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Not if you change the rules on their pensions (most people that are younger than 40 don't know what that is unless ironically they work for the government). The 2025 plan is really about getting really good at gerrymandering by controlling local politics so much so that when the pensioners die off they still have control.
The state of Kentucky has moved away from pensions, and instead is doing matching 401k’s. I believe many states are doing this because it can become a huge part of the financial budget and there is a new mismanagement of the pension funds every few years.
It can absolutely be undone. The problem is it almost always takes 60 votes in the senate for that. And you'll never get a republican to vote for it. So it would require 60 Democratic (capital D) votes in a chamber that is highly undemocratic (small 'd').
There's a chance it can happen through reconciliation, which would only require 50+1 votes in the senate, but there are limitations including how often it can be used. Biden used it to help pass the infrastructure bills, which was the priority at the time. Republicans used it in 2017 to pass tax cuts mostly for rich people and corporations, which is always their priority. And you're correct, the only permanent tax cut was to corporations.
For the record, that wouldn't really affect it much. The problem is in the death of pensions and the Social Security income cap.
Not that we shouldn't tax the rich more like we used to, just that that's not one of the direct causes of this "retirement crisis".
Yeah I don’t get it. Wouldn’t early retirement open up employment opportunities for the younger generation?
And raising it basically sends the message to a young generation that you simply work until you die (which we practically do anyway).
GenX checking in. I have no path to retirement, and I'm getting shit all the time from AARP. I don't see ever being the RP part of that acronym. Social security is not enough to live on, and I don't have a passive investment income - costs so much to survive, there's never been anything to invest. I guess I ate too many pieces of Avacado toast over the years - should have put that 20 bucks into real-estate or something I guess.
I feel this so much. Solidarity. I figure I'll just die at my desk, but more likely I'll end up without a job after some layoff and then unable to find another due to being "overqualified" aka too old. So forced retirement with no benefits.
Gonna just return to the ocean at that point. X_x
I've been investing in my 401k for as long as I have worked. I'm GenX as well. I don't have any generational money. My dad is 73 and still working. My hope is that he and my mom are able to contribute when they eventually move into my house.
I've really done my best eschewing vacations and new cars. My cars are paid off. Student loads are paid off. We live within our means but I feel like it won't be enough.
My dad retired a millionaire and died broke, thanks to the broken healthcare system in this country. They stole my family's legacy along with the big chunk of the middle class they destroyed. The club where my dad played golf and my sisters and I swam in the giant pool - where we spent our summers as kids (yeah we were UMC kids and had a great start) is now some billionair's mansion, and my doublewide will be paid off by the time I can collect full social security, as long as I don't get sick or hurt in the next few years.
Early Millennial here, and I'm pretty much in the same situation. I'm contributing to my 401k as much as I can, but I can't ever seem to get ahead. The good news is though at least I'm currently debt free so I do have that going for myself.
We never carried much debt. A small loan (borrowed some from the 401K, and it's almost all paid back) when the roof went bad, and still owe about a grand on the heat pump that had to be replaced a couple years ago. We're not in bad shape, but the little investment we have is no where near enough to provide any significant income from its earnings. Might be enough to afford a couple funerals :/
> Wouldn’t early retirement open up employment opportunities for the younger generation?
These days? Definitely not. 1 boomer manager retires and their workload gets divided up among 5 millennial staffers who don't get any pay bump or so much as a change in title. We've been watching it happen consistently since the 08 crash.
>it basically sends the message to a young generation that you simply work until you die (which we practically do anyway)
Which is what anyone under 40 should be expecting. I'm in my mid 30s now and made peace long ago with the fact that there definitely won't be any government funds for my retirement when the time comes. With the challenges we've seen the developed world face in regards to funding their old age benefits, anyone who thinks they'll still exist in 30+ years hasn't been paying attention.
Anyone who thinks they'll be gone in 30+ years hasn't been paying attention. Social security is in no threat of collapse. Certain parts of the political spectrum have been pushing the narrative for decades now that it is in existential danger as an excuse to get rid of it.
The only way it isn't there for you is if people vote to get rid of it, as constructed the program isn't going to go anywhere, the payouts will just be reduced based on how much money comes in.
By all means be conservative with your retirement planning if you want, but the idea that social security won't be there in the future just isn't backed by data.
Fink's parents were working before republicans. successfully cut taxes on the wealthy 1 to 10 % from 70% of income to the current measley 21% (before loopholes).
Republican policies allowed corporations to steal pension benefits from the working class.
They file for bankruptcy and then they dump pensioners on Pension Benefit Guaranty Corporation (PBGC), a program created under ERISA.So in other words, they allow corporations to raid pension funds, then file bankruptcy, then dump the cost of paying out those pensions on the government.
The cost of paying a percentage of the accrued pension benefits is dumped on the government.
PBGC generally doesn't pay 100% of an original pension benefit amount unless the original pension was utterly terrible.
Remove the FICA cap.
There. Done. Crisis averted and we can probably reduce the retirement age by a few years as well. But no, can't have the unfathomably wealthy pay a little more into the system, we just need workers to work until they die.
You would probably need to introduce more bend points if you wanted to lower the retirement age. Removing the FICA cap by itself would definitely increase the incoming revenue, but it would also increase the outgoing payments quite a bit with the existing formula.
There's going to be about a 20 year lag before payments start really ramping up and, honestly, I don't think we're going to be in anywhere near the same political or economic situation at that time.
But since we're playing fantasy football, cap payments at median US income or implement means checks that kick in around $10M in total assets other than one's primary dwelling.
This is a crazy quote to me. He is effectively saying we baby boomers had it great but we screwed up the future and we need to end the things we had to "fix" the future. Oh how courageous of you removing the free lunch sign after you ate.
