What is the COLA - Cost of Living Adjustment?
The Social Security Administration (SSA) updates the cost-of-living adjustment (COLA) every fiscal year. The CPI measures the average change in prices of goods and services to preceding years and is used by SSA to determine the annual COLA.
On December 1, the Department of Veterans Affairs (VA) changes the monthly payments for veterans to match the new cost of living. Most of the time, this means that veterans’ benefits go up every year.
In 2021 the COLA was particularly small at 1.3%, mainly due the huge economic impact of COVID-19. In 2022 the COLA was larger at 5.6% and in 2023 the largest COLA in a very long time was assessed at 8.7%.
2023 VA Ratings and Payment Amounts
| Dependent Status | 30% | 40% | 50% | 60% |
|---|---|---|---|---|
|
Veteran alone (no dependents) |
$508.85 |
$731.86 |
$1,041.82 |
$1,319.65 |
|
With spouse (no parents or children) |
$568.05 |
$811.86 |
$1,141.82 |
$1,440.65 |
|
With spouse and 1 parent (no children) |
$616.05 |
$875.86 |
$1,222.82 |
$1,537.65 |
|
With spouse and 2 parents (no children) |
$664.05 |
$939.86 |
$1,303.82 |
$1,634.65 |
|
With 1 parent (no spouse or children) |
$556.05 |
$795.86 |
$1,122.82 |
$1,416.65 |
|
With 2 parents (no spouse or children) |
$604.05 |
$859.86 |
$1,203.82 |
$1,513.65 |
| Dependent Status | 70% | 80% | 90% | 100% |
|---|---|---|---|---|
|
Veteran alone (no dependents) |
$1,663.06 |
$1,933.15 |
$2,172.39 |
$3,621.95 |
|
With spouse (no parents or children) |
$1,804.06 |
$2,094.15 |
$2,353.39 |
$3,823.89 |
|
With spouse and 1 parent (no children) |
$1,917.06 |
$2,223.15 |
$2,498.39 |
$3,985.96 |
|
With spouse and 2 parents (no children) |
$2,030.06 |
$2,353.15 |
$2,643.39 |
$4,148.03 |
|
With 1 parent (no spouse or children) |
$1,776.06 |
$2,062.15 |
$2,317.39 |
$3,784.02 |
|
With 2 parents (no spouse or children) |
$1,889.06 |
$2,191.15 |
$2,462.39 |
$3,946.09 |
If you believe your VA rating is too low or the VA has denied your claim for service connection please call us today to speak with an accredited attorney about your claim.
