@Skyjester i suspect you’re looking at the option to change your *default* privacy setting (aka which one you post as if you dont manually select one while composing a post). there should also be an icon in the post editor which matches the posts current privacy option (so, a globe if your default is public) which you can click to change the privacy setting for that post.

however once somethings posted, the only way to change the privacy setting for that post is to delete it!