The American Association of Retired Persons (AARP) just praised a $50,000 cut to your Social Security benefits…

We mentioned the cuts in yesterday’s Daily. A new law will slash Social Security payouts for millions of retired Americans.

According to Boston University economics professor Dr. Laurence Kotlikoff:

[The law prevents] tens of millions of retiring baby boomers from collecting full spousal benefits, full divorcee spousal benefits, and, in many cases, child benefits, disabled child benefits, excess spousal benefits, excess divorcee spousal benefits, excess widow’s benefits, and excess divorcee widow’s benefits.

But AARP celebrated the move to its 40 million members. That seems odd for a nonprofit organization focused on retirees’ interests…

It’s not the first time the group’s motives have come under scrutiny. In 2008, the U.S. Senate investigated AARP over misleading health insurance marketing. And in the 1990s, the Senate investigated AARP’s tax-exempt status.

Both times, the well-connected organization escaped formal censure…

Senator Alan Simpson was chairman of the ‘90s investigation. He’s called AARP “the biggest marketing operation in America… [responsible for] the greatest abuse of American generosity I witnessed in my time in the U.S. Senate.”

  Regular Palm Beach readers know AARP has all the hallmarks of a bona fide “wealth stealer.” Here’s how Mark described these enemies to your pocketbook in the Wealth Builders Club:

Wealth Stealers are all around you. They’re good-looking, well-educated people in suits. They hold professional titles and graduate school degrees. They speak kindly… but they have an agenda.

Their agenda is to quietly siphon as much of your wealth as they legally can. And they’re frightfully good at it. When the Wealth Stealers work together, they can strip you of your wealth as neatly as a piranha can tear flesh from a human body.

They’ll steal from anyone and everyone. But their favorite targets are older people—people in their 60s, 70s, and 80s.

Bottom line: The AARP lobby is entrenched on Wall Street and in Washington. That makes it impossible to serve both its members and its cronies in the halls of power. Use a skeptical eye to evaluate that next AARP letter in your mailbox… and keep a close watch on your wallet.