Grant Cardone Predicts New Social Security Retirement Age — Do Experts Agree?

Grant Cardone , the well-known entrepreneur and real estate investor, has stirred up quite a buzz with his recent prediction about Social Security . He’s saying the retirement age could jump all the way up to 73. But is he onto something, or is this just another attention-grabbing headline?

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GOBankingRates spoke with financial experts to get their opinions on the predictions. Here’s what they said about whether the Social Security retirement age will change .

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The Reality Check

“Grant’s prediction that the Social Security retirement age could rise to 73 has definitely gotten people talking,” said Brandy Burch, CEO at Benefitbay .

According to Burch, there’s some truth behind his theory — people are living longer and healthier lives these days, which means they’re relying on Social Security for more years.

And it’s not just Cardone who’s worried about Social Security’s future. “The Social Security Trustees have been warning that the trust funds could run out by the mid-2030s if we don’t make significant changes,” Burch said. So it’s clear that something needs to be done to keep the system afloat.

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Is 73 the Magic Number?

While experts agree that changes are needed, they’re not all on board with Cardone’s specific prediction. “While raising the age to 73 may actually be reasonable, it is unlikely to be that dramatic of a step, at least anytime soon,” said Tyler Meyer, CFP, founder of Retire to Abundance .

Instead, Meyer suggested a more gradual approach. “It is much more likely that they will raise the full retirement age gradually to somewhere between 68 and 70,” he said. This slower change would be easier for people to adjust to and fits better with how the government usually handles these things.

The Challenges of a Higher Retirement Age

Bumping up the retirement age isn’t as simple as it might sound. Burch pointed out some important issues.

First, there are the physical demands. “Consider the folks in physically demanding jobs — asking them to work until they’re 73 could be extremely tough,” she said.

And then there’s income inequality. “There are significant differences in life expectancy based on income levels. Higher earners generally live longer and might be okay with working later into life, but lower-income workers often face more health issues earlier and may not be able to continue working until such an advanced age,” Burch said.

These factors make a one-size-fits-all increase in the retirement age potentially unfair and impractical for many workers.

Other Ways To Fix Social Security

Raising the retirement age isn’t the only option on the table. Burch mentioned several other approaches that experts are considering, including increasing payroll taxes, adjusting the benefits formula to reduce payouts for higher earners and changing how cost-of-living adjustments are calculated.

“A combination of measures might be needed to ensure the system’s long-term viability while protecting vulnerable populations,” Burch said.

The Importance of Personal Planning

While the debate about Social Security’s future rages on, both experts agree that people need to plan for what’s next.

“It’s crucial that we emphasize early financial education and planning,” Burch said. “Starting to save for retirement early and understanding the complexities of Social Security benefits can help individuals better prepare for the future, regardless of potential changes to the system.

“Encouraging younger generations to build their retirement savings aggressively can provide a buffer against any potential reductions in Social Security benefits.”

Do Experts Agree?

So do experts agree with Cardone’s prediction? Not entirely. While they acknowledge the need for changes to the Social Security system, they don’t see the retirement age jumping to 73 anytime soon. Instead, they expect more gradual increases and a mix of different approaches to shore up the system.

“Experts agree that increasing life expectancy and the financial strain on the Social Security trust fund are real issues,” Meyer said. However, he said that any changes will likely be more moderate and gradual than Cardone’s somewhat dramatic prediction.

This article originally appeared on GOBankingRates.com : Grant Cardone Predicts New Social Security Retirement Age — Do Experts Agree?