I would definitely suggest you wait on a full IM. Ironman aint going anywhere. You have plenty of time to think about that.
The first thing to consider is what have you done, where are you at now? What kind of distances have you race? How much volume do you have in your training?
As far as growth plate damage etc. The science is mixed on that. The fact is everyone is an individual and some will handle it better than other. Some mature earlier than others. There is no single answer.
If you want to race an IM and put out a good effort and lets say you have only done Olympic distance thus far. I would have you do 1-2 HIM next year and see how it goes. Then more focus on HIM the following year. Maybe do two in a row (back to back weekends) or a HIM one week and OLy race the next week. See how that goes and then consider a full IM. So that by itself is 2-3 years from now. So you’d be 26, right?
You can go ahead and jump in IM next year, but it probably won’t go very well. You’ll probably crack on the bike and end up walking most of the run. I’m not trying to be harsh here. The fact is, it takes a while to build the strength and endurance needed for IM. I mean need just to get through it. This is where the “wait till your older” thing comes from.
An easy way to look at it is: speed can be developed week to week, strength- month to month, endurance- year to year.
That’s simplistic but you get the idea. I takes a long time to develop the endurance needed for IM or even marathon. Meaning months or years of uninterrupted progressive training.
Physiologically it just takes time for the body to adapt the muscular, cariovascular, and structural strength and endurance to handle those long races. Thus, athletes tend to matriculate to the longer events.
Plus, if you say you want to compete you will need the speed and strength of the shorter distance triathlons in order to compete in IM. Gone are the days of just going out on long slow rides and runs and being able to keep up.
I realize much of that might be a bit vague. Feel free to PM or email me if you have other questions.
So, be patient. Maybe dabble in HIM but hold off on IM for a few years. Same with marathon. Try some half marathons first.