There is good and bad news for older Americans: The Social Security full retirement age increased again in 2022 for some individuals – but it marks the last year that the age will change.
Congress mandated the changes to the full retirement age in 1983 as part of a law that strengthened the program's finances. In doing so, lawmakers cited the improvements in the health of older Americans and the increased life expectancy.
In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on Oct. 14, 2021, in Washington, D.C. Although workers can begin collecting payments when they turn 62, regardless of their full retirement age, there's a penalty for doing so: A benefit is reduced 5/9 of one percent for each month before the full retirement age, up to three years. If the number exceeds three years , then the benefit is further reduced 5/12 of one percent each month. For instance, if someone chose to collect Social Security at age 62, the benefit would be reduced by 30% on a monthly basis.
Social Security recipients in 2022 received the biggest payment increase in nearly four decades, reflecting the hottest inflation since 1982. The Social Security Administration announced last year that the cost-of-living adjustment, or COLA, will be 5.9%. That amounts to a monthly increase of $92 for the average retired person, bringing the amount to $1,657, the administration said. A typical couple's benefits would climb by $154 to $2,754 per month.
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