AARP

Posted in Finance, Accounting and Economics Terms, Total Reads: 412
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Definition: AARP

AARP, previously known as American Association of Retired Persons, is one of the leading non-governmental organizations and interest groups primarily aiming to devise beneficial retirement plans for people aged 50 and above.


AARP was founded by Ethel Andrus in 1958 and has now a membership of around 40 million, which makes it one of the largest membership organizations of the US. It is an independent association which provides education, research, and several other community services through its wide network of volunteers and frequent seminars all across the country. The organization focuses on the economic security, work and independently living issues and helps the old people in these areas with the legislative and judicial support.


AARP has evolved from being a non-profit organization into two affiliated subsidiaries:

a. AARP Services Inc : a profit organization

b. AARP Foundation : a charity house working as a non-profit organization


AARP Services provides medical insurance, prescription drugs and similar consumer goods, quality control services, life insurance, insurance services for long term care, automobiles and homes. By supporting Obamacare, AARP Services made around around $2.8 billion. AARP Foundation primarily helps the aged people with their issues of basic facilities like income, housing and isolation. It aims to make the older population of feeling non vulnerable and self sufficient.


Retirement planning has now become much more than the financing involved; it includes the fact when you will retire, where you will live, what your income would be after the retirement and several other factors needed to be considered. AARP services provide advisory services to all these issues through its magazines: Modern Maturity and AARP Bulletin. All these factors have made AARP emerge as one of the most powerful lobbying organizations with its successful business of selling insurances, mutual funds and other financial products.

 

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