Incoming 2024 COLA Increase for Veterans

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President Joe Biden recently signed the Veterans Compensation Cost-of-Living Adjustment (COLA) Act of 2023 into law on June 14, 2023. This groundbreaking legislation ensures that Veterans receive a cost-of-living adjustment for their benefits in 2024, aligning with the COLA applied to Social Security benefits.

In this video, we delve into the details of this bipartisan law that received overwhelming support from both the House and Senate. Join us as we explore the significance of the Veterans COLA in keeping up with inflationary costs and providing deserving Veterans with the financial support they deserve.

The COLA will impact various VA benefits, including disability compensation, clothing allowance, and dependency and indemnity compensation (DIC) for spouses and children. While the specific adjustment amount for 2024 is yet to be determined, it will be based on the Consumer Price Index (CPI). The CPI measures average price changes of goods and services and is used by the Social Security Administration (SSA) to calculate the annual COLA, which now applies to VA benefits as well.

We also discuss the recent 8.7% increase in Veterans benefits resulting from the 2023 adjustment, reflecting high inflation for the second consecutive year. Stay tuned for updates on the announcement of the 2024 COLA by the SSA early in the next fiscal year, commencing on October 1. The VA will then adjust its compensation payment rates accordingly, and Veterans can expect to see the new amounts in their January 2024 payments.

To ensure you stay informed about the latest developments regarding the Veterans COLA, make sure to subscribe to our YouTube Channel and sign up for our newsletter on our website today! Join our community of Veterans and supporters as we keep you updated on all things related to Veterans benefits and legislation.

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