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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.
As a result, the CBO is expecting that Social Security benefits will need to be cut by 31% beginning in 2031 if no changes are made to the program. The Social Security Trust Fund had previously projected a 21% reduction in benefits beginning in 2034.