Veterans’ benefit payments will increase by 5.9% for 2022, now that the Social Security Administration has announced the new cost-of-living adjustment, or COLA.
The change will impact all disabled veterans, with the amount of increase they can expect tied to their disability means. A veteran with a 10% disability rating will likely see his disability checks increase by about $8.50 per month, while a single veteran with no dependents and a 100% disability rating will get an additional $185.64 per month in 2022.
Military retirees can expect an additional $59 for every $1000 in benefits they receive each month.
The 5.9% increase is the biggest COLA boost in about 40 years. Previous raises have averaged around 1.4% per year for the past decade.
The Social Security Administration announced the increase Wednesday, Oct. 13. It will take effect in January 2022 for more than 64 million Social Security beneficiaries.
The payout will begin a little sooner for veterans, taking effect Dec. 1. Veterans’ COLA applies to disability compensation, dependency and indemnity compensation, clothing allowances, and other kinds of VA assistance.
The Department of Veterans Affairs is legally required to apply the COLA to veterans’ benefits payments, and military retirement benefits have traditionally followed suit. High inflation fueled by the coronavirus pandemic was the driving force behind the unusually large COLA. Prices jumped 5.3% in 2021, with gasoline and food prices being of particular concern for Social Security recipients.