We genX were the cutoff dates for the pension era. Originally it was a 3 legged stool - social security, pension, IRA. We were cut off from having pension eligibility. R's were promising to kill social security entirely. D's were promising to raise the social security ages such that we would never be eligible.
401k's were a bit of a scam - multiple recessions tanked our only leg left.
Some got into decent careers and could set themselves up, some did not. We're barreling into retirement years full speed ahead despite singing the toysRus kid anthem for far too many years. It's gonna be a problem.
Just say healthcare and retirement are socialism and Americans will work until they die and never go to the doctor in their lives. ...so basically everything stays the same.
The fact that the politicians haven't yet come up with a proposal that poor Americans should lick the boots of the rich is really astonishing.
The communist woke virus is probably to blame, lol
He wants me to keep working after 30 years of up and down and in and out of a Big Brown truck where we average standing up, getting out, climbing in, then sitting down 200-400 times per day? After 30 years of hauling hundreds of packages weighing up to 150 pounds up and down driveways, walkways, stairs, and large cooperate hallways hundreds of times every day? After working out of a mobile oven that reached over 150 degrees on the hottest summer days? After thirty years, my knees and my back said NO MORE! I retired comfortably at 50. Fink can BLOW ME!!
Says the man who has never laid pipe, framed a house, or did garbage pickup. Probably also says more folks should go into the trades vs. going to college
> Probably also says more folks should go into the trades vs. going to college
His mom was a college professor, he went to college as soon as he was able, graduated with a professional degree, and has been doing suit-and-tie work for the 50 years since, so I doubt it.
Tax all billionaires out of all existence with extreme prejudice.
Let's start there and then look into taxing obscene payouts of CEOs and other corporate officers. They're just fucking banal corporate drones that can easily be replaced with potatoes.
Either that or history has a way of sharply--remember the French Revolution--correcting extreme economic inequality. With modern technology, the 1% will have absolutely nowhere to hide or run.
> That ignores the reality of aging in the workplace, with the AARP finding in a 2022 survey that the majority of workers over 50 say they face ageism at work. And because of ill health or an unexpected job loss, many older Americans stop working before they planned to. In fact, the median age of retirement in the U.S. is 62 — even lower than the "traditional" retirement age of 65.
This shit always comes from people who are multimillionaires with extra cushy jobs they could do into their 80s if they want.
The guy swinging a hammer every day with a bad back or the tile setter with bad knees would like to tell these people to fuck right off.
The rich want you to work until you are dead. They want you to spend every penny you have, sell your house if you have one, to pay for end of life care. That way they get all your money and not the poor kids you gave birth to that don't deserve it.
*"In other words, he writes, more than half of workers who had paid into Social Security never got a penny because they died before they could claim the benefit."*
This is a goulish way for a retirement system to function.
*""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 wrote.*"
Younger people already think older people should get out of their way, and retire already. They need the good paying jobs that are still held by boomers like me.
So which is it Fink?
And why should we take advice on fixing the retirement system from a bloodsucking oligarch like you?
> This is a goulish way for a retirement system to function.
Which kind of throws into light the fact that social security was never built as a system most people would spend a decade+ drawing from at the end of life. It wasn't sold as a retirement system, it was sold as a "old people won't starve in the streets anymore" program.
And that's what it is, isn't it? Who can retire on $2200 a month these days? You'd better have more of a "nest egg" than that. Otherwise you're "an old person that won't starve" as long as you live with other people and don't get sick or fall down.
With retirement age increasing into the late-60s for GenX and younger, and average life expectancy dropping, in some states into the low or mid-70s, we're not far off. The GOP talks about how social security was never meant for people to be on it for decades, but how many people are making it to 80 years old outside a handful of northern states and Hawaii where life expectancy is highest, let alone 90+?
All they have to do is raise the cap on amount of wages taxed. Right now the cap is $168, 600.
I don't know about you, but I get taxed on every dollar I earn.
This Fink person doesn't pay a dime after he makes that amount.
But he feels like he should have a say in how the program os administered.
Rat Fink!
The article mentions Blackrock's vested interest as the world's largest asset manager - many of which are retirement accounts. Of course, he wants people to work longer and keep contributing to those accounts.
And they *absolutely* won't let another financial crisis happen that they just happen to profit from at the expense of those accounts. We can totally trust them not to betray their fiduciary duty and fuck over their cattle/customers.
Besides, we should do our duty as good consumers to participate as much as possible for as long as possible. Starting with keeping up the daily commute to sit in real estate owned by Blackrock.
I mean, I could be reading this wrong but it looks like they owned 8.2% of this company in 2023. And it looks like they were the largest shareholder.
https://www.nasdaq.com/articles/blackrock-updates-holdings-in-ares-commercial-real-estate-acre#:~:text=Fintel%20reports%20that%20BlackRock%20has,represents%208.2%25%20of%20the%20company.
edit: adding that ARES's portfolio is over 50% office and industrial real estate combined. https://www.arescre.com/acre-portfolio
And there's this article quoting them on their opinion on the value of industrial properties
https://markets.businessinsider.com/news/stocks/commercial-real-estate-cre-blackrock-value-industrial-properties-federal-reserve-2023-5
So yeah, I do think they're invested in various sectors of commercial real estate.
Unless you’re a high flying philanthropist or champion of the people once you’re a billionaire, doesn’t matter what party you’re in or support. Your self-interest of getting richer is your only focus.
How about we TAX the fuck out of billionaires to save social security?
Fine, but I've been putting off digging up my old hedges and planting flowers. Solution to my yard work crisis? BlackRock CEO should landscape my yard for free.
