The annual inflation based Cost of Living Adjustment (COLA) is due to be announced at the beginning of October 2021. The scuttlebutt is that this year’s figure may point to an increase from 4.5% to possibly 6%, or more, beginning in 2022.
The Veterans’ Compensation Cost-of-Living Adjustment Act of 2021 (also known as S.189, 117th Congress) has passed the Senate as of July 21, 2021. Every year the Social Security Administration sets forth an updated COLA based on the Consumer Price Index for Urban Wage Earnings and Clerical Workers (CPI-W). Basically, this is the change in prices of goods and services over time.
While it is still unknown what the exact figure will be, the increase will be more significant than the last several COLA increases. For instance, in 2020 the COLA increase was 1.6% and in 2021, the COLA increase was only 1.3%. It is important to keep in mind, that while the COLA increase is great, it is in response to a rise in inflation, so plan accordingly.
At Gardberg and Kemmerly, we are keeping a close eye on these issues in order to help our Veterans. If you have a claim for pending before the VA, the qualified Veterans’ Disability attorneys at Gardberg and Kemmerly want to help in any way possible. Please call our office and speak with one of our qualified Veterans’ Disability attorneys. Gardberg and Kemmerly is committed to helping injured and disabled Veterans obtain the benefits they deserve. If you need help with a disability claim, call the office at 251-343-1111 or 800-332-1529 for a free consultation. Gardberg and Kemmerly is proud to serve Veterans across the country from our home office in Mobile, Alabama. We would love an opportunity to discuss your claim.