It’s official! Starting December 2018, veterans who receive VA disability compensation and/or pension will see the largest Cost-of-living adjustment (COLA) increase in six years. Because of the large increase, some veterans will see almost a $100 increase in their monthly checks.
On October 11, 2018, the Social Security Administration (SSA) announced an increase of 2.8 percent for their beneficiaries, which in turn, in most cases, applies to VA compensation increases.
Under current law, annual cost-of-living increases are automatic for Social Security benefits, meaning the executive branch of Government can enact them without intervention from Congress. Certain other federal benefits, such as military retiree payments, are also automatically boosted by that decision.
But the SSA announcement also functions as the baseline for a host of other federal benefits calculations. Some, such as VA compensation and pension require approval and reauthorization.