BlackRock CEO Larry Fink, 71, proposed reevaluating the age at which people access Social Security benefits|World Economic Forum|CC BY NC-SA 2.0
BlackRock CEO Larry Fink addressed the growing crisis of retirement affordability in the US in his annual shareholder letter.
Fink, 71, heads the world’s largest asset management firm, overseeing $10 trillion in assets, highlighted data indicating a significant portion of Americans, particularly those aged 55 to 65, have no savings in personal retirement accounts.
Considering increasing lifespans, Fink proposed reevaluating the age at which Americans access Social Security benefits, suggesting either raising the age or encouraging later retirement. The median retirement age in the US is 62.
However, critics argue Fink’s suggestion overlooks workplace ageism and health concerns. Teresa Ghilarducci, a retirement expert, argues that working longer isn’t a viable solution due to systemic issues in retirement savings.
The Social Security Administration says it will be unable to pay full benefits by 2034 and urges Congress to fix it.