When Social Security was created, the program set a "full retirement age." If you claimed benefits at exactly this age, you would be entitled to your standard benefit or primary insurance amount (PIA). You had the opportunity to start payments before or after it, but doing so would affect the monthly income you received.

Originally, the full retirement age was 65 for everyone. But that changed with amendments to Social Security in 1983. FRA has been gradually moving later and, for anyone who turns 66 in 1960 or after, the full retirement age is 67 -- a whopping two years beyond the original age you had to reach.

A later full retirement age has serious consequences for those who depend on Social Security as a retirement income source. Here are three ways in which this change could affect you.

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Source Fool.com