US social security benefits to rise 0.3 percent in 2017
Social Security Cards and Money (Shutterstock)

U.S. retirees will receive a 0.3 percent increase in their Social Security checks in 2017, the Social Security Administration said on Tuesday.

The cost-of-living adjustment, also known as COLA, is tied to inflation moves. There was no increase for 2015-2016 due to the dampening effects on inflation from falling oil prices.

The rate is determined by averaging together third-quarter inflation as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

The average annual raise since the United States exited recession in 2009 has been 1.2 percent.

The same 0.3 percent increase will be applied to those receiving Supplemental Security Income benefits, which is designed for the elderly and people with disabilities.

More than 65 million people will benefit from the increase, the Social Security Administration said in a statement.

(Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama; Editing by)