"No one should have to work longer than they want to": BlackRock CEO Larry Fink weighs in on retirement age crisis

Chairman and CEO of BlackRock, Larry Fink, has recently addressed the problem of the retirement crisis in a letter to the company's investors. He specifically mentioned the current retirement age of 65, saying it is not the right time and adding that "no one should have to work longer than they want to."

The businessman additionally expressed concern for the workers of the 50s who could not get the things they deserved since they passed away before that, including Social Security Benefits. He further stated:

"We would want more people to live more years. But we can't overlook the massive impact on the country's retirement system."

It must be noted that Republican lawmakers are trying to advocate for a rise in the retirement age. The same was also recommended by the House Republican Study Committee, aiming to get benefits for the workers earning a higher income than usual.

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Larry Fink has emphasized change in the retirement process in the US: Letter details explained

Larry Fink initially gave an example of Japan, saying that the number of "working-age people" people has decreased and the ones in the eldest have witnessed a rise. He recalled that there were around 10% of elderly people who belonged to the working category last year and their government was emphasizing "retirement investment."

Fink said that retirement savings are now more important, adding that one in six people would turn 65 by the mid-century and governments have to work on creating strong capital markets. He called the US retirement system imperfect and that it needed a change.

The 71-year-old wrote that the upcoming generations should get to live the remaining years with dignity and described retirement as the "core business." He continued:

"More than half the assets BlackRock manages are for retirement. We help about 35 million Americans invest for life after work, which amounts to about a quarter of the country's workers."

He claimed that his company has helped a lot of US-based teachers to manage their pension assets. He further mentioned that married people are facing trouble due to the retirement process, saying that if the husband and wife once reach the age of 65, there are fewer chances that one of them would get a "Social Security check" until they are 90 years old.

Larry Fink also stated that the US retirement system should be changed, reminding that the Social Security Administration won't be able to pay full benefits to the working people by 2034.