Social Security benefits play a major role in retirement for many older Americans, but there could be big changes on the horizon.

Currently, Social Security is facing a cash shortfall. The program is paying out more in benefits than it's receiving from taxes and other sources of income, and if lawmakers don't find a solution soon, seniors could see a 20% reduction in benefits by 2035.

Washington hasn't settled on a solution just yet, but there are a few proposals on the table. Here are a few of the suggestions lawmakers have in mind.

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Source Fool.com