Social Security Benefits Expected To Rise 0.3% In 2017

Americans who get Social Security can expect a 0.3% increase in their monthly checks in 2017, based on government data released Tuesday. Annual increases in Social Security are made every year based on changes in a component of the consumer price index known as CPI-W. Inflation has been quite low for several years largely owing to a plunge in oil prices. Grocery prices have also fallen in the past year. The extra benefits kick in on Jan. 1. Social Security recipients got no cost-of-living adjustment in 2016 because inflation was even lower. Benefits rose 1.7% in 2015, 1.5% in 2014 and 1.7% in 2013.