In a world where retirement feels increasingly like a mirage on the horizon, Larry Fink, CEO of BlackRock, calls for a hard reset on how we think about retirement.
His message? It’s time to rethink the traditional retirement age of 65 – a concept he labels “crazy” given its ancient origins and the challenges facing Social Security and retirement savings in America.
The 65-Year Retirement Age: An Outdated Relic
“No one should have to work longer than they want to,” Fink wrote in a recent letter. “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.”
This blunt critique points to a simple truth: the retirement age, established in the early 20th century, no longer fits modern realities. Back then, life expectancy was much shorter – many workers didn’t even live long enough to see their retirement benefits.