The Social Security Administration (SSA) says it has good and bad news for consumers to start 2022. According to Consumer Affairs, the agency announced that the full retirement age has officially been increased to age 67. However, it also noted that it would be the last year that a change to the retirement age would occur unless action is taken by Congress.
That might be a don’t-hold-your-breath kind of thing. The last time Congress changed the full retirement age was in 1983, a move that came on the heels of life expectancy increasing and health improvements being made for older Americans.
The action is estimated to affect about 70 million Americans and is the biggest change since 1982, when recipients saw a 7.4% increase in benefits.
To learn more, click here.