BlackRock CEO Larry Fink said America could dodge a ‘retirement crisis’ by encouraging people to work longer

Submitted ⁨⁨1⁩ ⁨day⁩ ago⁩ by ⁨FlashMobOfOne@lemmy.world⁩ to ⁨aboringdystopia@lemmy.world⁩

https://news.yahoo.com/news/finance/news/blackrock-ceo-larry-fink-said-152100928.html

BlackRock CEO Larry Fink caused quite a stir when he suggested America could dodge its looming “retirement crisis” by encouraging people to continue working past age 65.

The billionaire, who chairs the world’s largest asset management firm, kicked off his 2024 annual letter to shareholders by telling his readers it is “time to rethink retirement.”

He raised the point that more Americans are retiring and their retirements are increasing by length. This, he claims, is having a “massive impact on the country’s retirement system” — specifically the nation’s Social Security coffers, which are quickly running out of money.

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jubilationtcornpone@sh.itjust.works ⁨1⁩ ⁨day⁩ ago
You know what Congress could do instead if they weren’t fucking morons? Eliminate the cap on social security taxes. Viola! Crisis averted.

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- ArgumentativeMonotheist@lemmy.world ⁨1⁩ ⁨day⁩ ago
  Morons or enemies to their fellow men?
  
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  - jubilationtcornpone@sh.itjust.works ⁨1⁩ ⁨day⁩ ago
    Porque no los dos?
    
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joekar1990@lemmy.world ⁨1⁩ ⁨day⁩ ago
The same Larry fink who helped pioneer mortgage backed securities that helped crash the market in 2008?

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- j5906@feddit.org ⁨1⁩ ⁨day⁩ ago
  Why isnt he in prison?
  
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  - possumparty@lemmy.blahaj.zone ⁨1⁩ ⁨day⁩ ago
    $$$
    
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Zier@fedia.io ⁨1⁩ ⁨day⁩ ago
Remove the income cap and make the wealthy pay into the system like should always have been doing.
This is a made up crisis created by the wealthy.

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makyo@lemmy.world ⁨1⁩ ⁨day⁩ ago
With all the productivity gains in the last 50 years we should be working shorter work weeks and retiring earlier.

That this discussion is even happening just goes to show how the rich have pulled the wool over our eyes.

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- droans@midwest.social ⁨1⁩ ⁨day⁩ ago
  That’s stupid, that could cut the stock market by a percent or two!
  
  What kind of motion would rather have a better life instead of seeing numbers arbitrarily go up?!
  
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AA5B@lemmy.world ⁨1⁩ ⁨day⁩ ago

encouraging people to continue working past age 65.

We already made this adjustment to social security: retirement age is 67.

Speaking as someone who probably can’t afford to retire, I expect my “retirement age” to be whenever ageism catches up so I can no longer get a job

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- HubertManne@piefed.social ⁨1⁩ ⁨day⁩ ago
  I might already be there. Figured it would be till im physically unable to work but who knew jobs would just not be there. Man I was way to optimistic.
  
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  - shalafi@lemmy.world ⁨20⁩ ⁨hours⁩ ago
    Might be there as well. Through my 40s I scored two solid sysadmin roles, now I can’t score an interview.
    
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Rooskie91@discuss.online ⁨1⁩ ⁨day⁩ ago
How bout we tax his fortune and work less?

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DarkAri@lemmy.blahaj.zone ⁨1⁩ ⁨day⁩ ago
Or you could stop printing trillions of dollars to give to corporations and let people have a sub 40 hour work week so they have kids who aren’t economic migrants.

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A_norny_mousse@feddit.org ⁨1⁩ ⁨day⁩ ago
TAX. THE. RICH.

Failing that, laugh their silly propositions out of the room.

I don’t even know this guy but I want to slap him for his stupid arrogance.

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- some_designer_dude@lemmy.world ⁨1⁩ ⁨day⁩ ago
  I want so much more than to slap billionaires…
  
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Shotgun_Alice@lemmy.world ⁨1⁩ ⁨day⁩ ago
So let’s take advice form a billionaire who should choose to retire at any time. I really can’t wait for the class wars to start. I’m tired of this culture war.

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SuiXi3D@fedia.io ⁨1⁩ ⁨day⁩ ago
Bruh, they already are, and they still can't afford rent.

