America's retirement age of 65 is "crazy," BlackRock CEO says

[Yo_Mama_Been_Loggin]

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.

One way to fix it, he suggests, is for Americans to work longer before they head into retirement.

"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 the Ottoman Empire," Fink wrote in his 2024 letter, which largely focuses on the retirement crisis facing the U.S. and other nations as their populations age.

Fink, who is worth an estimated $1.2 billion, notes that many 65-year-olds in the early 1950s didn't get a chance to retire because many had already passed away. In other words, he writes, more than half of workers who had paid into Social Security never got a penny because they died before they could claim the benefit.

https://finance.yahoo.com/news/americas-retirement-age-65-crazy-222229926.html

Fuck you very much Fink.

Rather than one who got wealthy through innovation he's instead a vulture capitalist.

Blackrock is one of the investment groups that have been buying up single family homes thereby inflating the price out of reach for many individuals,

[flying_wahini]

1. Make the cap at least a couple of million and case closed.

Black rock is an evil company and Fink should get what’s coming to him during the next revolution.

[flying_wahini]

2. I hope he has a good hiding place.

Black rock is an evil company and Fink should get what’s coming to him during the next revolution.

[Aussie105]

3. I would suggest

that due to medical science people live longer, but it just means they spend more years if not decades living with physical and mental decline that make them unfit to work.

But yes, workers dropping dead on their way home on their last day of work because they just retired would suit a lot of 'high level' thinkers.

Desk jockeys have no idea. Bosses, politicians included in that.

The crazy thing about 65 isn't the number, it's the inflexibility - if you retire due to ill health well before 65, then that is your retirement age, whatever it is, and any pension should be accessible then.

[Hekate]

4. Says the man who never had to work on his feet all day in sickness and in health

[lame54]

5. That number from way back when can go up...

But the old minimum wage is ok right where it's at

[Midnight Writer]

6. To him, we are cogs in a machine. The machine uses us until we wear out, and then replaces us with another cog.

The worn-out cogs are of no use and belong in the garbage.

Our purpose is to breed workers, teach them to be docile and useful to the machine, work until we drop, then dissolve into dust.

Larry Fink has made a lot of money. I wonder what he has done to improve the lot of his country, of his fellow citizens, of anyone but himself and his cronies?

[Johonny]

7. Tax rich people instead

No matter what you tax them, they complain, so tax them more. They'll still be rich even at higher rates, still complain, but poor people will get to retire because they deserved to just as much as CEOs.

[DavidDvorkin]

8. He's right. It should be 55.

[spanone]

9. I don't take advice from billionaires, never did.

FUCKFINK

[rsdsharp]

10. The number hasn't been 65 for years. I retired 4 years ago -- at 66.

Medicare is still 65, but for those born 1943-54, full retirement age was 66. For born between 1955-1960, Social Security full retirement age gradually increases beyond 66 until it hits 67 for those born in 1960.

[Yo_Mama_Been_Loggin]

12. I just started collecting SS last month

66 1/2 was my age for getting full benefits.

[rsdsharp]

13. Born in 1957?

[Yo_Mama_Been_Loggin]

14. Yep

[Thunderbeast]

11. Technology will continue to displace much of today's labor.

A reasonable response would be to reduce work hours; 30 hour work week, retirement at 50.....

There will not be enough work to keep the population occupied for 40 hours a week. New models for work output will enclude new tools and materials...whether you are a surgeon or a plumber.

Of course, the key to this kind of transition is tax and fiscal policy that reduces the incentives for the ownership class to hoard the fruits of the economy.