Blackrock CEO Larry Fink pushes getting rid of 65 year old retirement age as part of Social Security Reform.
The retirement funding problem is also related to depopulation. Social Security started in the US in 1935 and there werew 9 working age people for every one retired person. This is dropping to one working age person to one retired person. If we tax 40% of the working person wage, then after paying for the government there is 10% to pay retired people. How far can an old person get on 10% of the money of one working person?
Larry Fink has a net worth of about $1.2 billion and controls the $10 trillion Blackrock fund assets.
Social Security system that has said it will not be able to pay full benefits by 2034.
The 71-year-old believes the American retirement system has entered such a deep crisis that it has become a once-in-a-generation issue.
Fink said it is worth taking a look at when Americans are expected to start accessing Social Security benefits, typically a sensitive topic that no politician wants to touch. He noted potential solutions including either raising the age for benefits or finding ways to encourage working later.
“No one should have to work longer than they want to,” he said. “But I do think 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.”
Increasing lifespans create further difficulties when trying to improve the retirement system, Fink said. This issue is of increasing relevance as blockbuster weight loss drugs have already begun drastically reshaping the health-care landscape. [aka He believes weight loss drugs that work will make people healthier and live longer and need more retirement funds.]
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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