Larry Fink of BlackRock wants to remove the United States’ retirement system from the Ottoman Empire. Fink said “it’s a bit crazy that our anchor idea for the right retirement age… originates from the time of the Ottoman Empire” BlackRock CEO Larry Fink wants to rethink retirement. After all, the U.S. is not the Ottoman Empire.
In his highly anticipated annual letter to investors, the 71-year-old billionaire said that “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.”
The age of retirement is in some ways arbitrary.
View this post on Instagram
In the early-to-mid 20th century, more than half of working people didn’t live long enough to retire, and as a result never received their payouts. That’s changed.
“Today, these demographics have completely unraveled, and this unraveling is obviously a wonderful thing,” Fink wrote. “We should want more people to live more years. But we can’t overlook the massive impact on the country’s retirement system.”
Life expectancy for the total U.S. population is expected to climb (pdf)to 85.6 years in 2060,
Life expectancy for the total U.S. population is expected to climb (pdf)to 85.6 years in 2060, according to the Census Bureau. That would mean the average American would live off of retirement savings and social security for more than 20 years if they retire at 65.
The Social Security Administration warned in March 2023 that the trust funds that some66 millionAmericans rely on will be depleted in 2034(pdf), a timestamp that was moved up by one year from its previous estimate. That means people won’t receive the full benefits they’re entitled to unless Congress moves to reduce benefits or raise tax revenues — including by potentially raising the retirement age.
