The full retirement age for Social Security – the age in which you get 100% of the program's benefits – has risen over recent years.

The full retirement age to collect Social Security benefits has once again shifted, meaning Americans born in 1960 who want to receive full benefits will have to keep working until they reach 67 years old.

A 21% reduction to your Social Security benefits, or something in that vicinity, could have a negative effect on your retirement finances. But if you make a commitment to save for retirement, you might manage to accumulate $1 million by the time your career comes to an end.