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Michael M. Santiago \/ Getty Images <\/p>\n Michael M. Santiago \/ Getty Images <\/p>\n
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.<\/p>\n
In 2024, BlackRock CEO Larry Fink caused a stir when he encouraged Americans to keep working past age 65.<\/p>\n
The billionaire, who chairs the world\u2019s largest asset manager, kicked off his annual letter to shareholders (1) by telling his readers it is \u201ctime to rethink retirement\u201d if they want to dodge America\u2019s looming \u201cretirement crisis.\u201d<\/p>\n
\u201cWhat\u2019s the solution here?\u201d Fink asked in the 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
And he\u2019s not alone in thinking the current retirement age is \u201ca bit crazy.\u201d Another proponent of raising the retirement age, South Carolina Sen. Lindsey Graham, said Congress should require people to work longer before collecting retirement benefits, according to the South Carolina Daily Gazette (2).<\/p>\n
So, why don\u2019t they like the retirement age in the U.S., and are they right to think that way?<\/p>\n
Here\u2019s a look at why some like Fink believe more Americans should work past 65, why others disagree and how you can shore up your finances for retirement.<\/p>\n
What worries Fink most are the numbers, especially when it comes to population.<\/p>\n
\u201cThe demographics don\u2019t lie,\u201d he wrote in his letter to shareholders. \u201cIt\u2019s not just that more people are retiring in America; it\u2019s also that their retirements are increasing in length.\u201d<\/p>\n
In other words, a lot more Americans are living longer.<\/p>\n
In fact, the number of Americans over the age of 65 is estimated to rise from 58 million in 2022 to 82 million by 2050 \u2014 an increase of 42% (3). And their share of the population is only projected to rise as well, from 17% to 23% of the total U.S. population.<\/p>\n
This increase, Fink claims, is already having a \u201cmassive impact on the country\u2019s retirement system\u201d \u2014 specifically the nation\u2019s Social Security coffers, which are quickly running out as they are pressed to pay for more and more retirees with each passing year.<\/p>\n
At some point, these funds could dry up entirely \u2014 and sooner than you think.<\/p>\n
According to one 2025 estimate from the Social Security Administration, the program could be depleted as early as Q4 2032 (4). And if that happens, Social Security benefits will have to be slashed, leaving future generations to lean more heavily on alternatives like 401(k)s.<\/p>\n
Fink doubled down on his beliefs in BlackRock\u2019s 2025 annual letter (5), writing, \u201cThe problem will only get harder and nastier as the oldest Gen-Xers start to retire. They’re the first generation primarily dependent on 401(k)s. And the 401(k) trend is growing with Millennials and Gen Z.\u201d<\/p>\n
And so, Fink and others are left asking, \u201cHow do we afford longer lives?\u201d<\/p>\n
The obvious solution is to raise the retirement age.<\/p>\n
Read More: Approaching retirement with no savings? Don\u2019t panic, you’re not alone. Here are 6 easy ways you can catch up (and fast)<\/a><\/p>\n However, there are some, like labor economist Teresa Ghilarducci, a renowned thought leader on U.S. retirement issues, who see the numbers differently.<\/p>\n In an interview with Bloomberg\u2019s Sonali Basak (6), Ghilarducci slapped down Fink\u2019s suggestion, arguing that a deeper dive into the data around American life expectancy is needed to accurately reflect working longevity.<\/p>\n \u201cNot everyone is living longer,\u201d she said. \u201cThere is a slice of the population that have had good health care [and] have had the kinds of jobs that enhance their health and their well-being and their skills. They\u2019re living longer.\u201d<\/p>\n She added, \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 Some of the numbers back her up, too. In fact, life expectancy in the U.S. can vary by as much as 20 years \u2014 depending on your race, ethnicity and where you live \u2014 according to a 2024 study published in The Lancet (7).<\/p>\n For certain groups of Americans, working longer might not even be an option.<\/p>\n Another part of America\u2019s so-called retirement crisis that Ghilarducci thinks experts \u2014 \u201cincluding Larry Fink\u201d \u2014 overlook is the fact that \u201cmost people cannot decide when they retire (5).\u201d<\/p>\n According to her, many older Americans are often forced to retire because of health issues \u2014 like bad knees, metabolic disorders and stress \u2014 or to take care of an 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,\u201d she stressed.<\/p>\n And the numbers back her up. A 2024 report from the Transamerica Center for Retirement Studies found that 64% of those surveyed didn\u2019t retire when planned (8). All told, 58% retired earlier than intended and 6% retired later.<\/p>\n An early retirement might sound good on paper, but only about one-in-five retirees did so because they were ready financially. The majority of early retirees were forced into retirement due to personal health reasons or a loss of employment.<\/p>\n All of this points to the fact that you may not have much choice over your employment later in life.<\/p>\n However, there are some things you can control.<\/p>\n If you want to have enough to live off during your retirement, you could focus on factors like how you manage your finances, when you decide to take Social Security and how you save and invest your money.<\/p>\n But to tackle these choices, it\u2019s important to first ensure your finances are in order.<\/p>\n The process of shoring up your finances can start by meeting with a professional advisor to set you on the right track.