Two recent, significant cost-of-living increases will mean rising benefits for veterans later this year and into next year.

President Joe Biden signed the Veterans’ Compensation Cost-of-Living Adjustment Act on Oct. 8, and a recent study suggests that the Social Security COLA this year could be the largest in decades if passed into law. The cost-of-living increase has averaged less than 3% since 2011.

The Senior Citizens League predicted that next year's increase could top 6.2 percent based on recent inflation and wage data.

Those suffering from a service-related disability or illness can rely on it to ensure their quality of life in retirement. Veterans benefits will receive a cost-of-living boost when Social Security benefits are increased.

Each year, Social Security benefits are automatically increased, but lawmakers must approve veterans' benefits annually. The recently passed legislation will allow veterans to receive a substantial cost-of-living boost in December. VACOLA passed the House unanimously and passed the Senate without opposition earlier this summer.

Members of Congress praised the efforts to increase benefits for the country’s military veterans.

“The cost-of-living adjustment to veterans’ benefits is so much more than a rate adjustment tied to inflation,” said Rep. Mark Takano, D-Calif., in a statement. “It is a quality-of-life guarantee in the retirement years for veterans suffering from service-connected disabilities and ailments.”

BENEFITS WILL INCREASE BY HOW MUCH?

SSA (Social Security Administration) has confirmed that it will not announce a COLA for next year until later in October.

DO YOU KNOW WHY IT IS IMPORTANT?

House Committee on Veterans' Affairs member and Illinois Republican rep. Mr. Mike Bost issued a statement saying that many veterans rely on disability compensation in order to live comfortably. According to Bost, this was particularly true during the pandemic.