A bipartisan group of senators is reportedly considering raising the age of retirement to receive Social Security benefits as part of broader efforts to overhaul the welfare program as a whole.

Sens. Angus King (I-ME) and Bill Cassidy (R-LA) are working toward revising the Social Security framework amid concerns the program's trust fund will become “insolvent” within the next decade, spokespeople for the senators told the Washington Examiner. 

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“This is an example of two leaders trying to find a solution to a clear and foreseeable danger,” the spokespeople said in a statement. “Although the final framework is still taking shape, there are no cuts for Americans currently receiving Social Security benefits in our plan. Indeed, many will receive additional benefits.”

A final plan has not yet been approved by the senators, and it’s not yet clear what solutions it may include. Negotiations over the plan have been in the works for nearly two years.

However, the pair is reportedly considering raising the Social Security retirement age from 62 to about 70 as part of its solution, sources told Semafor. 

Additionally, the senators are eyeing a change to the program’s formula that calculates monthly benefits, transforming it from a system that disburses funds based on one’s average earnings to base rewards on how many years the applicant made Social Security payments throughout his or her career instead.

The proposals come as the Social Security Administration has warned lawmakers that its trust fund reserves could exhaust its resources by 2037 if Congress doesn’t make changes to the scheduled benefits and resources program.

The latest development comes as President Joe Biden has repeatedly accused Republicans of seeking to cut Medicare and Social Security benefits, hoping to use that stance as fodder in the 2024 election cycle. The president has specifically pointed to Sen. Rick Scott’s (R-FL) proposed agenda for the party, which includes a provision that would sunset all federal legislation every five years unless Congress votes to renew it.

Facing blowback after Biden highlighted his plan during this year's State of the Union speech, Scott updated the proposal to exclude Medicare or Social Security, which he said was intended all along.

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Republicans have pushed back against assertions that they would cut the two programs, noting any plans to do so are “off the table.”

"I want to find a reasonable and a responsible way that we can lift the debt ceiling but take control of this runaway spending," House Speaker Kevin McCarthy (R-CA) told CBS in January. "If you look at the last four years, the Democrats have increased spending by 30%, $400 billion. We’re at 120% of GDP. We haven’t been in this place to debt since World War II, so we can’t continue down this path."