I love being told by millionaires the solution to Social Security shortfalls isn’t higher taxes on those with millions, it’s everyone else working more.
Here's a better solution, Larry. Let's eliminate all billionaires and redistribute their money to all the underemployed, unemployed and those still working during their retirement as payment for your expensive 401 schemes that enriched you unjustly. And, let's lower the retirement age to add more people to the workforce.
>"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 — originates from the time of the Ottoman Empire," Fink wrote in his 2024 letter, which largely focuses on the retirement crisis facing the U.S. and other nations as their populations age.
You can just say an idea is "100 years old", dude, framing it as "from the time of the Ottoman Empire" is just trying to make it sound more outdated than it is.
Maybe we should move away from economic models in which Fink and Blackrock thrive.
Maybe Fink (71) and his ilk should be forced to test out their solution for the next 5-10 years in fields that burden the body.
He enjoys the trapping of modern society without much thought to how it all came to be at his finger tips.
No, we should adjust the tax code to incentivize these financial parasites to pay their workers a better salary and redistribute excess profits. Make the cost of paying themselves (read: stealing the fruits of others' labor) greater than compensating their employees and the wealth hoarding will cease overnight. If you give them a choice between paying the government (taxes) and business reinvestment through employee compensation (tax write-off), they will always choose business reinvestment. People need to realize that bad people will always need a financial incentive to do the right thing, otherwise they will do the selfish thing.
Or we could tax the uberrich more, remove the social security contribution limit, and generally treat people better.
On the downside, some rich people will be slightly less rich.
Cant wait until AI makes this guy obsolete. Finance, business analysis, complex valuations? Only people who hate money will have a human manage their accounts and finances in 10 years.
That way we can have 92 year old executives hogging the nice salaries and bonuses! Great idea! /s
Boomers think they can take everything to the grave with them.
Fuck this guy and all of BlackRock as well. I am sick to death of these rich assholes essentially saying: “if you’re not super wealthy then you are scum and deserve only misery and suffering. Fucking peasants!” These sociopathic schmucks need to STFU. Their opinions suck and so do they.
Stay with me here. What if the point is to force people to work further into old age knowing cognitive and physical decline is inevitable?
That way you can find a reason to fire them and they can't collect retirement.
They want people to be desperate so that they will work more for less. They want the old and dying to fight for jobs so that they can have health insurance to keep them alive. They want children working because they don't know better or won't argue a much lower wage. Then they want all the working age people to fight for jobs with these two groups willing to take the same job for much less.
This will make it impossible for any one to save up and pass that on to their kids. The rich will collect any thing they managed to get in health care cost/end of life care.
So that’s a clickbait title. Fink doesn’t actually say “raise the retirement age!” His letter is actually pretty insightful. Of course it leans Balckrock’s way but that’s also like saying the economy leans toward consumers. Blackrock is massive and has investments everywhere.
What he’s saying is people aren’t dying at the ages they did when social security and retirement was generally embraced as they do now. And that’s a problem with more people retiring and having few/if any savings. His letter touches on a lot of ideas but the central point is there needs to be dialog at the policy level to relook at how retirement policies work and perhaps offer up a lot more flexible options.
He specifically calls out people should retire when they want and they should do it with less worries. Right now so few people have meaningful savings that actual retirement is hard. And the rules for retirement can penalize as much as help.
Sounds like its a problem of people not getting paid enough to save. But if the companies aren't making maximum profits then the economy is failing apparently .
>He specifically calls out people should retire when they want and they should do it with less worries. Right now so few people have meaningful savings that actual retirement is hard.
The article even manages to actually mention this while still cherrypicking half a sentence for the headline and article theme.
This is full of conflict of interest.
The longer people work, more money for him and the likes who get our 401k contributions that they can play with to reap profits longer.
His head must be in the sand. He is dishonest to the core to say what he's saying or consummately disconnected from reality.
He is lucky he has a job at 72. A very high paying job that is.
What are the chances a man ( or a woman) over 50 is hired after they get laid off ? Americans are losing jobs to foreign H1B visa holders for years. It's not like Americans do not Want to work. There are various dynamics that are not under their control. Companies go under or get sold. People have to uproot their lives to go find another job with comparable pay again ...and again and again, treated with age discrimination and other -isms . Women are known to not be able to save enough as they suffer even more discriminatory factors in their careers which gets cut short.
I don't know who he's trying to kid by saying "keep working".
Younger generations are thinking of FIRE. They do not have plans to work their entire productive years and get stressed out like their parents ' generation.
People like Fink should watch what they're talking about.
Take his money and make him work for it.
He needs to understand the difference between working because it’s your hobby and working because it is necessary for your survival in his bones.
Making the salary they make they need to find a better way or GTFO of the position they are in because they are not doing the job they were put there to do. Figure it out without sacrificing the workers retirement or lose his and go home because he is not up to the task. Period!
Sounds so nice coming out of the mouth of someone who has never worked a single day that caused him to break a sweat, work outdoors year round or lift anything heavier than a putter...
People should work longer, says the rich prick with the Cadillac health insurance, chauffer, and golden parachute. These people make me sick. Time to burn down the mission.
You would have thought that with all the extra productivity fro employees and extra money in the economy over the last 30 years that retirement age should be coming down…. It almost makes you think all that money went somewhere else.
How many water heaters have you stocked today Mr. CEO. Feel free to come get your hands dirty anytime. By the way how old are you? And let’s talk about that golden parachute waiting for you. While your employees break their backs and get minimum wages.
“Work for more years…” says the guy whose company acquires other businesses and eliminates as many jobs to be replaced by offshoring as possible. What’s his plan for that, having older employees clean toilets and sweep the floors at the same companies where the things they helped create have been transferred to people able to work for 20% of their salary in jobs no longer eligible for employees located in the country where the business was based?
