Up to 85 percent of Social Security benefits can be taxed—but a new deduction will reduce how much seniors need to pay.

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.