<\/p>\n Research from Vanguard shows that working with a financial advisor can add about 3% to your net returns over time (9). But if you\u2019re unsure how to plan for your retirement, it might be a good time to connect with a financial advisor<\/a> through Advisor.com.<\/p>\n Their online platform connects you with vetted financial advisors best-suited to help you develop a plan for your new wealth. Just answer a few quick questions about yourself and your finances, and the platform will match you with an experienced financial professional.<\/p>\n Before making any decisions, though, you can view their profile, read past client reviews and even schedule an initial consultation for free<\/a> with no obligation to hire.<\/p>\n But financial advisors can only take you so far. Sometimes you have to take charge of your own retirement fund.<\/p>\n A solid way to slowly build that nest egg by yourself is with a diversified portfolio of ETFs. That\u2019s because ETFs invest in a broad range of stocks, which can be based on your risk appetite and how close you are to retirement.<\/p>\n A great place to start your portfolio is by investing spare change from everyday purchases through a micro-investing app like Acorns<\/a>.<\/p>\n With Acorns, you can link your bank account or credit card, and the app will round up your everyday purchases to the nearest dollar and invest the excess into a smart investment portfolio. For instance, if you buy dinner for $23.45 at a restaurant, Acorns will round up the expense to $24 and automatically invest the 55-cent difference into a diversified portfolio of ETFs.<\/p>\n And if you sign up now with a recurring contribution, you can get a $20 bonus investment<\/a> from Acorns.<\/p>\n Beyond investing in the stock market, your retirement fund might also benefit from diversifying into alternative assets. When your portfolio is diversified away from any single asset or asset class, your money can be better protected from any relevant volatility.<\/p>\n For instance, you could consider investing in gold. A gold IRA is a retirement-specific option for building up your nest egg with an inflation-hedging asset. In fact, gold is known for its safe haven properties, and it\u2019s often an asset that investors will run to during times of market turbulence<\/p>\n Over the past 12 months, the price of the precious metal has surged by more than 65%. And Goldman Sachs is anticipating another 10% price increase, up to $5,400 per ounce from previous forecasts, by the end of 2026 (10).<\/p>\n If you\u2019re looking to get in on the precious yellow metal, one way to invest that can also provide significant tax advantages is to open a gold IRA with the help of Priority Gold<\/a>.<\/p>\n Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold<\/a>, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.<\/p>\n Also, if you\u2019d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping and free storage for up to five years. Qualifying purchases can even receive up to $10,000 in free silver<\/a>.<\/p>\n To learn more about how Priority Gold can help you reduce inflation\u2019s impact on your nest egg, download their free 2026 gold investor bundle<\/a> and find out how you can make your golden years truly golden.<\/p>\n When it comes to retirement planning, though, you don\u2019t want to put all your eggs in one basket.<\/p>\n If you\u2019re worried about potential impacts to the availability of Social Security in your retirement, you could think about getting your family\u2019s long-term financial security guaranteed through life insurance.<\/p>\n Life insurance can mitigate the financial impact of loss. And 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 All you have to do is answer a few quick questions about your medical history. Even better, you don\u2019t have to do any blood tests or medical exams. With Ethos, you can secure coverage in just 10 minutes<\/a> through their online portal, and you could be approved regardless of any preexisting conditions.<\/p>\n We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines<\/a>.<\/p>\n BlackRock (1<\/a>), (5<\/a>); South Carolina Daily Gazette (2<\/a>); Population Reference Bureau (3<\/a>); Social Security Administration (4<\/a>); Bloomberg (6<\/a>); The Lancet (7<\/a>); Transamerica Center for Retirement Studies (8<\/a>); Vanguard (9<\/a>); CNBC (10<\/a>)<\/p>\n This article provides information only and should not be construed as advice. It is provided without warranty of any kind.<\/p>\n","protected":false},"excerpt":{"rendered":"Michael M. Santiago \/ Getty Images Moneywise and Yahoo Finance LLC may earn commission or revenue through links…\n","protected":false},"author":2,"featured_media":279446,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[114,268,85,46,26703,266,267,688,6633,25442,1759,2959,143795],"class_list":{"0":"post-279445","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-il","11":"tag-israel","12":"tag-larry-fink","13":"tag-personal-finance","14":"tag-personalfinance","15":"tag-retirement","16":"tag-retirement-age","17":"tag-retirement-benefits","18":"tag-social-security","19":"tag-social-security-administration","20":"tag-south-carolina-daily-gazette"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/279445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=279445"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/279445\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/279446"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=279445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=279445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=279445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}