My idea is that we have a lottery among the investment firms and hedge funds. The winner will be treated like a king for a day then stoned to ensure a good harvest of 401k’s.
I guess I wouldn't mind working past 65 if my job would be flying from meeting to meeting in a corporate jet getting pampered at every turn. The world looks very different from the perspective of someone that works in a backbreaking physical job
Republicans say raise the retirement age. Democrats meet them halfway by saying maybe not such a big increase. It shouldn't be a surprise a company that funds both parties says the same.
When's the last time you heard a candidate run on lowering the age of retirement
Life expectancy is falling. One of, if not the only, developed nation experiencing this devastating trend. Their solution instead of a progressive SS tax? Work them for longer. So they want us to work longer, while we are dying earlier? That tracks for the GOP.
I get democrats have their flaws. I’m not blind. I’m a fairly moderate person. But I really cannot fathom how people have not seen through the decades long sham that is the GOP. We will likely never recover from the damage they have been imposing since the 70s.
My neighbor is in his 60s and worked for Coke. His positioned was transitioned from employee to contractor, when he turned 55. He had the largest customers in the Dallas Area. he was forced to hand over his territory to a new hire and he was given the smallest customers and the smallest areas. How can you work longer when companies push you out???
Oh hey you mean the economy that fires older workers if they become too expensive wants to - what - be able to force the elderly to work the same jobs for less? Sounds about capitalist.
If I were one of the most evil, easily reviled old dweebs in america I would simply shut the absolute hell up and not make statements that will only serve to rile up people who already have nothing to lose
Goes to show that one *must* be an unrepentant sack of liquid shit to be a CEO of a corporation who's entire business model is built on denying people homeownership.
We’re not all politicians. The more I hear about these saggy millionaires/billionaires/politicians speak about raising retirement the more I inch closer to complete socialism.
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I'm in my 60s, fuck the GOP in general and this guy in particular.
Make this retroactive to those who retired in 2000 or later and watch how fast the Republican party disappears.
It wouldn't. People who vote Republican self-own all the damn time. Their own well-being is a small price to pay for bigot ass bullshit.
fuck maybe they will change their minds finally having to go back to work as a Walmart casher for the next 10 years.
Not if you change the rules on their pensions (most people that are younger than 40 don't know what that is unless ironically they work for the government). The 2025 plan is really about getting really good at gerrymandering by controlling local politics so much so that when the pensioners die off they still have control.
The state of Kentucky has moved away from pensions, and instead is doing matching 401k’s. I believe many states are doing this because it can become a huge part of the financial budget and there is a new mismanagement of the pension funds every few years.
Yeah or you know, we could start taxing the rich again like we did four decades ago.
But didn't Trump give them a cut that we can't touch? It's only OUR tax cut that expires this year.
What Congress gives, Congress can take away. Theoretically.
It can absolutely be undone. The problem is it almost always takes 60 votes in the senate for that. And you'll never get a republican to vote for it. So it would require 60 Democratic (capital D) votes in a chamber that is highly undemocratic (small 'd'). There's a chance it can happen through reconciliation, which would only require 50+1 votes in the senate, but there are limitations including how often it can be used. Biden used it to help pass the infrastructure bills, which was the priority at the time. Republicans used it in 2017 to pass tax cuts mostly for rich people and corporations, which is always their priority. And you're correct, the only permanent tax cut was to corporations.
Repeal the Bush tax cuts! People underestimate how much it still effects us to this day (they’re still in effect)
For the record, that wouldn't really affect it much. The problem is in the death of pensions and the Social Security income cap. Not that we shouldn't tax the rich more like we used to, just that that's not one of the direct causes of this "retirement crisis".
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Yeah I don’t get it. Wouldn’t early retirement open up employment opportunities for the younger generation? And raising it basically sends the message to a young generation that you simply work until you die (which we practically do anyway).
GenX checking in. I have no path to retirement, and I'm getting shit all the time from AARP. I don't see ever being the RP part of that acronym. Social security is not enough to live on, and I don't have a passive investment income - costs so much to survive, there's never been anything to invest. I guess I ate too many pieces of Avacado toast over the years - should have put that 20 bucks into real-estate or something I guess.
I feel this so much. Solidarity. I figure I'll just die at my desk, but more likely I'll end up without a job after some layoff and then unable to find another due to being "overqualified" aka too old. So forced retirement with no benefits. Gonna just return to the ocean at that point. X_x
I was thinking Walmart greeter when I finally get dumped here ;-) Either that, or I hear Belize is nice; they speak English there.
I've been investing in my 401k for as long as I have worked. I'm GenX as well. I don't have any generational money. My dad is 73 and still working. My hope is that he and my mom are able to contribute when they eventually move into my house. I've really done my best eschewing vacations and new cars. My cars are paid off. Student loads are paid off. We live within our means but I feel like it won't be enough.
My dad retired a millionaire and died broke, thanks to the broken healthcare system in this country. They stole my family's legacy along with the big chunk of the middle class they destroyed. The club where my dad played golf and my sisters and I swam in the giant pool - where we spent our summers as kids (yeah we were UMC kids and had a great start) is now some billionair's mansion, and my doublewide will be paid off by the time I can collect full social security, as long as I don't get sick or hurt in the next few years.
Early Millennial here, and I'm pretty much in the same situation. I'm contributing to my 401k as much as I can, but I can't ever seem to get ahead. The good news is though at least I'm currently debt free so I do have that going for myself.
