BlackRock CEO believes boomers should retire later than 65

[BlueWaveNeverEnd]

BlackRock (BLK) CEO Larry Fink has some strict criticism for the generation born in the 1950s, often known as baby boomers, or boomers for short. The executive, who is a boomer himself, claimed in a new letter to BlackRock investors that the older generation hasn’t been doing enough to help the “economically anxious” younger generations and should retire at an age later than 65.

“It’s no wonder younger generations, Millennials and Gen Z, are so economically anxious,” said Fink in the letter. “They believe my generation — the baby boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.”

Fink also said in the letter that younger generations “have lost trust in older generations,” and that it is the responsibility for boomers to gain it back by making investments. “Young people have lost trust in older generations,” he said. “The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.”

Fink also states in the letter that he believes that older generations should retire at an age over 65 due to changing demographics in the country. He claims that people are living longer than they did in the early 20th century, and that the Social Security program worked during that era because “more than half the people who worked and paid into the system never lived to retire and be paid from the system.

Read more at: https://www.sacbee.com/news/business/article287120430.html#storylink=cpy