US veterans will likely be able to enjoy an increase in some benefits starting later this year. Last week, the Senate passed the Veterans Compensation Cost-of-Living Adjustment Act of 2024, which is now headed to President Joe Biden before it becomes law. After being read twice, it was approved unanimously.
This means handfuls of veterans are one step closer to getting expanded benefits starting in December of this year, including wartime disability compensation, additional dependent compensation, clothing allowance for certain disabled veterans, and compensation for dependency and compensation for surviving spouses and children.
How Much Is the Increase Being Talked About?
The amounts will have an increase of the same percentage as the Social Security benefits, which will also begin to take effect from December 1, 2024. On October 10, the official announcement will be made about the increase in benefits administered by the Administration Social Security (SSA).
“At a time when people are struggling with rising costs, from housing to food, veterans deserve complete certainty when it comes to supporting their families,” said the chairman of the Veterans Affairs Committee of the Senate, Jon Tester, in a statement.
“We have a responsibility to provide care and support to our nation’s veterans and their families,” committee ranking member Jerry Moran said of the bill. “Ensuring that earned benefits keep pace with rising prices will help provide veterans and their families with much-needed peace of mind. “I am grateful for my colleagues’ support on this important legislation and look forward to the President signing it into law.”
Some Predictions From the Experts
According to various experts, profits are expected to increase between 2.5% and 3%. Mary Johnson, an independent policy analyst for Social Security and Medicare, has said the COLA will be 2.5%, while Burt Williamson, a retirement specialist at PlanPrep, has predicted an increase of 3% or more.
“I believe Social Security benefits will increase by no less than 3% this year,” said Burt Williamson, noting that “highly volatile energy costs are the main factor keeping inflation down. “They have to consider an increase in those costs in the winter months, which would increase the cost of living for seniors.” “Anything less than 3 percent will have a negative impact on the sentiment of most seniors, who continue to deal with much higher costs than anything that has skyrocketed in recent years,” he continued.
Johnson Forecasts, She Expects Cola to Be 2.5%
“The 2025 COLA will be the lowest Social Security beneficiaries receive since 2021, while inflated prices persist on key essentials such as housing, meat, auto insurance, any services and repairs.” Johnson said in a statement. “Despite being the lowest COLA since 2021, a COLA of 2.5% would be considered roughly average.”
The SSA bases its annual COLA on the consumer price index, which measures inflation, as determined each October by the Bureau of Labor Statistics.