The former Manchester United, Aston Villa and England wing-back, now 40, hasn't played for Ipswich since January.
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Young said upon confirming his decision this morning: "I am incredibly proud and fortunate to have achieved everything I have during my career.
“It’s not too often you sit and think about this while you are still in the game, but I have lived my dream during the last 23 years.
“It’s now time for some reflection on what I’ve been able to achieve and the next few weeks and months will be when I decide what I am going to do next.
“But that is all to come. My full focus is on Saturday and helping this club achieve our goal, which is promotion back to the Premier League.”