2024 brings a 3.2% raise for military retirees and disabled vets

Retired military service members and disabled veterans will receive a 3.2% cost-of-living increase in their benefits payments in January 2024, according to the Social Security Administration. This increase, lower than previous years due to slowing inflation, will help recipients keep up with rising prices. The raise means most retired veterans will receive an extra $32 for every $1,000 in pension payments. The increase applies to Social Security and Supplemental Security Income benefits and will impact over 70 million Americans. Congress has a month left to authorize full government funding for 2024, but benefits payments will not be affected if the government shuts down.