A 0.3% cost of living increase for veterans receiving benefits will be seen going into 2017. This is the third consecutive year that benefit adjustments will be under 0.5%. The only time in the last 7 years the adjustment was more than 2% was in 2011 when they announced a 3.6% increase.
Typically veteran’s benefits are not automatically tied to the Social Security increase. Within the last few decades there has only been one instance where the cost of living increase for veteran’s benefits and Social Security Cost of living increase differed, and the reasoning was due to a rounding difference. This past July however, lawmakers passed legislation linking these benefits for 2017.
Social Security cost of living increase amounts are calculated by the Bureau of Labor Statistics’ periodic Consumer Price Index. This is a statistical estimate of anticipated prices for varying goods or services.
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