The US Bureau of Labor Statistics has released the COLA adjustment data for 2022 increase of 5.9 percent, is the largest adjustment in years. The goal is to keep people on benefits afloat as inflation continues to rise at a very rapid pace.
The Bureau of Labor Statistics announced that as of October 2020, consumers: pay 6.2 percent more on average for goods and services — the largest increase in thirty years.
This means that recipients will actually incur a net loss and the cost of goods will increase faster than their benefits next year.
For veterans who are routinely denied employment after their service, this increase is extremely important.
This is great news! @POTUS I just signed the COLA Veterans Disability Compensation Act, a bill I’ve been working on to make it pass. This bill will help veterans and their families receive the benefits they have earned.
— Senator Maggie Hassan (@SenatorHassan) October 8, 2021
The increase also affects the disability benefits of the Department of Veterans Affairs (VA), although the figure offered may differ. Typically, a VA recipient with a 10 percent disability rating will see their: monthly figure increased by $8.50, which makes an extra $85 per month for those with a 100 percent rating.
A disability rating is the characterization of a soldier’s disability. In short, the worse the injury, physical or mental, the more benefits a recipient has.
Can you get both Social Security benefits and Veterans Affairs benefits?
Since 1957, social security has covered all active duty military service and active duty training, and was expanded in 1988 with: inactive duty in the armed forces reserves.
Nearly 1 in 6 adult Social Security beneficiaries are veterans. It is vital that we protect and expand the heroes of our country. #Secure2100
— Rep. Val Demings (@RepValDemings) November 11, 2021
The VA has its own monthly allowance that wounded veterans can receive. Like Social Security benefits, these are: measured by severity of injuries. The lowest anyone could get, with a 10 percent disability rating, is $144.14 per month, which can go up to $3,146.42 for the most serious injuries.
Good news for veterans, the two are independent programs, which means there is no reduction in your entitlement to social security due to pension benefits. The size of your Social Security benefits is based on your work history, income level, and the age at which you chose to claim the payments.