Military Retirees And Survivors Will Get The Biggest COLA Increase In 7 Years
Military retirees and survivors will receive 2.8 % cost of living increase in their retired pay starting in January —...
Military retirees and survivors will receive 2.8 % cost of living increase in their retired pay starting in January — the biggest increase since 2012, said Air Force Maj, Carla Gleason, a Pentagon spokeswoman.
Survivors who are eligible for the Special Survivor Indemnity Allowance will also see a 2.8% increase in payments starting in January, with a maximum payment of $318, according to the Pentagon.
“This is the first year – ever – the SSIA has been increased at the rate of inflation,” Gleason told Task & Purpose on Tuesday. “It was written into the NDAA [National Defense Authorization Act], so now every year SSIA will increase at the rate of the retirement increase.”
The cost of living adjustment is pegged to the Consumer Price Index for Urban Wage Earners and Clerical Workers. In October, Social Security also announced a 2.8 % increase in benefits.
Military retirees who retired under the REDUX system in 2018 will receive a different adjustment.
More information can be found here.
SEE ALSO: Disabled American Vets Living Overseas Are Getting Screwed Out of Healthcare
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