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

[brooklynite]

1. Too late...

Retired at 62.

[BlueWaveNeverEnd]

3. me too

[marble falls]

9. Me, too. My wife retired at 48.

[GoodRaisin]

46. 61

And that decision was based on deteriorating health. Not everybody can go on working and working and working. Republicans would have us believe that 65 is the fountain of youth, which, of course is baloney.

[marble falls]

53. Cancer got in my way.

[GoodRaisin]

66. Spinal cord deterioration sidelined me.

There are all kinds of things that can get you when you start getting older. Younger generations had better wise up to these Republican lies or they are going to live in hell when they reach our age.

[marble falls]

67. Aging is not for pansies. I tell my wife sometimes, "I'm getting a job!". She just shakes her head and laughs.

[phylny]

48. Me too!

Someone younger than I am now has a job with benefits since I vacated it. See how that works, Mr. Fink?

[edhopper]

2. Fuck him

How many of the companies he owns stopped Unions and a living wage for those younger workers.

[senseandsensibility]

4. It's always projection with these

freaks.

[Captain Zero]

43. Fuck Black Rock too

I'm sure this ass and his company had something to do with at least one of my lay-offs over the years, that resulted in less pay at my next job, and lower social security benefits. And I'm probably not the only fellow boomer he screwed over that way.

Fuck him.

[50 Shades Of Blue]

5. FUCK.HIM!

Not all boomers have cushy jobs like his!

[irisblue]

6. Guy who sits behind a desk telling carpenters and plumbers to keep working #SodOff

[ripcord]

7. I retired at 59

But I got bored and went back to work.

[Silent3]

41. I retired at 60, about eight months ago...

...and don't feel at the slightest risk of getting so bored I'd want to go back to work!

I might consider a contract job now and again to make a few extra bucks, but I'm in no rush whatsoever for that.

[marble falls]

8. And I think Larry Fink should sink his head to his shoulders up his butt.

[usonian]

10. Young people have lost faith in older fat cats who are hoarding 90% of the wealth.

If they paid their fair share, young people would have a much easier time.

Most of us have been generous with the scraps that CEO's reluctantly pay to people who actually work(ed) for a living.

No yachts, no golf courses, no airplanes, no bomb-proof bunker.

I am so tired of morans projecting their own guilt on others.

[KarenS]

11. During times of layoffs, companies

often targeted the older workers,,,,

Plus, it was said if the Boomers would retire there were more jobs for the younger folks.

They can't have it both ways

[LiberalFighter]

17. They do want it both ways. Especially when they are not on the receiving end for either.

[quaker bill]

12. 64 was enpogh for me

I started working at 15. 49 years was enough.

[sinkingfeeling]

13. Then, I guess he wouldn't mind paying SS on all his salary and perks. By the way, the remaining

Last edited Wed Mar 27, 2024, 11:34 AM - Edit history (1)

boomers are retiring at 66 or 67, not 65.

[spooky3]

31. Isn't it amusing when someone who is pontificating about

What is wrong with Social Security doesn’t have even the most basic facts straight?

And, the US normal retirement age is in line with, and in many cases, higher than, that in other developed countries.

[Prairie_Seagull]

50. The SS tax limit for 2024 is 168,600.$

Some, even many have been talking about raising this limit. I think this greedy fuck is afraid of it's increase for myriad reasons. Greed, greed greed and of course greed.

He knows that increasing this limit is the best answer. IMO.

Good morning,

[wishstar]

14. I was glad that when I retired my well-paying job went to a much younger person

I retired from a fairly lucrative but stressful job after 26 years but had a good pension with healthcare and adequate savings. I always felt it was selfish for those of us "boomers" to continue working if we were well off financially and could retire with a pension and savings. My job went to someone just starting out who needed the chance for a good career.

But my main reason for retiring early was because my parents and my mother-in-law all required intensive caregiving assistance that I could only adequately provide wihout having the responsibilities of a full time job.

[Delmette2.0]

64. I was more than happy to retire 3 years early.

I started by using my ex deceased husband's SS benefits. He never remarried and my SS advisor suggested it.
I was caring for my son who had muscular dystrophy and my 89 year old mother with macular degeneration.
They were able to care for themselves but I knew it would only get worse.
Within two years they were both deceased. I am glad I was able to be available for them and to enjoy both without the stress of working.

