After the largest cost-of-living adjustment (8.7%) in four decades in 2023, the increase in annuities for retired government workers, military retirees and veterans is projected to be much lower in 2024 ... and that’s good news, according to financial advisers.
Military retirees and veterans will see a cost-of-living boost equal to the raise of Social Security recipients. The two sets have been linked for decades, but federal rules still mandate that Congress pass the mirror legislative each year.
The baseline COLA for next year is estimated to be 2.7%, according to the Senior Citizens League, a non-partisan advocacy group that seeks to educate Americans on retirement issues. (Stars & stripes 06/15/23)
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