Record Pay Increase Likely Coming for Disabled Veterans and Military Retirees in 2023
8.17.22 - Military retirees and veterans receiving disability pay from the Department of Veterans Affairs are likely to see record monthly check increases for the second year running thanks to the pace of inflation, according to new estimates.
The annual VA disability pay and military retirement cost-of-living pay adjustment, known as COLA, is typically tied to the Social Security rate change, which will likely be announced in October. An early projection based on national inflation data by The Senior Citizens League (TSCL), a nonpartisan senior advocacy nonprofit, estimates rates will rise by 9.6%.
That increase would be the highest veterans and seniors have seen since 1981, when it went up 11.2% in response to inflation at the time, according to a TSCL press release.