Northville, MI (Law Firm Newswire) November 12, 2019 – A 1.6 percent cost-of-living benefits boost will be given to military retirees and veterans for 2020 and some may see the increase as soon as December. This amount is roughly half of the increase from last year. It will affect around 69 million people.
Cost-of-living adjustments, or COLA for short, are calculated by the Social Security Administration (SSA) based on inflation and consumer spending over the months prior to the calculation. COLA varies widely from year to year. In 2016, no cost-of-living adjustment was made to benefits. In 2017 COLA was only 0.3 percent. Then, in both 2018 and 2019 it was a more than two percent increase each year.
“Cost-of-living increases, meager as they may be, are necessary to give veterans and retired military members a chance to keep up with ever rising costs,” said James G. Fausone, lead attorney at Legal Help for Veterans in Northville, Michigan. “They have been automatic since 1975 but, unfortunately, these pay increases are influenced by many factors at large.”
Active duty military members will be getting a cost-of-living adjustment to their wages as well. Theirs is significantly higher though, at 3.1 percent. This figure is calculated using wage growth in the civilian sector, versus the consumer-based information used by the Social Security Administration. The 2020 increase is still not finalized by Congress but, if passed, would be the biggest raise for active duty military members in the last ten years.
Some recipients may be disappointed with a 1.6 percent boost to pay when compared to last year’s increase. It will look like nearly $50 more a month for a 100 percent disabled, married veteran.
Some people may receive the new benefits as early as December, as different government agencies have different disbursement schedules. Most people will receive theirs beginning in January 2020.
Legal Help for Veterans is a law firm based in Northville, Michigan. It is veteran run and veteran centered, exclusively handling VA disability claims for veterans. Visit them online at https://www.legalhelpforveterans.com/
Legal Help for Veterans, PLLC
41700 West Six Mile Road, Suite 101
Northville, MI 48168
Toll Free Phone: 800.693.4800
- Can PTSD be contagious?
Post-traumatic stress disorder could be “contagious.” Although it is not transmitted via shared fluids, research shows that those who care for or regularly interact with a person who has experienced trauma are potentially at risk of developing secondhand PTSD. Although they did not experience or witness the trauma themselves, being in close contact with the […]
- Navy family awarded $11.5 million in medical malpractice suit at Guam Military Hospital
A medical malpractice lawsuit against a U.S. Naval hospital brought about by a Virginia couple whose son sustained serious injuries during birth has been settled by the federal government. The couple will receive $11.5 million for the care of their son, who is now five years old. The couple were both Naval officers and were […]
- Veterans Who Served After 9/11 More Likely to Benefit Financially From Service
Findings from a study conducted by Pew Research Center showed that combat veterans who served in the military after the September 11th terrorist attacks reported benefiting financially from their service more than those who served before 9/11. Sixty-eight percent of the post-9/11 veterans reported that being deployed in the military had a positive impact on […]
- VA moves toward modernization with several updates
The Department of Veterans Affairs (VA) is implementing several highly anticipated changes to modernize its systems and processes and increase efficiency for the veterans it serves. The agency will soon have updated the rating schedule, modernized the appeals process, implemented an electronic health records system and streamlined the materiel acquisition process. Rating Schedule Update The […]