Defend and Save Social Security Act of 2012 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to: (1) increase the normal retirement age by specified graduated stages to 67 by 2019 and to 70 after December 31, 2030, and the early retirement age to 63 by 2019 and to 64 after December 31, 2022; (2) revise requirements for computation of the age increase factor; and (3) modify the cost-of-living adjustment (COLA) to 1% below the general COLA.