According to the Social Security Administration, benefits will receive a 0.3% increase in 2017, compared to the 0% increase they received this year.

The average monthly benefit will increase to $1,360 from $1,355 starting in January.

There was no automatic adjustment in 2016 because of low inflation. Next year will mark the fourth consecutive year in which the Cost of Living Adjustment (COLA) was less than 2%.

Earnings subject to Social Security tax will increase from $118,500 to $127,000. The tax rate remains unchanged.

Medicare premiums for some seniors may increase by more than the Social Security COLA.

You can read more on the Social Security website here.