Editor's note: This article is part of an ongoing series in which we ask influential personal finance figures to share their opinion on the biggest retirement mistake you can make. Other articles feature Suze Orman and Dave Ramsey.
"Seventy is the new 50" doesn’t only pertain to the health and minds of people around the globe. It should apply to their work ethic, too.
Although the average retirement age in America is 62, billionaire entrepreneur and real estate investor Grant Cardone urges people to work beyond it. He thinks "acting old, being tired and retiring too early" is the biggest mistake people make.
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"The greatest generation of workers in history, the baby boomer, needs to learn new things and get back to working again," Cardone told Kiplinger in an interview. "You will live longer than you imagined with nothing to do."
While the average life expectancy is 78.4 in America, people are living well past that. There are about 100,000 centenarians in the U.S. today, and that is expected to quadruple over the next 30 years. That means there's the potential for more than two decades out of the workforce, even if you retire late.
Will Social Security leave you little choice?
Cardone knows a lot about cultivating a strong work ethic. After all, he has been espousing the virtues of working hard for years.
The motivational speaker and author is known for his aggressive "10X" philosophy, which calls for you to set goals that are ten times harder than what you think you can accomplish. Cardone also owns a substantial real estate portfolio through his real estate company, Cardone Capital, and advocates for passive income in retirement.
He is a big believer that you are never too old to work — and plans to work indefinitely. The way Cardone sees it, with the current state of Social Security, you may not have much of a choice anyway.
"The government is going to push retirement ages further out because we all know Social Security is broke," said Cardone, referring to the trust fund that pays Social Security retiree benefits, which is projected to run out of money in the first quarter of 2033. At that point, if nothing is done, the fund will only cover 77% of scheduled benefits.
With the prospect of Social Security facing insolvency in the coming years, raising the Social Security age to 69 is one proposal that makes the rounds from time to time. After all, in the early 1980s, the age was gradually increased from 65 to 67, so it's not a stretch to raise it again.
Risk-averse? A big mistake in Cardone’s view
Is the idea of working in your older years not for you? Another mistake you may be making that is on Cardone’s list: being too conservative with your retirement investments.
Sure, without a paycheck coming in, your money is finite, so it makes sense you want to protect it, but Cardone says the 60/40 rule, which calls for having 60% of your investments in stocks and 40% in bonds, isn’t risky enough.
Critics of the 60/40 rule contend it doesn’t account for longevity or inflation, and lacks the diversification that investors get from adding alternative assets such as real estate, private equities, commodities, cryptocurrencies, or other asset classes.
"Disregard the popular 60/40 model and get more aggressive with your investments," says Cardone. "From the age of 55 to 75, you should seek to create generational wealth with 20 years of cash flow from 75 to 95 without ever using the original capital."
The idea, says Cardone, is to structure your investments so that you live off the income they produce without touching what you are leaving to heirs.
Don't forget long-term care
It's also important to plan for that worst-case scenario in retirement — being forced to move into assisted living. Cardone says most retirees aren’t planning for it, even though it can cost $6,000 to $15,000 a month, depending on the level of care and the region you live in.
Don’t think you will need it? According to the Administration for Aging, someone turning 65 today has a nearly 70% chance of requiring some type of long-term care services and support in their lifetime, he said.
When it comes to planning for long-term care, you have options. Learn more with our guide to paying for long-term care.
Never stop learning
At the end of the day, Cardone says it's important for retirees to keep on learning. So much so that you should dedicate time each day to the pursuit of higher learning.
"Quit acting old and being tired and get back to learning new skills," said Cardone. "Elderly care, fundraising, AI, crypto and social media are all skill sets that can benefit you."
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