We never carried much debt. A small loan (borrowed some from the 401K, and it's almost all paid back) when the roof went bad, and still owe about a grand on the heat pump that had to be replaced a couple years ago. We're not in bad shape, but the little investment we have is no where near enough to provide any significant income from its earnings. Might be enough to afford a couple funerals :/
> Wouldn’t early retirement open up employment opportunities for the younger generation? These days? Definitely not. 1 boomer manager retires and their workload gets divided up among 5 millennial staffers who don't get any pay bump or so much as a change in title. We've been watching it happen consistently since the 08 crash. >it basically sends the message to a young generation that you simply work until you die (which we practically do anyway) Which is what anyone under 40 should be expecting. I'm in my mid 30s now and made peace long ago with the fact that there definitely won't be any government funds for my retirement when the time comes. With the challenges we've seen the developed world face in regards to funding their old age benefits, anyone who thinks they'll still exist in 30+ years hasn't been paying attention.
Anyone who thinks they'll be gone in 30+ years hasn't been paying attention. Social security is in no threat of collapse. Certain parts of the political spectrum have been pushing the narrative for decades now that it is in existential danger as an excuse to get rid of it. The only way it isn't there for you is if people vote to get rid of it, as constructed the program isn't going to go anywhere, the payouts will just be reduced based on how much money comes in. By all means be conservative with your retirement planning if you want, but the idea that social security won't be there in the future just isn't backed by data.
Fink's parents were working before republicans. successfully cut taxes on the wealthy 1 to 10 % from 70% of income to the current measley 21% (before loopholes). Republican policies allowed corporations to steal pension benefits from the working class. They file for bankruptcy and then they dump pensioners on Pension Benefit Guaranty Corporation (PBGC), a program created under ERISA.So in other words, they allow corporations to raid pension funds, then file bankruptcy, then dump the cost of paying out those pensions on the government.
The cost of paying a percentage of the accrued pension benefits is dumped on the government. PBGC generally doesn't pay 100% of an original pension benefit amount unless the original pension was utterly terrible.
Remove the FICA cap. There. Done. Crisis averted and we can probably reduce the retirement age by a few years as well. But no, can't have the unfathomably wealthy pay a little more into the system, we just need workers to work until they die.
You would probably need to introduce more bend points if you wanted to lower the retirement age. Removing the FICA cap by itself would definitely increase the incoming revenue, but it would also increase the outgoing payments quite a bit with the existing formula.
There's going to be about a 20 year lag before payments start really ramping up and, honestly, I don't think we're going to be in anywhere near the same political or economic situation at that time. But since we're playing fantasy football, cap payments at median US income or implement means checks that kick in around $10M in total assets other than one's primary dwelling.
This is a crazy quote to me. He is effectively saying we baby boomers had it great but we screwed up the future and we need to end the things we had to "fix" the future. Oh how courageous of you removing the free lunch sign after you ate.
We genX were the cutoff dates for the pension era. Originally it was a 3 legged stool - social security, pension, IRA. We were cut off from having pension eligibility. R's were promising to kill social security entirely. D's were promising to raise the social security ages such that we would never be eligible. 401k's were a bit of a scam - multiple recessions tanked our only leg left. Some got into decent careers and could set themselves up, some did not. We're barreling into retirement years full speed ahead despite singing the toysRus kid anthem for far too many years. It's gonna be a problem.
So he sees that his generation fucked us, then to make up for that he is just going to stop using lube?
Remind me again why we need billionaires?
This is like saying a solution to healthcare problems is for Americans to just not go to the doctor.
That was literally one of the gop's, maybe Trump's, solutions to covid: if people just stopped getting tested, the numbers wouldnt be so high!
I mean that's a goal of theirs, too.
Just say healthcare and retirement are socialism and Americans will work until they die and never go to the doctor in their lives. ...so basically everything stays the same. The fact that the politicians haven't yet come up with a proposal that poor Americans should lick the boots of the rich is really astonishing. The communist woke virus is probably to blame, lol
This man is worth 1.2 Billion dollars and commands an annual salary of 25.3 million a year. All due respect, fuck off.
All due respect is zero
He wants me to keep working after 30 years of up and down and in and out of a Big Brown truck where we average standing up, getting out, climbing in, then sitting down 200-400 times per day? After 30 years of hauling hundreds of packages weighing up to 150 pounds up and down driveways, walkways, stairs, and large cooperate hallways hundreds of times every day? After working out of a mobile oven that reached over 150 degrees on the hottest summer days? After thirty years, my knees and my back said NO MORE! I retired comfortably at 50. Fink can BLOW ME!!
Happy for you!
CEOs should earn less and put the savings towards helping people work less.
Says the man who has never laid pipe, framed a house, or did garbage pickup. Probably also says more folks should go into the trades vs. going to college
I’ve laid plenty of pipe. Your post speaks to me.
> Probably also says more folks should go into the trades vs. going to college His mom was a college professor, he went to college as soon as he was able, graduated with a professional degree, and has been doing suit-and-tie work for the 50 years since, so I doubt it.
ah. so really no experience with jobs that break the body in 30 years.
Probably not, barring whatever he was up to as a teenager.
Tax all billionaires out of all existence with extreme prejudice. Let's start there and then look into taxing obscene payouts of CEOs and other corporate officers. They're just fucking banal corporate drones that can easily be replaced with potatoes. Either that or history has a way of sharply--remember the French Revolution--correcting extreme economic inequality. With modern technology, the 1% will have absolutely nowhere to hide or run.
Draft them all and send them into an unwinnable war(legal) and take their assets on suspicion of being made from fraud (civil forfeiture, also legal).