My SS had time to grow a bit more which includes Medicare and an excellent supplement. This helped me cope with my medical issues that showed up.

[DJ Porkchop]

15. Hasan eviserating Shapiro

?si=7dVHaopGKKcLVHOf

[LastLiberal in PalmSprings]

38. Why does anyone care what Shapiro thinks?

Other than looking like the spawn of Satan, what qualifications does he have to espouse his negative philosophy wherever there is a microphone? He sounds like the smart-ass kid in high school who had to argue with the teachers, no matter what the subject. All he did was waste the time of the rest of us who were there to learn.

I read that people who just have to argue do so because they are addicted to the adrenaline high they get from the "flight or fight" situation they've created. Shapiro fits that description.

BTW, my opinion is that anti-abortion people have the same addiction. What better trigger than believing you are fighting for the life of an unborn child? Once Dobbs was passed, the source of their addiction was removed, so they've been forced to look for another trigger. Birth control and IVF are temporary sources, but they don't provide the incredible high they got from their anti-Roe fight. Even getting a nationwide ban on abortion is dull when compared with thrill of fighting for an unborn child. (Once the child is born, however, they're on their own.)

What will be the next target they'll use to feed the dragon?

I am now permanently kicking Shapiro out of the place he's been living rent-free in my head.

[Upthevibe]

16. Nope!

I just turned full retirement age, 66 1/2 on March 1st. If you were born in 1957, that's the age when you get your full retirement check. I should be getting my first direct deposit in April.

I've worked since I was 16 years old. I'm tired!

[LiberalFighter]

18. I put in my 30 years and retired at 52.

[Rebl2]

19. Some for

health reasons need to retire at 65 or younger. He is wrong saying we live longer. I am sure I heard earlier this year that we are going backwards and dying younger. I sure see a lot of obituaries in the paper the last few years and many people dying in their 50’s, 60’s and 70’s. He should just shut the F up.

[catrose]

40. Particularly people who did physical jobs. Bodies wear out.

[ProfessorGAC]

47. Sort Of

The slide in life expectancy is over a shorter time frame than going back to the 30s, 40s, or 50s.
The life expectancy is still higher than when SocSec started, but much less significantly than Shapiro suggests.
It's simply untrue that "most people" didn't live to collect the benefit.
He just pulled that "fact" out of thin air.

[pecosbob]

20. Even with SS I'll have to work till I drop.

[brush]

21. Huh? Retire later and not free up a job for younger workers?

That helps how?

How about raising the ceiling on FICA deductions to insure SS will continue to be funded?

Duh!

How'd that guy get to be a CEO?

[KarenS]

22. being smart and being politcal are two different things,,,,

Guys like him just think they're smart.

plus

The only thing wrong with Social Security is that they borrowed money from it to pay for wars,,,, now they don't want to pay it back,,,, remember when those coffers were overflowing??

[brush]

24. Correct about "guys like him..." They somehow get kicked upstairs.

[BlueWaveNeverEnd]

28. "Guys like him just think they're smart." yep

[Backseat Driver]

35. Nepotism? eom/

[brush]

37. More like the opposite. Not helping a relative to get hired...keeping the job.

[Renew Deal]

23. How's that for perverse incentives?

Keep people working longer so they keep their money in 401K's.

[DBoon]

25. he is having a sad because people don't work themselves to death anymore

[Hassler]

26. I believe Black Rock CEOs should die sooner

[niyad]

27. Fuck you, you entitled jerk.

[MMBeilis]

29. Greedy prick wants it both ways. Wants the businesses he owns or has stock in to pay as little employers SSA.....

......tax on employees wages, both by the rate and by paying them as little as possible. And doesn't want to pay into the system on income over $168,600 because he views it as a bad investment compared to his portfolio. This is reason that Social Security's solvency is always a long term concern. He doesn't want to pay on more of his income and prefers that low income workers just work longer and pay more.

[albacore]

30. Pre-boomer here....1943. Wife and I retired from teaching at 55.

Very few teachers can last beyond 30 years. Kids and schools change.

[CrispyQ]

32. Facebook meme:

The same people who want us to work until we're 70 are the same ones who won't hire us after we're 50.

