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

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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
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

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Americans can start receiving their Social Security retirement benefit as early as age 62. But should they?

According to lawyer and political commentator Ben Shapiro on an episode of “The Ben Shapiro Show,” it’s “insane” that the U.S. hasn’t raised the official retirement age.

“[President] Joe Biden has technically been eligible for Social Security and Medicare for 16 years,” Shapiro remarked in March, “and he wants to continue in office until he is 86, which is 19 years past when you would be eligible for retirement.”

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Rather than raise the retirement age, however, Biden’s 2025 budget called for raising taxes on high-earners to pay for Social Security and Medicare (and prevent a shortfall). But Shapiro claims there aren’t enough high-income taxpayers for that.

That being said, now that Biden has dropped out of the race, it's unclear where a potential democratic candidate will stand.

But Shapiro is firm in his beliefs.

“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.

Another option for bulking up your retirement savings is to open a CD through CD Valet.

CDs (certificates of deposit) are a type of savings account that pay a fixed interest rate on cash you save for a set period of time, so you have the chance to earn high interest on your savings before your retirement begins.

With CD Valet — an online CD marketplace — users can shop and compare top certificate of deposit rates from various banks and credit unions nationwide. Their extensive database shows the most competitive rates without bias, daily rate updates, and earnings calculators which give consumers an array of free tools to help them find the right CD to meet their savings goals.

Another way to jumpstart your retirement savings is with a high-interest savings account. You can check out our list of the Best High Yield Savings Accounts of 2024 to find some great savings options that earn you more than the national average of 0.4% APY.

Read more: Car insurance rates have spiked in the US to a stunning $2,150/year — but you can be smarter than that. Here's how you can save yourself as much as $820 annually in minutes (it's 100% free)

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.

BestMoney, helps you do this by making it easy for you to comparison shop for auto insurance instantly. When you fill in some information about yourself, BestMoney will provide you with the best available car insurance quotes in your area within minutes so you can make extra room in your budget for your retirement fund.

Similarly, OfficialHomeInsurance makes it easy to shop around for the best home insurance rates in your area so you can get the coverage you need without wasting precious money.

All you need to do is answer some quick questions about yourself and they’ll instantly sort through leading insurance providers to find you the lowest rates possible.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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