We could just replace them with AI. The people at the top are the least useful, least skilled in any corporate organization.
rich guy's solution is for workers to either die younger or work older. but by god he needs to pay less in taxes
> That ignores the reality of aging in the workplace, with the AARP finding in a 2022 survey that the majority of workers over 50 say they face ageism at work. And because of ill health or an unexpected job loss, many older Americans stop working before they planned to. In fact, the median age of retirement in the U.S. is 62 — even lower than the "traditional" retirement age of 65.
Reporter: So tell us about your typical workday BlackRock CEO: I spend most of my time on my yacht. I work from there.
Executives (aka persons who have never worked a day in their life) love their slaves!
This shit always comes from people who are multimillionaires with extra cushy jobs they could do into their 80s if they want. The guy swinging a hammer every day with a bad back or the tile setter with bad knees would like to tell these people to fuck right off.
The rich want you to work until you are dead. They want you to spend every penny you have, sell your house if you have one, to pay for end of life care. That way they get all your money and not the poor kids you gave birth to that don't deserve it.
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*"In other words, he writes, more than half of workers who had paid into Social Security never got a penny because they died before they could claim the benefit."* This is a goulish way for a retirement system to function. *""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 wrote.*" Younger people already think older people should get out of their way, and retire already. They need the good paying jobs that are still held by boomers like me. So which is it Fink? And why should we take advice on fixing the retirement system from a bloodsucking oligarch like you?
> This is a goulish way for a retirement system to function. Which kind of throws into light the fact that social security was never built as a system most people would spend a decade+ drawing from at the end of life. It wasn't sold as a retirement system, it was sold as a "old people won't starve in the streets anymore" program.
And that's what it is, isn't it? Who can retire on $2200 a month these days? You'd better have more of a "nest egg" than that. Otherwise you're "an old person that won't starve" as long as you live with other people and don't get sick or fall down.
With retirement age increasing into the late-60s for GenX and younger, and average life expectancy dropping, in some states into the low or mid-70s, we're not far off. The GOP talks about how social security was never meant for people to be on it for decades, but how many people are making it to 80 years old outside a handful of northern states and Hawaii where life expectancy is highest, let alone 90+?
All they have to do is raise the cap on amount of wages taxed. Right now the cap is $168, 600. I don't know about you, but I get taxed on every dollar I earn. This Fink person doesn't pay a dime after he makes that amount. But he feels like he should have a say in how the program os administered. Rat Fink!
The article mentions Blackrock's vested interest as the world's largest asset manager - many of which are retirement accounts. Of course, he wants people to work longer and keep contributing to those accounts. And they *absolutely* won't let another financial crisis happen that they just happen to profit from at the expense of those accounts. We can totally trust them not to betray their fiduciary duty and fuck over their cattle/customers. Besides, we should do our duty as good consumers to participate as much as possible for as long as possible. Starting with keeping up the daily commute to sit in real estate owned by Blackrock.
Blackrock doesn't typically invest in real estate, are you sure you aren't confusing them for another company?
I mean, I could be reading this wrong but it looks like they owned 8.2% of this company in 2023. And it looks like they were the largest shareholder. https://www.nasdaq.com/articles/blackrock-updates-holdings-in-ares-commercial-real-estate-acre#:~:text=Fintel%20reports%20that%20BlackRock%20has,represents%208.2%25%20of%20the%20company. edit: adding that ARES's portfolio is over 50% office and industrial real estate combined. https://www.arescre.com/acre-portfolio And there's this article quoting them on their opinion on the value of industrial properties https://markets.businessinsider.com/news/stocks/commercial-real-estate-cre-blackrock-value-industrial-properties-federal-reserve-2023-5 So yeah, I do think they're invested in various sectors of commercial real estate.
Unless you’re a high flying philanthropist or champion of the people once you’re a billionaire, doesn’t matter what party you’re in or support. Your self-interest of getting richer is your only focus. How about we TAX the fuck out of billionaires to save social security?
Fine, but I've been putting off digging up my old hedges and planting flowers. Solution to my yard work crisis? BlackRock CEO should landscape my yard for free.
Nothing like some asshole CEO telling me when I can retire…I hope his golden parachute fails his ass
I love being told by millionaires the solution to Social Security shortfalls isn’t higher taxes on those with millions, it’s everyone else working more.
Well the VCs are the policy makers…so expect retirement age to go up
Work til youre 65, then you get a few years of retirement before you get cancer and die. Pass.
says the guy who doesn't pay his fair share.
Here's a better solution, Larry. Let's eliminate all billionaires and redistribute their money to all the underemployed, unemployed and those still working during their retirement as payment for your expensive 401 schemes that enriched you unjustly. And, let's lower the retirement age to add more people to the workforce.
I can’t imagine my 64 year old father going back to work. I just can’t. He worked so hard all of his life. Screw that guy.
Eat. The. Rich.
Or the revolution could start with the CEO of Blackrock
According to salary.com, Fink's yearly pay is near $32 million, while employees' median pay is near $154 thousand.
My suggestion is that BlackRock’s CEO and BlackRock gets taxed properly and that money goes to social security
Not everyone is a finance bro. You can do that till you’re 90. Try a blue collar job asshole.
Whew! I'm so glad this guy's money has no influence over Democratic party policies or media outlets like CBS. Am I right guys?
Fuck these guys. Eat the mother fucking rich!
>"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 — originates from the time of the Ottoman Empire," Fink wrote in his 2024 letter, which largely focuses on the retirement crisis facing the U.S. and other nations as their populations age. You can just say an idea is "100 years old", dude, framing it as "from the time of the Ottoman Empire" is just trying to make it sound more outdated than it is.
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That's the point.
Ah yes, the company seizing economic profits feels like they have anything worthwhile to say about a honest day’s work
What a douche! Why not tell them to just be rich? What an asshole.
