BlackRock CEO Larry Fink Calls for Retirement Age to be Raised

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BlackRock CEO Larry Fink Calls for Retirement Age to be Raised
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In a recent letter to the company’s shareholders, Fink argued that the changing demographic landscape and the increase in life expectancy over the past century have placed additional strain on the Social Security system. Additionally, he cited census data indicating that half of Americans between ages 55 and 65 have no savings in personal retirement accounts, encouraging young Americans to invest into retirement accounts early.

With Americans living longer and spending more years in retirement, the nation's changing demographics are"putting the U.S. retirement system under immense strain," according to BlackRock CEO Larry Fink in his annual shareholder letter."No one should have to work longer than they want to. But I do think it's a bit crazy that our anchor idea for the right retirement age — 65 years old — originates from the time of...

In his annual letter to shareholders of the investing company overseeing $10 trillion in assets, Fink called the decreasing ability to retire in a financially sound way one of the biggest economic challenges of the mid-21st century. He said access to investing can help solve this conundrum, while also pondering if the expectation for everyone to...

Fink explained the economics behind Social Security, which collects taxes from people who are working to pay those in retirement who are receiving benefits:"During your working years, the government takes a portion of your income, then after you retire, it sends you a check every month. The idea... 56% of Americans can’t afford a $1,000 emergency expense: We are ‘living in a paycheck-to-paycheck nation,’ money expert says

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