VA COLA Increase 2024: How Much Will Benefits Increase in 2024?
The cost-of-living adjustment, or COLA, is a periodic change in Social Security benefits. The COLA rate is determined by the Consumer Price Index (CPI). This rate is used to determine the amount of change in benefits needed to keep up with rising costs. In layman's terms, the COLA rate is designed to ensure that the purchasing power of Social Security income doesn't erode due to inflation or the increased cost of goods and services. The history of COLA dates back to the Social Security Amendments of 1972, which were signed into law by President Richard Nixon. This legislation provided automatic…