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.