Republicans typically favor raising the full retirement age (FRA) and using the Chained CPI, while Democrats strongly believe in taxing wealthier individuals and increasing the minimum benefits of older Americans and/or low-income seniors. This unique way of adjusting FRAs eliminates most of Social Security's cash shortfall However, the S.O.S. Between 1983 and 2022, Social Security's FRA will have risen by just two years, from age 65 to age 67 for people born in 1960 or later.