Posted on 10/01/2021 10:43:07 AM PDT by Red Badger
Although too soon to know the exact COLA rate for the upcoming year, predictions from reliable sources can provide veterans with a frame of reference for the potential VA monthly disability benefits they will receive in 2022.
The nonpartisan group The Senior Citizens League projects that the 2022 COLA may be as high as 5.3 percent. This is significantly greater than the 4.7 percent they estimated just one month prior.
The Kiplinger Letter, a weekly economic and business forecasting periodical, predicted a 4.5 percent COLA increase back in May.
Most recently, BLS calculated a Consumer Price Index for All Urban Consumers (CPI-U) of 5 percent for the year ending in May 2021, with a 3.8 percent jump since January 2021. The CPI-U is the measure of the change in retail prices affecting all urban consumers, a more general index than the CPI-W. This offers a small glimpse into how quickly the prices of consumer goods and services have been rising over the past few months.
The SSA will determine the official 2022 COLA after the Bureau of Labor Statistics releases the CPI-W for the second quarter (i.e., April, May, and June) of 2021. Although still subject to change, the 2022 COLA will likely experience its biggest boost since the 5.8 percent adjustment in 2009.
Will Disabled Veterans Get a Raise in 2022? When VA applies the 2022 COLA to disability benefits, veterans may see a significant increase reflected in their monthly compensation come December, especially when compared to the 2021 adjustment of 1.3 percent.
If the COLA rate does increase by 5.3 percent come fall, veterans with a 100 percent disability rating and no dependents may receive an extra $166.76, yielding a potential $3,313.18 a month.
What Will VA Disability Pay Be in 2022? The 2021 compensation rates can be used as a baseline to calculate estimates for VA disability payments in 2022. Take the highest projected 2022 COLA of 5.3 percent, multiply it by the 2021 compensation rate, and then add that number to the rate. This adjusted figure is your potential 2022 VA monthly payment.
The figures below reflect the changes in compensation rates over the years based on a single veteran with no dependents. Since the SSA has yet to release the 2022 COLA, the rates listed use the most recent COLA projection of 5.3 percent. Although the 2022 numbers will likely change, the figures can still serve as an approximation of your 2022 disability payments when compared to previous years.
CHARTS AT LINK......................
Don’t go out and buy that new yacht just yet.
Last I heard was 6.2%. How about the 3 Obama years when Seniors got “0”.
[[How about the 3 Obama years when Seniors got “0”.]]
And congress and government all got their col those years whi,e seniors disabled and vets didnt
What Social Security Gives, Medicare takes away.....................
My husband’s company is giving the standard 2% again this year. Looks like he will be making less than before, even though it says it’s a slight increase.
Budgeting has never been so much fun.
This is what happened during the Carter years.
Raises fell way behind inflation—a de facto wage cut for most working folks.
COLA Could Increase By 6% for Retired and Disabled Veterans in 2022
Yes, I remember that. This is the current version. It stinks.
I will post that!................
That’s why I have only medicare A. And I consider that pretty much useless.
Trying to buy the vet/retiree vote?
I know...one year I got $19 a month more and Medicare B took $18.
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