Overall change in VA benefits as of this date

Beneficiaries who qualify for VA benefits may soon be able to do so Social Security Benefits according to new rules. Starting later this year, some benefits for U.S. veterans could increase. Senator Joe Biden now receives the Veterans' Compensation Cost-of-Living Adjustment Act of 2024 after the Senate passed it last week, with the possibility of it becoming law. It was approved unanimously after two readings. This means millions of veterans will receive increased VA benefits in December. These VA benefits include compensation and maintenance payments for surviving spouses and children, additional compensation for dependents, a clothing allowance for some disabled veterans, and compensation for war disabilities.

The Department of Veteran's Affairs (DVA) has confirmed the change to VA benefits

The amounts will increase in the same proportion as Social Security benefits, which begin on December 1, 2024. The amount will be announced on October 10th Social Security Administration (SSA) The benefits are increased. Senate Veterans Affairs Committee Chairman Jon Tester said in a statement that veterans should have full assurance that they can support their families at a time when many are struggling, with rising expenses on everything from housing until groceries to keep up.

Jerry Moran, ranking member of the committee, said of the bill: “We have a responsibility to care for and support our nation's veterans and their families.” To ensure that Social Security Benefits Keeping pace with inflation will contribute to the much-needed security veterans and their families need. I appreciate my colleagues' support for this important bill and eagerly await the President's signature.

Various experts assume that benefits will increase by around 2.5 to three percent. Independent Social Security and Medicare policymaker Mary Johnson predicted this Cost of Living Adjustment (COLA) will be 2.5 percent, while Burt Williamson, pension specialist at PlanPrep, has predicted an increase of three percent or more. Noting that wildly volatile energy costs are the main reason for containing inflation, he told Newsweek that he expects Social Security benefits to increase by at least 3 percent this year. Expect an increase in these expenses in the winter, which would increase the cost of living for senior citizens.

Anything less than 3 percent will hurt the spirits of most seniors, who will continue to struggle with much higher costs for everything that have skyrocketed in recent years, he continued. Johnson said she expects a COLA of 2.5 percent. According to Johnson, in a statement to Newsweek, the COLA for Social Security retirees in 2025 will be the lowest since 2021, while at the same time the cost of basic necessities such as housing, food, car insurance and any type of service or repairs would continue to rise. Even though it's the lowest COLA since 2021, 2.5 percent is still average. It's important to highlight that the Bureau of Labor Statistics found in October Consumer Price Index– a measure of inflation – is the basis upon which the SSA builds its annual COLA.

VA benefits range from $171 to $3,737 per month

The following amounts will be paid in 2024 to single veterans who have no dependents:

• $171.23 per month for 10% disability
• $338.49 per month for 20% disability
• $524.31 per month for 30% disability
• $755.28 per month for 40% disability
• $1,075.16 per month for 50% disability
• $1,361.88 per month for 60% disability
• $1,716.28 per month for 70% disability
• $1,995.01 per month for 80% disability
• $2,241.91 per month for 90% disability
• $3,737.85 per month for 100% disability

Note that veterans with a 0% disability rating are not eligible for monthly payments. You might still qualify VA healthcare Advantages. Additionally, veterans who can demonstrate more severe impairment receive higher ratings from the DVA. The VA Benefits Payment Schedule lists the following dates as expected payment dates for this year: