Checks for 66 million beneficiaries will rise between 0.2% to 0.5% in 2017. That works out to between $2.61 and $6.53 a month more for the typical retiree, according to the American Institute for Economic Research, a nonpartisan think tank. Medicare wil also rsise, so many will actually see a reduction in thier monthly amounts. The average retirement benefit check is currently $1,305.30, according to government figures.
This is by far the the smallest percentage increase of any year in which benefits did rise.
But it’s better than 2016, when Social Security checks didn’t increase at all. There have only been three years without any increase at all since Social Security’s cost-of-living adjustment was put in place in 1975 — 2010, 2011 and 2016.