The full retirement age for Social Security – the age in which you get 100% of the program's benefits – has risen over recent years.

A 21% reduction to your Social Security benefits, or something in that vicinity, could have a negative effect on your retirement finances. But if you make a commitment to save for retirement, you might manage to accumulate $1 million by the time your career comes to an end.

An additional 276,000 people filed for Social Security benefits so far this fiscal year, up 13% from a year ago. Anxiety appears to be a driver.