Congress completed plans to ensure that veterans’ checks see the same cost-of-living increase as Social Security payouts on Thursday. Veterans may see their benefits increase by the largest margin in four decades.
The adjustment to Social Security benefits is not anticipated to be announced by federal officials until mid-October. Based on inflation data from the first eight months of the year, the nonprofit Senior Citizens League forecasted earlier this week that the cost of living will rise by around 8.7% in 2023. Every year, Social Security and a few other federal payments are changed to reflect increases in regular household expenses like rent, food, and utilities. But that procedure isn’t automatic in the case of veterans’ compensation. In order to integrate the two sets of benefits and ensure that veterans’ payouts keep up with inflation, lawmakers must enact legislation every year.