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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.
Key Points. 1  Social Security eligibility depends on your birth year. 2  Reduced benefits are available at age 62. 3  The longer you wait to begin collecting, the higher your payment will be up to age 70. 4  Your family members may be able to receive benefits based on your record.