The retirement age, is increasing, starting with those born in 1955 where the age is no longer 66, but has no increased by two months, and for every year after, that continues to rise. The rise plateaus for those born in 1960 and later where the age for them to claim their Social Security will be 67. The increase is because of an amendment passed in the 1980's where the age was no longer 65 for everyone, but increased for the younger generations.
Jack Myers, Public Affairs Specialist for the Social Security Administration, said at Social Security they tend to focus on those who are turning 62.
With that people should also start to keep in mind they need to save money since many retire earlier than the Social Security Retirement Age. This week is America Saves Week and Myers said now is a time to start setting goals to save, and if goals are set, then to see if those goals are being achieved.
Myers said no matter what, it's never too early to start saving.