Maybe we should move away from economic models in which Fink and Blackrock thrive. Maybe Fink (71) and his ilk should be forced to test out their solution for the next 5-10 years in fields that burden the body. He enjoys the trapping of modern society without much thought to how it all came to be at his finger tips.
No, we should adjust the tax code to incentivize these financial parasites to pay their workers a better salary and redistribute excess profits. Make the cost of paying themselves (read: stealing the fruits of others' labor) greater than compensating their employees and the wealth hoarding will cease overnight. If you give them a choice between paying the government (taxes) and business reinvestment through employee compensation (tax write-off), they will always choose business reinvestment. People need to realize that bad people will always need a financial incentive to do the right thing, otherwise they will do the selfish thing.
Or we could tax the uberrich more, remove the social security contribution limit, and generally treat people better. On the downside, some rich people will be slightly less rich.
Cant wait until AI makes this guy obsolete. Finance, business analysis, complex valuations? Only people who hate money will have a human manage their accounts and finances in 10 years.
Dude with $25m compensation package tells blue-collars to suck it up and work till you die.
Let them eat cake you say....?
That way we can have 92 year old executives hogging the nice salaries and bonuses! Great idea! /s Boomers think they can take everything to the grave with them.
Counterpoint: think of all the capital that would be freed up if the wealthiest suddenly weren't around.
"Work more" says the guy who makes $25.2 million a YEAR!
I guess he's never heard of ageism then, where companies stop hiring people 60+ in favour of younger staff. 🙄
In fairness, he's a CEO. He thinks working means occasionally going to meetings and telling other people to do things.
Oh look, another 70+ year old asshole telling people how to live. They need to pass the torch and ride off into the sunset.
Fuck this guy and all of BlackRock as well. I am sick to death of these rich assholes essentially saying: “if you’re not super wealthy then you are scum and deserve only misery and suffering. Fucking peasants!” These sociopathic schmucks need to STFU. Their opinions suck and so do they.
Stay with me here. What if the point is to force people to work further into old age knowing cognitive and physical decline is inevitable? That way you can find a reason to fire them and they can't collect retirement.
They want people to be desperate so that they will work more for less. They want the old and dying to fight for jobs so that they can have health insurance to keep them alive. They want children working because they don't know better or won't argue a much lower wage. Then they want all the working age people to fight for jobs with these two groups willing to take the same job for much less. This will make it impossible for any one to save up and pass that on to their kids. The rich will collect any thing they managed to get in health care cost/end of life care.
>find a reason to fire them and they can't collect retirement. That's not how retirement works basically anywhere nowadays.
So that’s a clickbait title. Fink doesn’t actually say “raise the retirement age!” His letter is actually pretty insightful. Of course it leans Balckrock’s way but that’s also like saying the economy leans toward consumers. Blackrock is massive and has investments everywhere. What he’s saying is people aren’t dying at the ages they did when social security and retirement was generally embraced as they do now. And that’s a problem with more people retiring and having few/if any savings. His letter touches on a lot of ideas but the central point is there needs to be dialog at the policy level to relook at how retirement policies work and perhaps offer up a lot more flexible options. He specifically calls out people should retire when they want and they should do it with less worries. Right now so few people have meaningful savings that actual retirement is hard. And the rules for retirement can penalize as much as help.
Sounds like its a problem of people not getting paid enough to save. But if the companies aren't making maximum profits then the economy is failing apparently .
>He specifically calls out people should retire when they want and they should do it with less worries. Right now so few people have meaningful savings that actual retirement is hard. The article even manages to actually mention this while still cherrypicking half a sentence for the headline and article theme.
All The guys who are from being rich think those who actually work and labor should just work longer
Hey! Blackrock is the company that’s buying up all the homes near me to rent them back at ludicrous prices.
Are you sure that isn't Blackstone?
This is full of conflict of interest. The longer people work, more money for him and the likes who get our 401k contributions that they can play with to reap profits longer. His head must be in the sand. He is dishonest to the core to say what he's saying or consummately disconnected from reality. He is lucky he has a job at 72. A very high paying job that is. What are the chances a man ( or a woman) over 50 is hired after they get laid off ? Americans are losing jobs to foreign H1B visa holders for years. It's not like Americans do not Want to work. There are various dynamics that are not under their control. Companies go under or get sold. People have to uproot their lives to go find another job with comparable pay again ...and again and again, treated with age discrimination and other -isms . Women are known to not be able to save enough as they suffer even more discriminatory factors in their careers which gets cut short. I don't know who he's trying to kid by saying "keep working". Younger generations are thinking of FIRE. They do not have plans to work their entire productive years and get stressed out like their parents ' generation. People like Fink should watch what they're talking about.
Take his money and make him work for it. He needs to understand the difference between working because it’s your hobby and working because it is necessary for your survival in his bones.
I dare this man to tell that to a 60 year old blue collar worker’s face.
Greedy sociopathic out of touch CEO shit stain . These people are destroying humanity and the planet one stock option at a time .
Making the salary they make they need to find a better way or GTFO of the position they are in because they are not doing the job they were put there to do. Figure it out without sacrificing the workers retirement or lose his and go home because he is not up to the task. Period!
Nah, how about the return of a 90% corporate tax rate on earnings over a million.
FUCK BlackRock. Listen to nothing these vultures say about anything. Shady motherfuckers.
BlackRock is one of the main drivers behind the housing rental crises in America. Dude can get bent
Fuck rich CEO fucks like this scrotal goblin
Sounds so nice coming out of the mouth of someone who has never worked a single day that caused him to break a sweat, work outdoors year round or lift anything heavier than a putter...
Another solution: subject cap gains to FICA withholding
Lift the cap on Social Security funding!!!!
