Disabled veterans and military retirees will see an 8.7% increase in their Social Security benefits for 2023.
On average, Social Security benefits will increase by more than $140 per month starting in January, according to the Social Security Administration. This is the largest annual adjustment to the federal Cost of Living Allowance (COLA) due to inflation since 1981.
Veterans will see increases in compensation rates for certain Department of Veterans Affairs benefits, including disability benefits and dependency and indemnity benefits.
The increase will go into effect on Dec. 1, 2022. “This increase in compensation and benefits, the largest in more than four decades, will provide critical financial help to our veterans and their families during these challenging times,” Rep. Elaine Luria, D-Va., said in a statement. “We have an obligation as a nation to take care of our veterans.”