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Do Veterans Get More Social Security – The increase affects the household budgets of about 1 in 5 Americans, nearly 70 million people, including Social Security recipients and disabled veterans.
Millions of retirees receiving Social Security benefits will receive a 5.9% increase in benefits for 2022. The biggest cost-of-living adjustment in 39 years follows a surge in inflation as the economy struggles to shake off the coronavirus pandemic.
Do Veterans Get More Social Security
The COLA, as it’s commonly called, is $92 a month for the average retired worker, according to estimates released Wednesday by the Social Security Administration. This marks an abrupt end to a long lull in inflation that has seen cost-of-living adjustments average just 1.65% per year over the past 10 years.
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With the increase, the estimated average Social Security payment for a retired worker will be $1,657 per month next year. Typical benefits for a couple would increase by $154 to $2,753 a month.
“It’s going pretty fast,” retiree Cliff Rumsey said of the cost-of-living increases he’s seen. After a career in sales for a leading steel manufacturer, Rumsey lives near Hilton Head Island, South Carolina. At home, he cares for his wife of almost 60 years, Judy, who has advanced Alzheimer’s disease. Since the coronavirus pandemic, Rumsey said he’s noticed increases in food prices, wages for caregivers who occasionally spell him out and personal care products for Judy, not to mention energy costs.
COLA affects the household budgets of approximately 1 in 5 Americans. This includes Social Security recipients, disabled veterans and federal retirees, a total of nearly 70 million people. For baby boomers who retired in the last 15 years, it will be the biggest increase they’ve seen.
“That will be welcome,” said analyst Mary Johnson of the nonpartisan advocacy group Senior Citizens League. “But what we’re hearing is that even with the COLA, purchasing power will continue to be reduced as price increases continue to rise.”
Social Security Disability Benefits Guide
Policymakers say the COLA is intended as a buffer to protect Social Security benefits from losing purchasing power in an ever-changing economy, not a pay raise for retirees. About half of seniors live in households where Social Security benefits provide at least 50% of their income, and one-quarter rely on their monthly paycheck for all or nearly all of their earnings.
“Regardless of the size of the COLA, you never want to minimize the importance of the COLA,” said retirement policy expert Charles Blahous, a former public commissioner who helped oversee the finances of Social Security and Medicare. “What people can buy is very deeply influenced by the number that comes out. In many cases, we are talking about the necessities of life.”
This year’s Social Security commissioner’s report raised warnings about the program’s long-term financial stability, but there has been little talk of repairs in Congress as lawmakers’ attention is preoccupied with President Joe Biden’s massive domestic legislation and partisan machinations over the national debt. Social Security cannot be solved through the budget reconciliation process that Democrats are trying to use to fulfill Biden’s promises.
But Social Security’s turn will come, said Rep. John Larson, D-Conn., chairman of the Social Security Subcommittee and author of legislation to address looming shortfalls that would leave the program unable to pay full benefits in less than 15 years. His bill would raise payroll taxes while also changing the COLA formula to give more weight to health care and other expenses that weigh more heavily on seniors. Larson said he intends to continue next year.
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Although Biden’s domestic package includes a major expansion of Medicare to cover dental, hearing and vision care, Larson said he’s hearing from voters that seniors feel neglected by Democrats.
“In town halls and tele-town halls, they’re saying, ‘We’re really happy with what you’ve done about the child tax credit, but what about us?'” Larson added. “In mid-term elections, this is a very important constituency.”
COLA is only one part of the annual financial equation for seniors. An announcement on the Medicare Part B premium for outpatient care is expected soon. It’s usually an increase, so at least a portion of any Social Security increase goes to health care. The Part B premium is now $148.50 a month, and the Medicare commissioner’s report estimates a $10 increase for 2022.
Economist Marilyn Moon, who also served as Social Security and Medicare commissioner, said she believes the current spike in inflation is an adjustment to very unusual economic circumstances and that the pattern of price caps will reassert itself over time.
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“I think there will be an increase this year that you won’t see reproduced in the future,” Moon said.
“We’re at a point where people don’t respond to policy needs until there’s a sense of desperation, and both Social Security and Medicare are programs that benefit from long-term planning, not short-term machinations,” she said. .Are you a veteran wondering about the difference between Social Security Disability and VA benefits? Not sure how your VA disability benefits will affect your Social Security amount? Confused about the difference in criteria between your VA disability rating and your Social Security disability rating? This article will discuss the differences between the two state systems, how they interact, and how your VA disability rating can speed up the long process of qualifying for Social Security Disability.
Like the Social Security Administration (SSA), the Department of Veterans Affairs (VA) is an agency of the federal government. The VA provides benefits to veterans who are disabled due to an injury sustained or aggravated during active military service. This is known as a service-connected disability. VA service-connected disability benefits are paid on a scale of 10 percent to 100 percent, depending on the severity of the disability. In addition to a disability incurred or aggravated during active duty, the veteran must also have a discharge status that is anything but dishonorable.
Unlike the VA, Social Security does not rate the severity of disability based on a percentage and does not take into account a veteran’s discharge status. Also, Social Security does not consider whether your injuries are related to military service. Instead, Social Security considers all impairments that would affect your ability to work, both physical and mental, as long as these impairments are of a long-term nature (at least 12 months).
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In order to be eligible for Social Security benefits, a veteran must have a condition that precludes substantial gainful employment. For 2022, Social Security considers any job that earns more than $1,350 a month to be significant income. In 2023, a gross income of $1,470 per month is the limit.
Unlike Social Security Disability, a veteran receiving any type of VA benefit other than Total Disability Based on Individual Unemployability (TDIU) can work and still receive service-connected VA benefits. If a veteran is currently working and applies for Social Security, the claim will likely be denied based on earned income. If you are a veteran considering a Social Security Disability claim, contact an attorney to discuss the timing of your claim. We generally recommend waiting at least six months after you stop working to file for disability, although each case is unique and certain exceptions apply.
It is important to understand that VA medical records will be used by the Social Security Administration to make a determination about your eligibility for Social Security disability. For veterans living in the Bay Area, there are dedicated VA hospitals in San Francisco, Oakland, Livermore, Menlo Park, San Jose and Palo Alto. Maintaining consistent treatment throughout the duration of the disability case is critical. If you receive treatment outside of the VA, be sure to list those places of treatment on your disability application. As noted above, Social Security will consider all sources of medical evidence, including sources outside of the VA hospital.
Veterans with a combined disability rate of 10 percent or more are eligible for monthly benefits. A higher disability rating entitles a veteran to a higher monthly disability benefit, as outlined below.
Social Security Disability Approval Rates By State In 2022
Veterans who have a VA rating of 100 percent permanent and total disability often also qualify for disability under Social Security rules. However, the two systems have different criteria for disability, and the VA’s rating decision is not binding on the Social Security Administration. However, a VA rating of 100 percent permanent and total disability should still be submitted to Social Security to expedite claim processing, along with any underlying medical evidence supporting the VA’s decision.
In 2022, veterans accounted for 14.5 percent of all adult Social Security beneficiaries. In terms of dollar amounts, the SSA provides statistics for male veterans age 61 and below that shows an average disability payment of $1,431, which is $182 more than the average disability payment for male non-veterans age 61 and under. As you can see in the table below, the SSA disability benefit is less than the VA benefit for a veteran who has 70 percent disability or more.
While SSDI disability amounts are usually lower than
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