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The fundamental goal of COLA is to compensate service members for the high cost of living at certain duty stations. COLA rates are based on a service member's pay grade, years of service, and number of dependents. An area is considered high cost if the cost of living for that area exceeds 108% of that national average of non-housing costs.
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Millions of Americans are facing tough questions about how to stretch their money with a modest 2.5% COLA increase on the horizon — or about $50 a month for the average retirement benefit.
So, while the 2.5% COLA seems modest, it also means that inflation hasn't been as high as in recent years. I'm sure many retirees don't mind making this trade-off. 2.
So, the cumulative COLA in the last two years should have been 6.8%, but benefits only increased 5.8%. For context, the average retired worker received $1,905 per month in December 2023.
Military retirement in the United States is a system of benefits designed to improve the quality and retention of personnel recruited to and retained within the United States military. These benefits are technically not a veterans pension , but a retainer payment, as retired service members are eligible to be reactivated.
American troops who have retired and are under the age of 62 would have cost-of-living adjustments (COLA) cut by 1% each year under the new deal. By the 2014 calculation of 1.5% the retired will receive 0.5% increase. [4] Their COLA will still go up, however. The maximum salary of a federal contractor would be capped at $487,000. [4]
COLAs provide a much-needed boost to all retirees' checks, and the 2025 COLA is almost here. But to make the most of it, it helps to understand how COLAs work. 1. What a COLA is.