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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.
The small increase in Social Security next year â which equals an extra $2 for someone getting a $1,000 monthly check â would come after retirees got no increase in Social Security benefits in 2016 for the third time in four decades.The final COLA figure is typically not determined until the fall.