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BlackRock CEO Larry Fink caused a stir when he encouraged Americans to keep working past age 65.
The billionaire, who chairs the world’s largest asset manager, kicked off his 2024 letter to shareholders by telling his readers it is “time to rethink retirement” if they want to dodge America’s looming “retirement crisis” (1).
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“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.” He’s not alone in thinking the current retirement age is “a bit crazy.” Another proponent of raising the retirement age, South Carolina senator Lindsey Graham, said Congress should require people to work longer before collecting retirement benefits (2).
So, why don’t they like the retirement age in the U.S.
and are they right to think that way? Here’s a look at why some like Fink believe more Americans should work past 65, why others disagree and how you can shore up your finances for retirement.
What worries Fink most are the numbers, especially when it comes to population.
“The demographics don’t lie,” he wrote in his annual letter.
“It’s not just that more people are retiring in America; it’s also that their retirements are increasing in length.” In other words, a lot more Americans are living longer.
In fact, the number of Americans over the age of 65 is estimated to rise from 58 million in 2022 to 82 million by 2050 — an increase of 42%.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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