Larry Fink Says World Leaders Must Address Growing Retirement Crisis
https://www.wsj.com/finance/investing/blackrock-larry-fink-annual-letter-8484e68e
Huge workforce retiring without enough socials and 401 k in their accounts to survive their rest of old age raises alarm across Govt and industries.
@rsdd, it's still paid as long as you were employed in october.
Has anyone else had your 401K match stolen in a layoff right before it was at eligibility? Fired in order to not pay it out to you?
Why the he-l does Larry Fink care about how many Socials seniors go to?
another privileged billionaire who has no idea what he's talking about
You gotta save your whole life… no other option for the working class.
Gotta prioritize it over anything else after necessities.
Really, Larry Fink thinks people should give him more of their money for longer? Hard to believe.
The truth is, people should be retiring earlier due to the huge productivity gains we've made over the decades.
@ewz, the teachers I know in NY make $70k and retire around $45k.
But nys troopers average $130k and retire after 25 years around $80k with free medical.
Just wait for public worker pensions, especially from CA and NY. Average teacher is retiring before 60 and collecting 100k+ per year. Police is 150K+ per year.
Too late…
Bony already stole our pensions in year 3 of the merger. We got Pennies on the dollar. So much for ERISA….
Fink is a di-k.
The BlackRock chief also warned that the rise of defined contribution pension plans had combined with the growing strain on the social security government retirement programme to leave the US particularly unprepared for a huge increase in the retiree population.
“We focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years,” he wrote. “Today in America, the retirement message that the government and companies tell their workers is effectively: ‘You’re on your own.’”
Fink described the mismatch between what Americans were saving and what they would need as “a problem so big and urgent that government and corporate leaders [need to] stop business as usual [and] step out of their silos and sit around the same table to find a solution”.
More than half of BlackRock’s $10tn in assets under management are retirement savings, including institutional pension funds, corporate defined contribution plans known as 401(k)s and individual accounts.
Fink’s new focus on retirement came alongside an effort to stake out a middle ground in the political wars over sustainable investing, an approach he called “energy pragmatism”.