Social security full retirement age stops changing in 2022. Here's what you need to know.

In most years, Social Security undergoes important changes. These include an annual benefits increase if a consumer price index shows costs going up, as well as an increase in how much income is subject to Social Security taxes.

In recent years, something else has changed as well – and it's affected when retirees can claim their standard benefit, as well as how much income Social Security will provide to them. The 2022 year is the last time this adjustment will occur, though, and it's important for every current and future retiree to realize the implications of that fact.

In recent years, full retirement age has been changing for newly-eligible Social Security beneficiaries. However, 2022 is the last time this will happen.

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This Social Security rule won't change again under the current law

Now, if you aren't familiar with the intricacies of the retirement benefits program, chances are you aren't certain what this means or why it matters. If that's the case, here's what you need to know:

Retirees first become eligible for Social Security retirement benefits when they turn 62.

Claiming benefits at 62, or any time before full retirement age, is considered an early claim.

Early claims result in early filing penalties, which reduce monthly benefits. These penalties apply for every single month benefits are claimed prior to FRA.

Full retirement age is determined based on birth year. It's gradually been moving later thanks to amendments made to Social Security in 1983.

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