Many Americans may be worried about whether their Social Security benefits will end up being enough to help reasonably fund their retirements, even as those payouts are tied to the cost of living. However, veterans shockingly have no such assurances in most benefits-related situations, and as such, lawmakers are now trying to permanently correct that problem.
The American Heroes COLA Act – referring to the "cost of living adjustment" to Social Security – was recently approved by the U.S. House of Representatives, and would extend those adjustments to other types of veterans benefits, including those for disability, dependents, and more, according to a report from the Military Times. This would bring to those benefits annual recalculations like those seen with Social Security.
"The current process leaves veterans and their families, who depend on these benefits to make ends meet, in limbo until Washington actually passes legislation," the bill's sponsor, Rep. Ralph Abraham, a Louisiana Republican, told the newspaper.
Federal and state lawmakers are now finally doing more to ensure veterans enjoy the same benefits as everyone else, and that help will go a long way toward improving the lives of former servicemembers.