Military Retirement Pay & Benefits 2024: Key Updates to Know

Have you kept up with the changes and updates to military retirement pay and benefits?

That’s an important topic for us at Veterans Affairs Law, P.A. because of our focus on helping military vets get paid properly. While that emphasis involves areas like disability benefits and survivor benefits, it’s also essential to stay aware of changes to cost-of-living allowance (COLA), retirement pay, and other compensations. This post will cover all the recent benefits/pay updates to go into effect in 2024.

2024 Pay & Benefits Increases

Retirement Pay Increase - In 2024, monthly pay for veterans will increase by 3.2% with an increase in COLA. That’s the mechanism the VA uses to offset the effect of inflation. Some might notice that this figure is lower than the previous two years, where it increased 5.9% (2022) and 8.7% (2023). It’s still, however, a somewhat larger-than-average increase over the past 20 years. The 2022 and 2023 figures were unusually high because of exorbitant inflation levels, not seen since the early 1970s. This year reflects a slight return to normal, although significant inflation continues to occur. The increase in COLA hinges upon the U.S. Department of Labor’s assessment of inflation, which they base on annual changes to the Consumer Price Index (CPI).

VA Disability Increase - There are also changes that will affect how much disability pay veterans receive each month. It is, of course, based on one’s disability rating. Veterans with a 10% rating will gain $5.31 more per month, whereas those with a 100% rating will collect $115.90 more (not including dependent coverage).

Other Benefit Increases - The government is also raising Social Security and Civil Service benefits. Those recipients will also gain a 3.2% boost. That comes out to about an additional $50 per month for the average Social Security recipient.

Are You Not Receiving What You Deserve? Give Us a Call!

Like we always say, there’s no reason NOT to receive what you’ve earned from all those long years of sacrifice during your military service. We’re here to help if you’ve been denied benefits and want to make an appeal. Whatever you do, don’t take chances by going through it alone.

The team of legal professionals at Veterans Affairs Law, P.A. maintains a total commitment to helping military vets acquire the benefits they deserve. If you’re still having trouble with the VA, which is a common problem these days, we’re here to help you navigate their bureaucracy much faster.

Contact us anytime to learn more about veteran legal services by calling 941-552-6677.