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Social Security benefits will increase by 0.3 percent beginning with the December 2016 benefits, which are payable in January 2017. Federal SSI payment levels will also increase by 0.3 percent effective for payments made for January 2017.
If your full retirement age is 67, your monthly Social Security payment at 70 would increase by 24% from $1,000 to $1,240. Additionally, if you have 35 years, or longer, of work history, a bigger benefit could come from continuing to work.