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Economic Report: Here’s your meager Social Security cost-of-living adjustment

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Social Security benefits will increase 0.3% in 2017.

Americans who get Social Security will get a 0.3% increase in their monthly checks in 2017, the government said Tuesday.

The estimated average monthly benefit for all retired workers will rise to $1,360 from $1,355, the Social Security Administration said.

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.

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