BlackRock CEO under fire for labeling 65 as an ‘absurd retirement age

BlackRock CEO Larry Fink shared his thoughts on how to rethink the economic crisis of many people finding it harder to retire.

“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,” Fink said in his annual shareholders letter, “originates from the time of the Ottoman Empire.”

Social media users swiftly descended on the BlackRock executive’s comments about retiring at 65 years old.

“It helps [that] you are super rich, have great perks like private planes, and are the boss of everybody. So if you are going to keep working, keep working like that,” one social media user said.

Another social media user reacted, “I love how elite rich people that don’t need SS lecture us on the retirement age.”

“Not everyone’s job involves sitting at a desk,” a person responded.

Fink’s retirement age comments were about the economics behind Social Security and how the U.S. retirement system is “under immense strain.”

“During your working years, the government takes a portion of your income. Then after you retire, it sends you a check every month. The idea actually originates from pre-World War I Germany, and these ‘old-age insurance’ programs gradually became more popular over the 20th century largely because the demographics made sense,” he said.

The executive also said there’s a 50/50 chance that at least one person in a married couple will be receiving a Social Security check until they are 90 years old.

“The Social Security Administration itself says that by 2034, it won’t be able to pay people their full benefits. What’s the solution here?” Fink asked in his letter.

The executive said there’s an irony to the United States pushing for longevity with life-extending drugs and healthier lifestyle choices.

“As a society, we focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years,” he said.

Fink urged a national conversation about rethinking retirement ages and incentivizing retirement investments.

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“Humanity has changed over the past 120 years. So must our conception of retirement,” Fink said.

Earlier in March, conservative commentator Ben Shapiro “broke the internet” when he also questioned retirement ages and received widespread criticism for making the argument.