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Search Tags: COLA
Could political gridlock save you up to $48,000 in retirement? It could if it blocks a politically explosive plan to trim future cost-of-living adjustments for retirees, Senior Correspondent Mike Causey says.
The House voted overwhelmingly Tuesday to restore full cost of living increases to pension benefits for younger military retirees, responding eagerly to election-year pressure from veterans groups.
Pentagon leaders expressed disappointment on Tuesday at the retiree cost of living cuts under the Ryan-Murray budget deal and urged Congress to repeal them. But officials also pressed lawmakers to wait for an independent study group's conclusions before making more piecemeal changes to the military compensation system.
On this week's Your Turn radio show, host Mike Causey examines what's in the most recent budget deal that will impact feds.
Newly hired federal workers will be required to contribute more toward their pensions and some military retirees will see smaller cost-of-living adjustments under a budget deal announced by Rep. Paul Ryan (R-Wis.) and Sen. Patty Murray (D-Wash.) Tuesday evening. The budget deal, which sets funding levels for the next two years, eases some of the bite of the automatic spending cuts, known as sequestration. The pact restores about $63 billion to agency spending through the end of fiscal 2015, split about evenly between Defense and civilian agencies.
When veterans and their families, who receive disability compensation and retirement benefits from the Veterans Affairs Department, receive their annual cost-of-living increase next month, for the first time ever, it won't be rounded down to the nearest dollar. Overall, the COLA for veterans benefits will increase 1.5 percent. Until this year, the COLA for veterans' benefits was rounded down to the nearest dollar. That will change with payments beginning in January.
Planning to retire soon to cash in on that 1.5 percent cost-of-living adjustment? Good plan, except for one problem, Senior Correspondent Mike Causey says. The good ship USS COLA has sailed!
Retirees will get a 1.5 percent cost-of-living adjustment next January, and white-collar feds are looking at a 1 percent raise. Not much but it could have been a lot worse, Senior Correspondent Mike Causey says.