[dlk]

33. Is the Fink going to hire anyone over age 65?

Talk is cheap.

[Bucky]

34. I thought it was 67 now

[catrose]

39. It keeps inching up. It's been some years since it was 65.

[GrapesOfWrath]

49. It is

Funny how nobody mentions this. Full retirement has been moving up every year… thanks Ronnie Raygun…

[LakeVermilion]

36. Give me an offer I can't refuse...

He's got lots of money, so he can hire "Boomers." But don't expect us to work for nothing. I'll work if the job and the pay meet my worth. In a market economy don't expect me to work for peanuts. I have value.

Just sayin'.

[jimfields33]

52. And the wonderful house and senate that passed it.

[Silent3]

42. Hell, we should be heading toward 4-day work weeks and retirement at 60

Especially if AI and other automation starts reducing employment opportunities without, as we've often been able to count on in the past, creating new jobs.

It's all quite doable if wealth distribution doesn't remain so insanely lopsided.

[Captain Zero]

44. what they do/ video link

[Captain Zero]

45. My guess is this guy wants to privatize Social Security

And of course he will want Black Rock to scoop up some of that privatization.

[Yavin4]

51. "But at BlackRock, we won't hire you bc you're too old."

"But you should keep working...just not for us. But definitely keep working past 65... just not for us."

[NanaCat]

54. Says the wanker with more privilege than he deserves

With the shine on his arse from sitting on it all day and exploiting everyone and everything that strikes his fancy on a given day, rather than, you know, working for a living.

[Lonestarblue]

55. I wish just once one of these over-privileged jerks would bother to learn about jobs with tough physical labor.

He might not be so eager to extend retirement age. This attitude also ignores the reality that average life spans for Native Americans is 62 and 70 for Black Americans. He also thinks people don’t save enough for retirement, which is because they aren’t paid enough for working. Every idea that people like this pontificate about is based on assumptions they make because they are white and wealthy.

[Kaleva]

56. I'm 65 and just accepted a part time job

It's too hard to live on SS alone

[DFW]

57. Oh, gimme a fucking break.

I'm 72 and I'll retire when I feel like it. My wife felt like it at age 60, and did. The only reason she's "living longer" is because when she was 64, a very aware oncologist told her that she might have one of the worst forms of cancer out there (she did), and she needed to have it treated immediately to have a chance of survival (she did, and she survived, even if statistics said she wouldn't).

Our two children are now 39 and 41, and have all the trust in the world in generations both older and younger, as well as their own. One of them lives in New York City, and, along with her husband, makes enough to live there and not be in dire financial straits. The other lives outside Frankfurt am Main, Germany, and makes five times as much as I do if not more. She pays more in taxes than my gross income is altogether. We hear more generalizations than there are stars in the Milky Way. We stopped paying them much attention a long time ago, since none of them seem to have any relevance to us at all.

[Midnight Writer]

58. "Everybody has to spend their lives doing what I want, because I am rich and I always get what I want!"

"Boomers have focused on their own financial well-being to the detriment of who comes next."?

Does this guy have a mirror? Has he got any self-awareness at all?

What has a hedge fund ever done for you? What has a hedge fund ever done to help "those who come next"?

[doc03]

59. My employer went out of buisiness when I was 61 so I collected unemplyment

until I was 62 then retired and haven't regretted it for one second.

[Voltaire2]

60. Larry Fink needs remedial math.

The youngest boomers are 70.

[intheflow]

61. Dude appears to be talking out of both sides of his derriere.

Like, young people are economically anxious, so let's make sure the older generation stays in jobs longer, giving younger people less actual job openings.

[leftyladyfrommo]

62. Most of my friends didn't retire. They got

layed off and then couldn't find another job.

[LiberalFighter]

63. Tell him he doesn't have a say in the matter.

It is easy for him to continue working past 65 when he has a cushy job with top-level health care and living conditions.

[Deep State Witch]

65. Too Late!

I retired at 56, about a month after I became eligible in 2020. Between COVID and being a Federal employee under TFG, I'd had it. Hubs retired six months later. We're happily spending my parents' money.

[Mosby]

68. I'm probably going to work till 70 at least.

Just saying.