Yahoo Finance Grant Cardone: Here’s Why I Predict the New Social Security Retirement Age Will Be 73
Right now, you can begin collecting Social Security benefits at age 62, although the full retirement age is between 66 and 67, depending on the year you were born.
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However, Grant Cardone, a private equity fund manager and real estate investor, believes that this age will likely increase significantly in the coming years.
“You’re not going to retire at 63 — it’s probably going to be 10 years later,” he told GOBankingRates.
Here’s why Cardone believes the retirement age will soon be 73.
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The Social Security Benefit System Is in Danger
As the Social Security program currently stands, trust fund reserves are predicted to begin falling short in 2035. This means benefits will have to be reduced and/or the age to begin collecting benefits will have to be raised. Cardone believes the latter is likely to be the case.
“The money is going to run out,” he said. “Social Security cannot support [retirees]. It’s been a busted system my whole life. So if it can’t support people in retirement, people need to keep working to earn money.”
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Not only are funds running low, but people are living longer, which means Social Security will need to fund people’s retirement for longer. In addition, fewer people are paying into the Social Security fund via taxes.
“We’ve got 10,000 people leaving the job force every single day right now,” Cardone said. “Some of these people are 65, 66 years old. They’re going to live until they’re 91 — not 84.”
Cardone does not believe that either presidential candidate — Joe Biden or Donald Trump — would be able to fix the Social Security system.
“I don’t think anybody can benefit the Social Security program,” he said. “It doesn’t have enough money. Our government is spending more money on interest right now than it does on our military, and it spends too much money on the military. Our education programs are broken, and we spend $800 billion a year there.”
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This article originally appeared on GOBankingRates.com: Grant Cardone: Here’s Why I Predict the New Social Security Retirement Age Will Be 73
