Do veterans get extra money from Social Security?
Veterans are entitled to receive Social Security payments, alongside extra compensation that can be received if they are injured.
The US Bureau of Labor Statistics released the data pertaining to the COLA adjustment for 2022. The figure, an increase of 5.9 percent, is the largest adjustment in years. The aim is to keep people who receive benefits above water as inflation continues to rise at a very fast rate.
The Bureau of Labor Statistics announced that since October 2020 consumers are on average paying 6.2 percent more for goods and services -- the largest increase in thirty years.
This means recipients will actually be receiving a net loss and the cost of goods will be rising faster than their benefits next year.
For veterans, who are routinely denied work after their service, this increase is extremely important.
This is great news! @POTUS just signed the Veterans’ Disability Compensation COLA Act into law, a bill I worked to help pass. This bill will help veterans and their families receive the benefits they've earned.
— Sen. Maggie Hassan (@SenatorHassan) October 8, 2021
The increase will also affect the disability compensation payments issued by the Department of Veterans Affairs (VA), although the figure on offer can differ. Typically, a VA recipient with a 10 percent disability rating will see their monthly figure boosted by $8.50, going up an extra $85 per month for those with a 100 percent rating.
A disability rating is the characterization of a soldier's disability. Basically, the worse the injury, physical or mental, the more benefits a recipient is entitled to.
Related news:
- What is the maximum Social Security benefit for 2022?
- How many social security payments remain for 2021?
- How much is taken out of your Social Security check for Medicare?
Can you get both Social Security and Veterans Affairs benefits?
Since 1957, Social Security has covered all active duty military service and active duty training, and was expanded in 1988 to include inactive duty service in the armed forces reserves.
Nearly 1 in 6 adult Social Security beneficiaries are veterans. It is crucial we protect and expand coverage for our nation's heroes. #Secure2100
— Rep. Val Demings (@RepValDemings) November 11, 2021
The VA has their own monthly compensation that injured veterans can receive. Like Social Security payments, these are measured by the severity of injuries. The lowest someone could receive, with 10 percent disability rating, is $144.14 a month, which could rise to as much as $3,146.42 for the most serious injuries.
In good news for veterans, the two are independent programs, meaning that there is no reduction of your Social Security entitlement because of retirement benefits. The size of your Social Security benefits is based on your work history, earnings level and the age at which you chose to start claiming the payments.