Bloomberg: Larry Fink Calls on Boomer Generation to Fix ‘Retirement Crisis’

https://www.bloomberg.com/news/articles/2024-03-26/larry-fink-calls-on-boomer-generation-to-fix-retirement-crisis?srnd=homepage-canada

Key paragraphs from Bloomberg:

BlackRock Inc. Chief Executive Officer Larry Fink warned of a looming “retirement crisis” facing the US and called on baby boomers to help younger generations save enough for their own futures.

“They believe my generation – the baby boomers – have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.”

Young people “have lost trust in older generations,” Fink wrote. “The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.”

“No one should have to work longer than they want to,” Fink wrote. “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 the Ottoman Empire.”

“The federal government has prioritized maintaining entitlement benefits for people my age (I’m 71) even though it might mean that Social Security will struggle to meet its full obligations when younger workers retire,” Fink wrote.

Fink said BlackRock will announce a series of partnerships and initiatives over the coming months to weigh major questions, including the average age of retirement and how to encourage older Americans to continue working if they want to do so.

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What do you think? I will add my comments on it later on.

Eric

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