SAN ANTONIO – Military veterans and retirees are getting a record pay increase of 8.7% in 2023.
It’s the highest cost of living adjustment since 1981. The 2022 cost-of-living adjustment was 5.9%.
“For a veteran receiving about $1,500 in monthly payouts, that level of increase would mean about $130 extra each month,” according to the Military Times.
Monthly checks will increase 8.7% thanks to the annual federal cost of living increase announced by the Social Security Administration.
Veteran benefits don’t automatically reflect increases based on Social Security percentages — it’s tied to legislation.
However, the House passed legislation that would link the Social Security percentage increase to the cost-of-living increase for military veterans on Sept. 15 and the Senate followed suit shortly after.
2023 VA disability pay rates, which are effective beginning December 1, 2022, can be viewed on VADisabilityGroup.com.