No, the Social Security increase does not affect the retirement age. The increase only affects the amount of your benefit payment. Full retirement age will still be 66 or 67 for most people. While an adjustment is one of the potential future changes to Social Security, the annual COLA does not affect the retirement age. You can still start your benefits as early as age 62, but you will see a significant reduction in your primary insurance amount if you start your benefits that early. For those already receiving benefits, you can expect to see your monthly increase in January 2023.