If the retirement age is raised to 69, as is talked about currently, there will be consequences—and not just the ones politicians may be aiming for.

People who haven't yet retired might want to hang onto their hats—and wallets. They could be in for some rough times if talk of raising the retirement age—as was last done back in 1983—becomes more than talk.

According to a CNBC report, although Congress has done nothing substantive to address the need to secure better future funding for Social Security—and is far less likely to do so in today's disastrous political climate than it was when Reagan was president and signed off on the last changes—there does exist the possibility that politicians may seek the same remedy once more: raising the retirement age.

After all, lifespans have lengthened and health care, however inaccessible it may be to many, has improved in lots of ways. It might seem logical to compel workers to stay on the job longer before they can retire and start drawing on the Social Security benefits they've already spent many years paying into.