii's elderly may be victims of the upcoming congressional budget deal, according to an analysis done by the American Association of Retired People (AARP).
The study says that Hawaii recipients of Social Security will receive $480 million less than expected over the next 10 years if Congress passes a proposal changing how the program calculates cost of living adjustments (COLA). Nationally, seniors could lose $112 billion.
That's as much as $48 million less per year for Hawaii’s 177,767 kupuna receiving Social Security benefits, or $2,700 less per person over 10 years if the program doesn't keep up with the rising cost of living. Each senior currently receives an average of $13,900 per year.
“The individual impact is very sobering,” said Bruce Bottorff, the AARP’s associate state director. “Beyond that the impact on the economy would be troubling as well.”