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.

U.S. workers appear to have a knowledge gap about Social Security, which could lead to money-losing mistakes once program benefits commence.