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.

Americans looking forward to starting their new lives after retirement may need to reconsider, as the latest Social Security retirement age could require them to work longer to maximize their benefits.

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