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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.
1 Raising the Retirement Age - The age when a person becomes eligible to receive full Social Security retirement benefits (the full retirement age) has been increasing from age 65 on a schedule set by Congress in 1983. 2  It has reached 66 and will gradually rise to 67 for those born in 1960 and later.