According to the Associated Press, millions of retirees will get a modest cost of living increase from Social Security in 2020.

The increase amounts to $24 a month for the average retired worker, according to estimates released by the Social Security Administration.

The COLA affects household budgets for about 1 in 5 Americans, nearly 70 million people, and that includes Social Security recipients, disabled veterans and federal retirees.

With the COLA, the estimated average monthly Social Security payment for a retired worker will be $1,503 a month starting in January.

Roughly 1 in 2 seniors live in households where Social Security benefits provide at least half the total income. For more information, please click on the above link.