"Full retirement age" is increasing

If you were born in 1948, you can still get retirement benefits at age 62 (assuming you qualify), but your benefits at age 62 will be relatively worse than someone who are currently receiving benefits.

If your full retirement age is older than 65 (that is, you were born after 1937), you still will be able to take your benefits at age 62, but the reduction in your benefit amount will be greater than it is for people retiring now.

Here's how it works since your full retirement age is 66. If you start your retirement benefits at age 62, your monthly benefit amount is reduced by about 25 percent. The reduction for starting benefits at age
- 63 is about 20 percent;
- 64 is about 13 percent;
- 65 is about 6.7 percent.

In other words, current retirees can retire at 62, and get "full benefits" at age 65. You can retire at age 62, but with big reduction in benefits, or wait until your "full retirement age" of 66.

See here for details :
http://www.ssa.gov/retire2/retirechart.htm
http://www.ssa.gov/pubs/ageincrease.htm