Like all other benefit recipients in the United States, military retirees with a disability will be eligible for the 2024 COLA. Therefore, each of these citizens will be entitled to an increase that will bring their maximum benefits to limits they did not have before. To calculate what our check will be as of next year 2024 we only have to follow the same formula as with the rest of the benefits.
In this sense we can think that each of the checks that retirees, whether VA Disability, military retirees or some other reason, will have the increase added to them. And this will take effect next year 2024 and thereafter there will be no way to subtract that percentage. The total increase will be 3.2%, as announced by the United States Government.
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Although the COLA next year 2024 will not be as large as that of 2023, it seems that it will be sufficient. After all, the United States Government calculates the Cost of living adjustment based on the increase in inflation. The more inflation, the more COLA, even though the 2024 may seem inadequate to some.
If we have a check, whether it is SSI, VA Disability or something else, we will have COLA. And all we have to do is add 3.2% to calculate how much we will collect starting in January of next year. The rule is very easy to understand and any American can already know what their check will be in the coming year.
HOW MUCH WILL VA DISABILITY BENEFITS INCREASE AFTER COLA 2024?
The percentage that will cause the COLA 2024 to increase, as we have discussed, is 3.2%. This means that every $100 of our benefit will increase to $103.2. Or what amounts to the same thing, every $1,000 in the Social Security disability check will be $1,032 starting in 2024.
Since the increase in these benefits is through a percentage, the payment will increase proportionately. This means that not all VA Disability benefit users will be able to get a $32 increase or a $50 increase, for example.
Each beneficiary will have his or her own increase, just as he or she has his or her own benefit. If we have a check of, for example, $1,538 per military retiree, starting in January of next year we will find ourselves with a payment of $1,587. This means that the payment increase will be $49.
While it may not seem like the increase is that large in this year we have to look at the overall for all payments in 2024. If our benefit is like the one in the example above, $1,538 per month, and we go on to collect $1,587 per month, at the end of the year we will have gotten up to an extra $588. If we didn’t have that money before and now we can count on it, we are in for good news.
Even so, we will have to wait until next January 2024 to start collecting the extra money. The first of that year’s payments will have the COLA added to it and so on until December, which will be the last one with the 3.2% COLA and will go on to carry the increase that is announced for 2025.