The potential solutions of raising the retirement age is that each one would require someone to give up money and/or benefits.
When you cut back on hours or quit working completely, the Social Security Retirement benefit is a monthly check that replaces a portion of your income. As you get older, it might not completely replace your income, so it's best to find other means to cover your monthly needs.
The Social Security retirement benefit eligibility age was gradually raised by the 1983 Amendments. The retirement age will rise from 65 to 67 over a 22-year period, after which it will stay at 66 for an additional 11 years.
The minimum age to be eligible for full retirement benefits was 65 under the 1935 version of the Social Security Act.
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