Vets Will See Same Cost-of-Living Hike as Social Security in 2017
Veterans’ benefits will match the Social Security cost-of-living increase in 2017, thanks to a measure recently finalized by Congress this week. But Veterans’ groups hoping for a more permanent answer to the annual legislative hand-wringing over their benefits boost will have to wait longer for that solution. Under law, annual cost-of-living increases are automatic for Social Security benefits, determined by the executive branch without intervention from Congress. But Veterans’ benefits fall into a different category, one that requires lawmakers to vote on an adjustment every year. In the last few decades, Veterans have seen their annual adjustment differ from the Social Security COLA only one time (in 2000, as a result of a minor rounding difference between the two rates). But outside groups have called having the two increases dealt with separately confusing at best and potentially ripe for abuse or mistakes. The measure finalized by the Senate links the Veterans’ benefits boost to Social Security rates for 2017 alone.
Source/more: Military Times
But here’s the kicker: No Bump Likely in Social Security Checks Next Year
David Wingate is an elder law attorney at the Elder Law Office of David Wingate, LLC. The elder law office services clients with powers of attorneys, living wills, Wills, Trusts, Medicaid and asset protection. The Elder Law office has locations in Frederick and Montgomery Counties, Maryland.