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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.
Social Security cost-of-living increase for 2017: A measly $5. The 0.3% hike is the smallest in recent history. U.S. retirees hoping to live comfortably off their Social Security benefits might have to wait a while longer â the average increase in checks for 2017 is a whopping $5. The Social Security Administration said Tuesday that retirees will see their benefits increase by 0.3% in the coming year. For the average American retiree, that equals $5. Known as a cost-of-living adjustment, or COLA, the increase is tied to inflation.