Dusan Petkovic\/Shutterstock <\/p>\n
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.<\/p>\n
We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.<\/p>\n
BlackRock CEO Larry Fink caused quite a stir when he suggested America could dodge its looming \u201cretirement crisis\u201d by encouraging people to continue working past age 65.<\/p>\n
Invest in Gold <\/p>\n
Powered by Money.com – Yahoo may earn commission from the links above. <\/p>\n
The billionaire, who chairs the world’s largest asset management firm, kicked off his 2024 annual letter to shareholders by telling his readers it is \u201ctime to rethink retirement.\u201d<\/p>\n
He raised the point that more Americans are retiring and their retirements are increasing by length. This, he claims, is having a \u201cmassive impact on the country\u2019s retirement system\u201d \u2014 specifically the nation\u2019s Social Security coffers, which are quickly running out of money.<\/p>\n
\u201cWhat\u2019s the solution here?\u201d Fink pondered in his letter. \u201cNo one should have to work longer than they want to. But I do think it\u2019s a bit crazy that our anchor idea for the right retirement age \u2014 65 years old \u2014 originates from the time of the Ottoman Empire.\u201d<\/p>\n
Labor economist Teresa Ghilarducci, a renowned thought leader on U.S. retirement issues, slapped down Fink\u2019s suggestion in a recent interview with Bloomberg’s Sonali Basak.<\/p>\n
Ghilarducci thinks people need to dive deeper into the data around American life expectancy and how that relates to working longevity.<\/p>\n
\u201cNot everyone is living longer,\u201d she stressed. \u201cThere is a slice of the population that have had good healthcare [and] have had the kinds of jobs that enhance their health and their wellbeing and their skills. They\u2019re living longer.<\/p>\n
\u201cBut there are some parts of our economy, of our America, where actually the longevity is going down. Deaths of despair, the suicides, the opioid addiction [and] even the kinds of jobs that people have are shortening their lives.\u201d<\/p>\n
If you\u2019re unsure which path to take amid today\u2019s market uncertainty, it might be a good time to connect with a financial advisor<\/a> through Advisor.com.<\/p>\n This online platform connects you with vetted financial advisors best suited to help you develop a plan for your new wealth.<\/p>\n Just answer a few quick questions about yourself and your finances and the platform will match you with an experienced financial professional. You can view their profile, read past client reviews, and schedule an initial consultation for free<\/a> with no obligation to hire.<\/p>\n You can view advisor profiles, read past client reviews, and schedule an initial consultation for free<\/a> with no obligation to hire.<\/p>\n One part of America\u2019s so-called \u201cretirement crisis\u201d that Ghilarducci thinks experts \u2014 \u201cincluding Larry Fink\u201d \u2014 overlook is the fact that \u201cmost people cannot decide when they retire.\u201d<\/p>\n According to a 2018 Schwartz Center for Economic Policy Analysis report, 52% of older workers claimed they were forced into involuntary retirement.<\/p>\n Ghilarducci cited this stat, saying that older Americans are often \u201cforced to retire\u201d because of health issues \u2014 like bad knees, metabolic disorders and stress \u2014 or to take care of their aging spouse.<\/p>\n \u201cThis idea that workers can just decide to work longer is a myth because most people cannot decide whether or not to work or not,\u201d she stressed.<\/p>\n While you may not have much choice over your employment later in life, there are things you can control, such as: how you manage your finances, when you decide to take Social Security, and how you save and invest your money so that you have enough to live off during your retirement.<\/p>\n To tackle these choices, it\u2019s important to first ensure your finances are in order. This begins with creating an emergency fund to ensure that unexpected expenses don\u2019t cause you undue financial stress.<\/p>\n Read more: Here are the 7 top habits of \u2018quietly wealthy\u2019 Americans<\/a> \u2014 how many do you follow?<\/p>\n While you may not have much choice over your employment later in life, there are things you can control, such as: how you manage your finances, when you decide to take Social Security, and how you save and invest your money so that you have enough to live off during your retirement.<\/p>\n You can also benefit from a retirement savings vehicle that uses the strength of the gold market to potentially give you strong returns.<\/p>\n A gold IRA is one option for building up your retirement fund with an inflation-hedging asset.<\/p>\n Opening a gold IRA with the help of Goldco<\/a> allows you to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA.<\/p>\n With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver<\/a>.<\/p>\n If you\u2019re curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today<\/a>.<\/p>\n You can continue to grow your nest egg, even after you\u2019ve retired, with smart investments. Many retirees find that they can benefit from the hot real estate market \u2014 and you don\u2019t need to buy a property to diversify your portfolio.<\/p>\n With First National Realty Partners<\/a>, accredited investors can invest in grocery-anchored commercial real estate properties and gain the potential for quarterly passive income.<\/p>\n FNRP has developed relationships with the nation\u2019s largest essential-needs brands, including Kroger, Walmart and Whole Foods, and provides insights into the best properties both on and off-market<\/a>.<\/p>\n FNRP\u2019s team offers white-glove service, managing every step of the investing process, so you can engage with experts, explore available deals<\/a> and easily make an allocation, all in one personalized portal.<\/p>\n If you\u2019re worried about potential impacts to the availability of Social Security on your retirement, ensure you\u2019re doing everything you can to save for your future.<\/p>\n Whether it\u2019s you or your other family members, having financial security guaranteed by life insurance can mitigate the financial impact of losing a loved one.<\/p>\n By opting for term life insurance through Ethos<\/a>, you can help ensure that your family will be taken care of when you\u2019re no longer there.<\/p>\n With Ethos, you can secure coverage in just 10 minutes online or via phone and approval is guaranteed regardless of any pre-existing conditions.<\/p>\n Ethos also gives you the flexibility to select coverage amounts ranging from $2,000 to $100,000<\/a>.<\/p>\n With fixed rates, you can rest assured that your rates will never go up on your policy. Ethos offers a 30-day money-back guarantee if you aren\u2019t completely satisfied with their services.<\/p>\n