Retired and disabled vets could see rise in monthly paychecks in 2022
TEMPLE, Texas (KWTX) - Many retired and disabled veterans could see their monthly paycheck jump up by hundreds of dollars starting next year.
Every year, the annual Cost of Living Adjustment, also known as COLA, is determined based off of inflation. In 2022, figures point to at least a 6% increase, meaning military retirees could be watching their monthly checks go up from $100 to $200 more.
If the increase does happen, it will be the largest increase seen in veteran pay since 1983.
Tila Jernigan with Military & Veteran Services at Texas A&M Central Texas says she was surprised to hear the news, but believes that rising the paychecks would be the right call.
“Being able to adjust that cost and keeping up with the rising costs is important because these veterans do depend on it,” she said.
“It’s no doubt that veterans depend on their military income whether that’s for a supplement to their current income or they’re unemployable.”
Where does the rise come from? Local economist Robert Tennant says the rise in gas prices leads to groceries and other items becoming more valuable.
“So, increase in demand, decrease in supply and all of a sudden, inflation starts to grow at an unexpected rate,” he said.
While Tennant and other financial experts believe most veterans should be covered, Jernigan argues it might not be a bad idea for those veterans who able to look for jobs.
“It could never hurt,” she said.
“For those that can go to work, most of them want to anyways. It keeps them busy, and they’ve done it their whole careers. So, if it’s something they need to consider to keep up with the rising costs.”
Next year’s COLA numbers are scheduled to be announced in early October.
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