Ben Shapiro warned ‘no one in the US should be retiring at 65’ and says Social Security was not designed to provide benefits for 20+ years — here are the facts

“Frankly, I think retirement itself is a stupid idea unless you have some sort of health problem,” he says, adding that, once you lose your purpose in life, “things go to hell in a handbasket real quick.”

Aside from his belief in work as life’s purpose, Shapiro argues that raising the retirement age makes sense on a fiscal level. Is he right? Our guide helps you retire on your own terms, and at the age that’s best for you.

Savvy ways to stretch your retirement savings

If you want to live out your golden years in relative comfort, you won’t want to rely solely on Social Security benefits. Instead, take charge of building your nest egg — the earlier you start, the better, since you can benefit from compound interest.

Starting early is the first step, but putting your retirement savings in a vehicle where these early investments can be optimized is perhaps even more important.

For instance, by opening a Gold IRA — a type of individual retirement account that allows you to invest in gold and other precious metals in physical forms — you can enjoy the tax advantages of a traditional IRA alongside the inflation-hedging properties of gold.

By opting for a Gold IRA with American Hartford Gold, an industry leader in precious metals, you can diversify your portfolio with a tax-advantaged retirement account and help stabilize your finances.

Should the retirement age be raised?

According to Shapiro, there’s a straightforward reason the retirement age should be raised: average life expectancy has increased in the last few decades.

Back in 1935, President Franklin Roosevelt established 65 as the “official” retirement age under the newly established Social Security Act. At the time, the average life expectancy in the U.S. was 60.7 years — so, the average American would have been lucky to even reach retirement.

Today, the average life expectancy is closer to 80 — with 76.4 years being the national average.

While you can start receiving your Social Security retirement benefit at 62 years, you won’t receive your full benefit until you reach your “full retirement age,” as defined by the Social Security Administration (SSA). You can start receiving Medicare at age 65.

However, Shapiro believes the idea that you can work for 45 years and then receive Social Security benefits sufficient enough to support yourself for another 20-plus years is “not fiscally sustainable.”.

Consider your own retirement date

You can also stretch your retirement income by choosing to retire at age 70. You’ll receive 100% of your benefits at your full retirement age, which is 67 for anyone born after 1960.

However, for each year that you postpone the collection of your benefit, up until you turn 70, you’ll receive delayed-retirement credits. That adds up to a permanent bump in your payout by 8% per year, for each year you wait, until age 70. (If you were born before 1943, that credit decreases, depending on your year of birth.)

If you’re not sure when to retire to maximize your credits and benefits, getting professional advice can be a great first step.

For financial advice catered to your specific needs, you can search for an advisor through Zoe Financial. Zoe Financial connects users with vetted financial advisors so that you can get professional advice on how to navigate your retirement savings and social security benefits.

When you answer a few questions about yourself, Zoe Financial will match you with a curated list of financial professionals, and you can book a free, no-obligation consultation to see if they’re the right fit to help you navigate your retirement.

Cut expenses now and in retirement

Saving for retirement is no small feat, especially with the high cost of essential expenses. But it is possible to cut back — both now and during retirement — on some of these expenses to put more money into your retirement savings.

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