One positive aspect of Social Security is that the program is set up to adapt to economic changes. Each year, for example, Social Security benefits are eligible for an automatic cost-of-living adjustment.

Your full retirement age depends on when you were born. Those born between 1943 and 1954 reached full retirement age at 66. Your full retirement age will increase by two months for each year you were born after 1954 until maxing out at age 67 for anyone born in 1960 or later.

Social Security plays a big role in many Americans' retirement security. In fact, 40% of Americans ages 65 and older rely on Social Security for at least half their income, according to the AARP.