Lawmakers don't want to see those cuts happen, so they've been talking through different solutions to prevent them. And one such solution is to raise Social Security's full retirement age. Currently, that age is 67 for anyone born in 1960 or later. Some lawmakers feel that pushing that age to 69 could help prevent broad Social Security cuts.

Planning to retire before full retirement age in 2026? Learn how to maximize Social Security, grow your income, and avoid benefit reductions.

The Social Security retirement system has been undergoing a series of changes that are anything but sudden. Initiated in 1983, these reforms are part of a strategic plan to ensure the long-term financial sustainability of the trust fund.