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New York, March 26 (EFE).- The president and CEO of the BlackRock investment fund, Larry Fink, assures that one of the greatest challenges of the mid-21st century will be the decreasing ability of citizens to retire, and points out a future crisis in Social Security benefits.
“(Retirement) is a much more difficult proposition than it was 30 years ago. And it will be much more complicated 30 years from now,” says the CEO in a letter addressed to the shareholders of BlackRock, the largest asset manager in the world. world.
In the note, Fink refers to a 2022 US Census Bureau survey, according to which almost half of Americans between 55 and 65 years old have no savings in their personal retirement accounts, and also notes that the Social Security Administration will not be able to pay your full benefits in 2034.
The CEO also questions whether the retirement system in the US – a country where there is no public pension system and retirement plans are private – is too archaic: “No one should work longer than they would like. But I “It seems a little crazy that our idea for the proper retirement age – 65 – has its origins in the time of the Ottoman Empire.”
Fink assures that the aging of the population puts a strain on citizens’ safety nets, such as Social Security, a factor that will worsen as medical advances lengthen people’s lives.
“As a society, we devote an enormous amount of energy to helping people live longer. But not even a fraction of that effort goes into helping people afford those extra years,” he writes.
The businessman points out that the federal government “has prioritized maintaining social benefits” for the elderly, even though this could lead to Social Security being less efficient when younger workers retire.
On the other hand, Fink highlights the duty of companies to offer workers certain work benefits, as well as the need to include permanent and part-time employees in the companies’ retirement systems (something that about 20 companies already do). US states).
In addition to the future crisis around secure retirements, Fink highlights that another of the great economic challenges that society will face in the middle of the century will be building the infrastructure needed for the fields of digitalization and energy. . EFE
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