Military.com is reporting:
Military retirees and veterans receiving disability pay from the Department of Veterans Affairs are likely to see record monthly check increases for the second year running thanks to the pace of inflation, according to new estimates.
The annual VA disability pay and military retirement cost-of-living pay adjustment, known as COLA, is typically tied to the Social Security rate change, which will likely be announced in October. An early projection based on national inflation data by The Senior Citizens League (TSCL), a nonpartisan senior advocacy nonprofit, estimates rates will rise by 9.6%.
That increase would be the highest veterans and seniors have seen since 1981, when it went up 11.2% in response to inflation at the time, according to a TSCL press release.
Read Next: Sweeping New Law Expands Veterans' Medical and Disability Benefits
For 2023, that means military retirees would see an average increase of more than $240 in their monthly retirement checks. Veterans receiving disability compensation from the VA also would see their monthly disability payments increase, with the average monthly amount going up by more than $150.
The VA says nearly 5.2 million veterans receive disability compensation, with an annual benefit of $18,858 as of 2021. According to the Defense Department, there are around 1.87 million military retirees, who had an annual average retirement payment of $30,265 in 2020, the most recent year for which data was readily available.
The annual Social Security COLA increase is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is measured by the Department of Labor. The department takes a snapshot of the costs of a select group of goods and services and compares those costs to the previous year. If there is an increase, retirees and many others receiving government benefits see a bump in their monthly payments for the upcoming year. If those costs go down, the government payments will remain the same in the upcoming year.
TSCL's estimate is based on the CPI through July. But with several months left to go, the ultimate increase could vary slightly from the projection. For example, if inflation continues to increase, the COLA raise could be as high as 10.01%, they said. If inflation falls below the recent average, the increase could dip to 9.3%.
The anticipated record increase would be the second year running of such bumps. For 2022, the raise was 5.9%, which followed an average 1.5% increase over the 10 years prior.
Transgender's protected under ADA, judge rules | Bonus Deal, Editorials, Beaufort Observer, Op-Ed & Politics | Liz Cheney accumulated over $33 million while serving just six years |
leftwing ideology can kill
Published: Friday, April 26th, 2024 @ 8:37 pm
By: John Steed
|
Governor expected to sign into law
Published: Friday, April 26th, 2024 @ 1:48 pm
By: John Steed
|
Atheist Soros, although born Jewish, was Nazi collaborator in Hungary in WWII
Published: Friday, April 26th, 2024 @ 11:58 am
By: John Steed
|
anti-immigration conservative nationalist beats Social Democrat incumbent 2 to 1
Published: Friday, April 26th, 2024 @ 9:19 am
By: John Steed
|
protecting children and parents from gender ideology promoters
Published: Friday, April 26th, 2024 @ 6:45 am
By: John Steed
|
Biden wants to push this in public schools and Gov. deSantis says NO
Published: Thursday, April 25th, 2024 @ 9:19 pm
By: John Steed
|
eve 45% of Latinos support mass deportation
Published: Thursday, April 25th, 2024 @ 12:40 pm
By: John Steed
|
this at the time that pro-Hamas radicals are rioting around the country
Published: Thursday, April 25th, 2024 @ 8:01 am
By: John Steed
|
Pro death roundtable
Published: Wednesday, April 24th, 2024 @ 12:39 pm
By: Countrygirl1411
|
populist / nationalist anti-immigration AfD most popular party among young voters, CDU second
Published: Wednesday, April 24th, 2024 @ 11:25 am
By: John Steed
|
political scheme behhind raid on Mar-a-Lago
Published: Wednesday, April 24th, 2024 @ 9:16 am
By: John Steed
|
how many of these will come to North Carolina?
Published: Tuesday, April 23rd, 2024 @ 1:32 pm
By: John Steed
|
Barr had previously said he would jump off a bridge before supporting Trump
Published: Tuesday, April 23rd, 2024 @ 11:37 am
By: John Steed
|
Babis is leader of opposition in Czech parliament
Published: Tuesday, April 23rd, 2024 @ 10:28 am
By: John Steed
|
illegal alien "asylum seeker" migrants are a crime wave on both sides of the Atlantic
Published: Tuesday, April 23rd, 2024 @ 9:44 am
By: John Steed
|
only one holdout against acquital
Published: Tuesday, April 23rd, 2024 @ 9:01 am
By: John Steed
|
DEI now includes criminals?
Published: Monday, April 22nd, 2024 @ 8:33 pm
By: John Steed
|