Is it what we are expecting?

Today I'm talking a little bit about the expected 2024 Cost Of Living Adjustment or Cola increase for VA Disability Benefits. Last year, 2023, was the biggest increase we've seen in decades but we aren't looking at those same numbers. What can we expect this year, and in future years based on what we know?

In previous years there have been a slight increase to keep up with inflation. 2023's increase was a little bit out of the norm, and that large of an increase is not something that we can maintain in future years, as we go back to a more of a routine increase for 2024. Those of you who are expecting another eight to nine percent increase, I hate to say will be disappointed with numbers in 2024 but, we are going to see an increase. There have been years in the past where there was no increase at all.

The exact increase won't be known until the third quarter of the year, however the expected 2024 increase is currently sitting at

3.1%

We can anticipate anywhere between 2.5 to 3.5%, but we're honing in right now at about 3.1% which is slightly higher than the average.

2022 was a crazy year and set us up for a high increase in 2023 when the economy was one of the worst we've seen in a long time and and we truly needed the boost to get moving again. As things are leveling out in the economy we also see those COLA increases leveling out. We are hopeful that it could be higher than the mid-2023 projections are calling for, but it will still be a far cry from the 8.7% increase from 2023. The average over the last 20 years is 2.7%. 2024's increase is projected to be the third highest increase in the last decade but is on-par for the poor economy we've experienced, and is needed by many.

As you can see 2010 and 2016, we saw no increase at all. That hurt because as inflation and cost of living still hits us each year and it absolutely doesn't always keep up. VA disability compensation has somewhat mirrored the annual inflation rates but oftentimes that falls short of compensating for the true effects of daily necessities like groceries, gas, and toiletries. Thankfully, there are other options to get your disability benefits increased other than just hoping for the annual raise from the government.

Please stay tuned for future videos >> Special Monthly Compensations (SMC)s, annual clothing allowance, and other ways to grow your benefits even if you're at 100% are upcoming!! If you're not yet at 100% and believe you should be, please reach out with questions about how to get your appropriate rating, and check out the other videos. Some topics include Top Overlooked Secondary Claims and other ways to to continue to get increases on which you've already been service connected for. To ask a private question that you don't want the Internet to read please feel free to email me at laura@theveteran.coach I look forward to hearing from you soon! Stay safe, stay healthy and I'll see you next time!