Yahoo Finance Grant Cardone: Depending on Social Security Is ‘Bordering on Irresponsibility’
Despite the uncertainty surrounding the future of the Social Security program as we know it, many Americans still plan to rely on these benefits to fund a significant portion of their retirement. A recent report found that the average American is relying on Social Security to provide 28% of their overall retirement funding — that’s more than they plan to rely on personal savings (22%) and equal to retirement savings (28%).
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Grant Cardone, a private equity fund manager and real estate investor, believes that relying on Social Security to fund your retirement is not a wise bet to make.
“Anyone that depends on any federal program to take care of your future is bordering on irresponsibility,” Cardone, who will be hosting his 2023 Real Estate Summit on Dec. 16-18, told GOBankingRates.
Here’s his Social Security advice for Americans of all ages.
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If you’re nowhere near retirement age, Cardone said that you should plan for retirement as if Social Security won’t exist.
“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. “You should immediately understand that you cannot depend on it to be there.”
This means you should be actively looking for other ways to fund your retirement.
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Right now, you can start receiving Social Security retirement benefits as early as age 62, though benefits are reduced until you reach full retirement age, which ranges from 66 to 67 depending on when you were born. If you wait until age 70 to collect, you’ll receive maximum benefits. However, Cardone does not recommend waiting to collect.
“If you’re above 60, grab as much money as you can from the federal government,” he said.
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This article originally appeared on GOBankingRates.com: Grant Cardone: Depending on Social Security Is ‘Bordering on Irresponsibility’
