The Social Security Administration is making a change that will affect nearly 69 million Americans currently benefiting from Social Security and Supplemental Security Income.

Beneficiaries of Social Security will receive a 1.6 percent Cost-of-Living Adjustment beginning December 31, 2019.

The SSA says the change is due to an increase in the Consumer Price Index from the third quarter of 2018 through the third quarter of 2019.

Another notable change taking effect next year; the maximum amount of earnings subject to the Social Security tax will increase from $132,900 to $137,700.

To read more about the changes to Social Security in 2020, visit their website.