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avidamoeba@lemmy.ca ⁨1⁩ ⁨day⁩ ago
How bout use the increase in worker productivity to provide for the retired population?

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Randomgal@lemmy.ca ⁨23⁩ ⁨hours⁩ ago
Do need to pay retirees if the condition for retirement is death. Easy money. Capitalism works.

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- LemmyKnowsBest@lemmy.world ⁨16⁩ ⁨hours⁩ ago
  Do? Or don’t?
  
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HootinNHollerin@lemmy.dbzer0.com ⁨1⁩ ⁨day⁩ ago
Throw him in a cage with a large hamster wheel and live stream it while viewers yell through speakers for him to fuckin keep working

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Asafum@feddit.nl ⁨1⁩ ⁨day⁩ ago
“encourage”

“Work or starve. Your choice.”

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bagsy@lemmy.world ⁨15⁩ ⁨hours⁩ ago
I’ve got a couple ideas for Larry Fink…

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LemmyKnowsBest@lemmy.world ⁨16⁩ ⁨hours⁩ ago
I’m pretty sure the current retirement age is set at 72. Right?

For far too many people that means work until death. Likelihood of expiring before retirement age.

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anachronist@midwest.social ⁨1⁩ ⁨day⁩ ago
Image

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hark@lemmy.world ⁨13⁩ ⁨hours⁩ ago
This asshole should retire from life.

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commiunism@lemmy.dbzer0.com ⁨1⁩ ⁨day⁩ ago
That’s what most countries are doing rn, with Denmark or some other “”““nordic socialist””“” country pushing retirement age to 70

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- DarkAri@lemmy.blahaj.zone ⁨1⁩ ⁨day⁩ ago
  It’s a giant scam to force people to pay into a retirement that they are going to die before they see. There is like a thousand other ways to fix retirement like, get rid of prescription drug laws and the excessive parents and copyright system.
  
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  - i_dont_want_to@lemmy.blahaj.zone ⁨1⁩ ⁨day⁩ ago
    I know you meant “patents,” but filial responsibility laws need to go, too. Adult children should not be expected to foot the bill for their aging parents’ inflated medical bills.
    
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- AA5B@lemmy.world ⁨1⁩ ⁨day⁩ ago
  Does the us have the safety net programs in place to support that? The social welfare systems supporting a longer healthspan and lifespan?
  
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SoftestSapphic@lemmy.world ⁨20⁩ ⁨hours⁩ ago
Someone angry at the NFL should visit their offices

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webp@mander.xyz ⁨1⁩ ⁨day⁩ ago
When the average american’s lifespan is falling? 🤣

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- Mouselemming@sh.itjust.works ⁨1⁩ ⁨day⁩ ago
  Hey that’s gonna be another savings, let’s keep that up! Postponing COVID shots until you’re 75 should help with that!
  
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l_isqof@lemmy.world ⁨1⁩ ⁨day⁩ ago
He’s the CEO, he can just keep working himself until he dies. They run companies by themselves anyway…

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- this@sh.itjust.works ⁨1⁩ ⁨day⁩ ago
  They certainly get paid like they do
  
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Kolanaki@pawb.social ⁨1⁩ ⁨day⁩ ago
“Just work until you die.”

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jaybone@lemmy.zip ⁨1⁩ ⁨day⁩ ago
Young people are blaming “boomers” (because they don’t know what that actually means)

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- Flocklesscrow@lemmy.zip ⁨1⁩ ⁨day⁩ ago
  Boomers explicitly ushered this reality into existence. The young people are correct.
  
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  - ShieldsUp@startrek.website ⁨1⁩ ⁨day⁩ ago
    The young people will be the new boomer scapegoat soon enough. The latest generations are not immune to propaganda and corruption from politics.
    
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Ging@anarchist.nexus ⁨1⁩ ⁨day⁩ ago
This should go over well

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- Hobbes_Dent@lemmy.world ⁨1⁩ ⁨day⁩ ago
  Betcha it would go over just fine in the USA.
  
  All those jokes about white flags and yet France can actually protest. Or wants to.
  
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ODuffer@lemmy.world ⁨1⁩ ⁨day⁩ ago
Well the UK is moving to 70… The State Pension Age Is Set To Rise To 70 - Meaning Millions In The UK May Have To Work Longer Before Retiring share.google/HGtYnhv1hEwIATIN8

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