In his annual letter to shareholders of the investment firm that oversees $10 trillion in assets, Fink said the shrinking ability to retire financially sound is one of the biggest economic challenges of the mid-21st century . He said that access to investments can help solve this conundrum, while also wondering if waiting for everyone to receive Social Security benefits at age 65 has become archaic.
Aged 71, he believes that the pension system has entered such a deep crisis. Making the outlook worse, the US Social Security system has indicated that it will not be able to pay all its benefits in 2034.
Increasing life expectancy creates additional difficulties when trying to improve the pension system, Fink said. This issue is increasingly relevant because successful weight-loss drugs have already begun to drastically reshape the healthcare landscape, he said.
As a result, Fink said it’s worth looking at when Americans are expected to start accessing Social Security benefits, usually a sensitive topic that no politician wants to touch. He noted that potential solutions include either raising the age of benefits or finding ways to encourage later work.
“No one should have to work more than they want to,” he said. “But I think it’s a bit crazy that our anchor idea for the correct retirement age – 65 – dates back to the Ottoman Empire.”
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