CEO of BlackRock (NYSE: BLK) Larry Fink In the United States, he sees it as an imminent retirement crisis, and he says the younger generation has the right to be upset about the future.
“Retirement is not a problem for the top 500 companies,” Fink said in a recent interview with CNN, explaining that employees at large companies are often supported by retirement plans and benefits. But this support rarely extends to everyone else. “We refuse to talk about how to broaden our economy by participating more Americans,” he said. “This has to be seen as a national priority and a national commitment to all Americans.”
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Fink’s company oversees $11.6 trillion in assets, and he has long warned of a lack of retirement preparation. This concern comes from professional and personal experience. Fink shares a story in his annual letter to Belek shareholders about reviewing parents’ financial status after their death:
“My mom teaches English at a local state university, and my dad owns a shoe store. They never were the highest tax range.” When Fink and his brother ended their parents’ property after their death, they learned why their expectations were more than expected: investment.
“My dad has always been a passionate investor… because he knows that any money he puts in the bonds or stock markets may be faster than he does in the bank. He’s right.”
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Fink said the experience reminded him why he co-founded Blackstone: helping people retire with dignity by better access to the capital markets. “We believe in participating [capital] The market will be crucial for those who want to be financially comfortable and retire financially. ”
In the letter, Fink convenes a growing generational divide. “No wonder the younger generation, millennials and Gen Z are so financially anxious,” he wrote. “They believe my generation – baby boomers – focus on their own financial situation and hurt the next step. In retirement, they are right.”
He even questioned whether the standard retirement age of 65 still makes sense, suggesting that older generations may take longer to help restore financial trust in younger Americans.
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Millions of workers (including gig workers, restaurant workers and farmers) have a great visit to employer-sponsored retirement plans. “We have a plan called Social Security that doesn’t grow as the economy grows. If we have a plan that every American can grow as our economy grows, then they will feel more attached to our economy.”
He no longer endorses the full privatization of social security, but says allowing people to invest more directly in the market may help. Quoting the President’s past proposals George W. Bush Fink said that social security should be partially privatized, and if social security is implemented, Americans may see their retirement savings quadrupled.
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Fink points to Australia’s retirement system, where employers have been contributing to workers’ retirement accounts since 1992 – no work required. Despite its 54th-ranked population, Australia now has the fourth largest retirement system in the world. Fink said the United States should study this approach.
He also stressed that savings are only half the problem. Retirement expenditure is another major issue. A Blackstone study found that even after 20 years of retirement, the average retiree still has 80% of what they were before retirement. Fink calls it the “retirement paradox”: people are afraid to spend their preservation.
To solve this problem, BlackRock created LifePath Paycheck, which transforms the 401(k) section tool into predictable monthly income similar to pensions.
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“No wonder millennials and Gen Z are financially anxious,” said Larry Fink, CEO of BlackRock. They blame the baby boomers for initially appearing on benzinga.com.
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