Millions of Americans who rely on federal benefits will get a 1.7-percent increase in their monthly payments next year.

It's the third year in a row the increase will be less than 2-percent.

The annual cost-of-living adjustment, or COLA, affects payments to more than 70 million Social Security recipients, disabled veterans and federal retirees.

The increase amounts to about $20 a month for the typical Social Security recipient.