Getting your full retirement age wrong
When it comes to retirement, age is not just a number. You might believe you took the right decision to retire at age 65 but even in this situation, your payments will probably not be as high as you’ve expected.
The main reason is that the government has been changing the retirement age goalposts and does not seem to stop anytime soon. Therefore, age 65 is no longer the full retirement age.
For example, for those born between 1943 and 1954, the retirement age is 66. Two months are added to this number every year ((for example, 66 and 6 months for those born in 1957) until those born in 1960 or afterward reach the retirement age of 67.