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  2. 3.2%
    • According to 4 sources
    Military retirees and disabled veterans will see their monthly checks increase by 3.2% for 2024, thanks to the annual Cost of Living Adjustment (COLA) due to inflation. While 3.2% may look low compared to the 2022 (5.9%) and 2023 (8.7%) adjustments, it's still above the average of 2.6% for the prior 20 years.
    Military retirement pay and various VA benefits receive a COLA (Cost-of-Living Adjustment) increase yearly to keep pace with inflation. The COLA for 2024 is 3.2%, which includes Social Security checks, disability compensation and other pensions/benefits.
    Starting in January, 2024, there will be a 3.2% cost-of-living adjustment (COLA). This means that benefits payments are increasing. The purpose of COLA? Simply put, it’s to help retired military personnel and veterans keep pace with inflation.
    The 2024 COLA is 3.2%. The September 2023 CPI-W, released Oct. 12, was 302.257, 3.5% above the FY 2023 baseline of 291.901. The CPI-W figures from the end of the fiscal year (July, August, and September 2023) are compared to the FY 2023 COLA baseline to calculate the 2024 COLA. The 2023 COLA was 8.7%, and the 2022 COLA was 5.9%.
     
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