Grant Cardone: Here’s Why I Predict the New Social Security Retirement Age Will Be 73

view original post

©Grant Cardone

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.

Check Out: I’m an Economist — Here’s My Prediction for Social Security If Biden Wins the 2024 Election

Learn More: The Surprising Way You Can Get Guaranteed Retirement Income for Life

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.

Also see the most realistic retirement age in every state.

Wealthy people know the best money secrets. Learn how to copy them.

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.”

Read More: I’m a Retirement Planner — 4 Moves You Should Make If You Think Trump Will Win the 2024 Election

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.”

More From GOBankingRates

This article originally appeared on Grant Cardone: Here’s Why I Predict the New Social Security Retirement Age Will Be 73