Many Americans consider 65 to be the retirement age, but most are actually retiring earlier. Younger generations may need to plan for a later retirement age. Social Security full retirement age is currently 66-67, but likely to rise. Taking benefits early leads to reduced monthly checks. FRA has been increasing since 1983.

Retirees are leaving work earlier than planned due to various reasons. Only 10% retire later than expected. Millennials and Gen Z may see FRA increase to 70. Planning for retirement now is crucial. Lay out financial goals, pay off debt, invest in long-term strategies, and build a robust nest egg for flexibility in retirement.

Read more at Yahoo Finance: What Will Full Retirement Age Be When Younger Generations Retire?