BlackRock Chair Larry Fink shared his thoughts on how to rethink the economic crisis of many Americans finding it harder to retire.
“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 rightSocial media users swiftly descended on the BlackRock executive’s comments about retiring at 65 years old.
“During your working years, the government takes a portion of your income. Then after you retire, it sends you a check every month. The idea actually originates from pre-World War I Germany, and these ‘old-age insurance’ programs gradually became more popular over the 20th century largely because the demographics made sense,” he said.
“The Social Security Administration itself says that by 2034, it won’t be able to pay people their full benefits. What’s the solution here?” Fink asked in his letter.
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