If you're even remotely familiar with real estate, you've probably heard of Grant Cardone. The man's a guru, a millionaire-maker and never one to shy away from speaking his mind. This time, he's aiming at Social Security, calling it a "busted system" and predicting something that might make you spit out your morning coffee: the retirement age could rise to 73. Not in a few decades, but soon.
"You're not going to retire at 63 – it's probably going to be 10 years later," he told GOBankingRates in a 2024 interview. Cardone didn't sugarcoat his reasoning either. "The money is going to run out. 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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His prediction stems from some harsh economic realities. Longer life expectancies mean retirement funds have to stretch further than ever, while inflation and market instability make saving for retirement tougher. And let's not forget the ongoing solvency issues plaguing the Social Security system, which have been debated for years.
While there's no denying the widespread reports that Social Security is in danger, the data paints a more nuanced picture when it comes to life expectancy.
Global life expectancy is generally on the rise, but the United States is falling behind. According to a study by the University of Washington's Institute for Health Metrics and Evaluation, U.S. life expectancy is improving, but not at the same pace as many other high-income – and even some middle-income – countries. Forecasting models show a modest increase, from 78.3 years in 2022 to 79.9 years in 2035 and 80.4 years by 2050.
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These numbers reflect progress, but the slower growth in U.S. life expectancy raises questions about whether factors like health care access and socioeconomic disparities might blunt the impact of these predictions. Cardone's concerns about longer retirements are valid, but the reality in the U.S. might not be as extreme as it seems – at least not yet.
Though Cardone's claim about a retirement age of 73 is his personal opinion, it's got people talking. Brandy Burch, a financial strategist, told GOBankingRates that while Cardone's statement is bold, it highlights the need for Americans to prepare for retirement differently.
Unsurprisingly, Cardone is doubling down on his signature advice: invest in real estate. He points out that income-producing properties offer passive cash flow, long-term appreciation and a hedge against inflation. He says it's a more reliable path to financial security than traditional retirement accounts or Social Security benefits.
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For those under 30, he warns to plan as if Social Security won't be there when you're older. "If you're under 30 years old, you should think that the Social Security program will be broke by the time you get there," he said. And if you're over 60? "Grab as much money as you can from the federal government."
Whether or not his prediction comes true, Cardone's comments remind him to rethink retirement strategies and consult a financial advisor to explore options beyond the traditional systems. After all, the future isn't waiting and neither should you.
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