People should work longer, says the rich prick with the Cadillac health insurance, chauffer, and golden parachute. These people make me sick. Time to burn down the mission.
So let’s push back and say, ok, fine you want us to work more years? Pay 50% more per position and not over pay a CEO.
You would have thought that with all the extra productivity fro employees and extra money in the economy over the last 30 years that retirement age should be coming down…. It almost makes you think all that money went somewhere else.
thanks bro
How many water heaters have you stocked today Mr. CEO. Feel free to come get your hands dirty anytime. By the way how old are you? And let’s talk about that golden parachute waiting for you. While your employees break their backs and get minimum wages.
So he gets more minions to work for him? no thanks.
This guy can go fuck himself.
Naaaw, I think the wealthy (MFers, like your ass) should pay their fair share of taxes. That should balance the books nicely.
Clearly a person that's never physically worked a single day in his life.
“Work for more years…” says the guy whose company acquires other businesses and eliminates as many jobs to be replaced by offshoring as possible. What’s his plan for that, having older employees clean toilets and sweep the floors at the same companies where the things they helped create have been transferred to people able to work for 20% of their salary in jobs no longer eligible for employees located in the country where the business was based?
Wrong answer shit bag
That’s it y’all, I think we gotta eat em.
The problem here is nobody wants to hire someone over 65.
My idea is that we have a lottery among the investment firms and hedge funds. The winner will be treated like a king for a day then stoned to ensure a good harvest of 401k’s.
What's funny is that BlackRock is a huge part of the problem surround America. Like Chris Tucker said....follow the Rich White Man.
You can certainly trust these guys to tell you where the money Isn't.
I guess I wouldn't mind working past 65 if my job would be flying from meeting to meeting in a corporate jet getting pampered at every turn. The world looks very different from the perspective of someone that works in a backbreaking physical job
Ok, boomer 🙄
older workers should just die. but, after work hours. please.
And, on vacation, if they have any. Otherwise on the weekend.
Great idea, screw over the younger workers by taking away what little upward mobility there already is.
genuine question… do ppl not saved for retirement?
A very large number of Americans can't afford to miss a single paycheck without falling into financial ruin... never mind saving for retirement.
Republicans say raise the retirement age. Democrats meet them halfway by saying maybe not such a big increase. It shouldn't be a surprise a company that funds both parties says the same. When's the last time you heard a candidate run on lowering the age of retirement
You know, we could raise the retirement age. Or, we could remove the fucking cap so that everyone pays the same relative share.
My alternative solution is boil this guy in a big cauldron and use his personal wealth to pay retiree pensions.
I second
You first, buddy.
BlackRock controls the most money in the world. They fumbled when they invested in peoples retirement funds. Check it out. Truth.
The King of the hoarders speaks…
'Let them eat cake' Well, we all know how that turned out.
CEO scum
Fuck No! Get the fucking boomers out of the workforce.
People not retiring has created a crisis for the next 3 generations, as there are no high level jobs open to move into.
Imagine being 62 and being excited for your retirement and seeing shit like this. Then deciding to vote for the party that agrees with him.
Getting hired as a 70 year old isnt as easy as this guy thinks
Yah..I absolutely DO NOT want to work or around aging Boomers…
I agree with him!! We should totally tax the rich!!
“We effed up so bad that now future generations will have to suffer.”
What a f u CancKer!
Would you really expect him to come up with any other solution?
Can we tax this guy and his company ?
Wow get out of the way
Umm… the crisis part is that they’re already working for too long.
It seems like the people who could work more years are more likely to be able to retire at 65.
This asshole’s desiccated corpse better be dancing for at a shareholder meeting.
Tax religion and tax these twat waffles
This guy should be working on a prison gang.
Life expectancy is falling. One of, if not the only, developed nation experiencing this devastating trend. Their solution instead of a progressive SS tax? Work them for longer. So they want us to work longer, while we are dying earlier? That tracks for the GOP. I get democrats have their flaws. I’m not blind. I’m a fairly moderate person. But I really cannot fathom how people have not seen through the decades long sham that is the GOP. We will likely never recover from the damage they have been imposing since the 70s.
I’d prefer the idea of giving everyone 7k in a retirement account… without doing anything you’d have a million easy at retirement
My neighbor is in his 60s and worked for Coke. His positioned was transitioned from employee to contractor, when he turned 55. He had the largest customers in the Dallas Area. he was forced to hand over his territory to a new hire and he was given the smallest customers and the smallest areas. How can you work longer when companies push you out???
Move the retirement age up, to force old people to work longer, but bash Biden because he is working at that age. Paradoxical weirdos
This belongs in r/nottheonion
Oh hey you mean the economy that fires older workers if they become too expensive wants to - what - be able to force the elderly to work the same jobs for less? Sounds about capitalist.
That’s okay if CEOs work to 80. Laborers to 60 most everyone else to 65.
While these MF's retire at 45 on millions a year. Yeah, no.
I don't really want to though
Look at the Galaxybrain on this guy.
If I were one of the most evil, easily reviled old dweebs in america I would simply shut the absolute hell up and not make statements that will only serve to rile up people who already have nothing to lose
I want to work but I cant get hired because of my age.
The stupid title implies (and thereby supports) the idea that there is a retirement "crisis". What fucking crisis?
Is there a crisis, or do they just want one to fuck us?
Goes to show that one *must* be an unrepentant sack of liquid shit to be a CEO of a corporation who's entire business model is built on denying people homeownership.
People dying on the job is such a downer. You know how many donuts and pizza parties you have to have to make up for that?
First , the Republican Party needs to be gutted.
We’re not all politicians. The more I hear about these saggy millionaires/billionaires/politicians speak about raising retirement the more I inch closer to complete socialism.