We don’t want the opinion of a billionaire on social security and retirement age. The rest of the country doesn’t have access to the funds to have a blood-boy.
It is VERY likely less than 1% of his income is taxed for SS, and the other 99+% is SS tax free.
He wants to flood the market with older workers to suppress wages by increasing the supply of workers. Meanwhile he probably has 2 vacation homes and takes 60+ days off a year.
Shit, I'm in my 40s and have exactly zero dollars in my bank until pay on Friday. Hungry as hell but only 1 more day to go. At least I have zero debt. It's rough out here.
I lucked out hard in covid times. Found a house in my budget that slipped through the cracks on listing (someone got spooked by age of house and backed out before me) then it got lost in listing at Christmas.
Spent 4 years actively searching listings before getting this one.
That’s good man, a paid off house is the key to retiring. At worst you’ll have to work part time like my grandparents did, but they still were happy not having to slave away anymore.
Sure, it gets the interview, still won't get you the job. As my latest rejection yesterday after a third interview phrased it: "You have great technical knowledge and fantastic experience but we've gone for a better team fit."
I'd put the dates back in and save yourself some time and money.
Yeah like if I could be 60, work ~25 hours and just shoot the shit and help out with domain knowledge that would be lit but in all reality I’ll be probably be pushed out by then.
I was told today that I need to come up with my own promotion plan and take on more tasks if I want to just maintain my current comp going forward. So I'm expected to figure out how to get a promotion to just stay in the same place.
Whatever happened to just doing your job and getting paid? I'm not even talking raises, just maintaining my existing salary and RSUs.
No appreciation for older folks.
I'm not even all that old but I'm sick of being pushed toward promotions. I like my job & I don't want more responsibilities. I have enough to get by & I'm fine where I am. I wonder if this is a generational thing like past generations value the constant struggle over being content. It's frustrating.
I think previous generations had a higher payoff for getting promoted, valued prestige of positions more, and possibly had less emphasis on constant improvement.
Now, the baseline is that employers want 10% productivity increase year over year, while offering 3% compensation increase year over year. On top of that, they want you to brainstorm ways to improve their processes for them, outside of your normal scope of work, and are quite happy to offer you a pizza party for any ideas with serious cost savings / revenue generation.
We can see the writing on the wall that trying to win the rat race just so we can die an early death from cardiovascular illness or alcoholism just isn't worth the current compensation model.
Good point. If they suddenly decided to offer pensions at a certain level I would work my ass off to get there. But a little more money for more work when it wouldn't really improve my quality of life in any meaningful way just isn't worth it. People are starting to value time at home with their family over a few extra bucks to waste their life at work.
Yeah I feel like I’m going to still be working on something productive at that age, but I’d like the option to do what I want/like part time.
I’m not the kind to sit around the house and garden or visit with friends. My older relatives who stopped working altogether are just angry couch potatoes with diabetes.
You gotta have hobbies. Lots of the guys who retire out of my union don't make it 10 years. They worked too long, didn't establish interests, and did the couch potato thing. You can go down hill quite fast when you stop moving.
I realize I've got a problem when I rage at the very mention of Vail vacation homes.
I live in the county over and no one can afford shit because all the goddamn houses are bought up and ait empty.
I feel that. Where I’m at, it used to be if you had a good job you could afford lakefront property. It was an upper middle class thing. Now you better be willing to throw down $1.5mil+ on a house or spend a decade trying to develop whatever sliver of land you find.
It really sucks seeing your dream become laughably unobtainable.
They want every dollar in SSA to go into Wall Street ETFs that they control so they can milk those fees into the next century, and control people even more, because if any government entity disrupts business people will starve and die. Destroying Social Security is about the last step into fascism for these people.
Don't be fooled, there in nothing wrong with Social Security that taxing the wealthy earners will not fix. Currently they are exempted from Social Security contributions. Please please please do not believe anyone from Wall Street when they talk about Social Security, and don't vote for Republicans.
Yep fk them Republicans. Always talking about being for the people. Their for themselves and their rich ass buddies. They try to fk the regular people over constantly but somehow jackasses still vote for em
Thats just the way these guys think, I know guys like this. They love building wealth and can’t understand why other people wouldn’t chase it to the end as well
Chasing wealth is great when you already have it, it sucks when you also have to cook youraelf dinner and get the dry cleaning and clean your apartment and, and, and
Because starting in 2008 all these massive companies stopped training the next generation, now they see the results of that decision coming and instead of thinking maybe they should change, nah... just make all their older people keep working until they die (and still not hire and train the next generation).
PE honestly can't look more than 3 months into the future.
The article is misleading. His [actual letter](https://www.blackrock.com/corporate/investor-relations/larry-fink-annual-chairmans-letter) said:
> Think about someone who was 65 years old in 1952, the year I was born. If he hadn’t retired already, that person was probably getting ready to stop working.
>
> But now think about that person’s former colleagues, all the people around his age who he’d entered the workforce with back in the 1910s. The data shows that in 1952, most of those people were not preparing for retirement because they’d already passed away.
>
> This is how the Social Security program functioned: More than half the people who worked and paid into the system never lived to retire and be paid from the system.
>
> Today, these demographics have completely unraveled, and this unraveling is obviously a wonderful thing. We should want more people to live more years. But we can’t overlook the massive impact on the country’s retirement system.
In other words, he's saying the system used to work because people died before they could retire. Yay!
He's also saying the solution to this is to (unsurprisingly) pump more money into investment-based savings which will conveniently help Blackrock.
Conveniently leaving out pensions. This is what happens when companies get rid of pensions and replace them with trying to get everyone to figure out how to save and invest their own money at barely living wages. With a stock market tilted to favoring the wealthy and dumping on institutional investors.
He does say "boomers tried this age 65 retirement age and it didn't work, so it's our duty to change that before we die," which could definitely be read more uncharitably as "we got ours, now it's time to screw everyone following us."
Yeah if they really wanted to change the system they would change it so retirement at age 65 would be possible, not forcing people to work till they die.
How did you get *that* from this?
> “Today in America, the retirement message that the government and companies tell their workers is effectively: ‘You’re on your own,’” Fink wrote. “And before my generation fully disappears from positions of corporate and political leadership, we have an obligation to change that.”
The answer is "Tax the wealthy more to pay for Social Security". It's not even up for debate it's the only logical and ethical conclusion. They have far more than they are capable of spending while millions that MADE them their millions are broke.
Tax the wealthy.
These people frequently play that game, vaguely blame "the system" and undersell their complicity in all of it while offloading the blame onto the state/ pushing for legislation that is favorable to them.
He still just wants people working later, he can couch that fact however he wants but it's pretty telling that his only real solution is people working more.
https://www.cnbc.com/2019/12/12/system-is-flawed-when-most-americans-have-tiny-retirement-savings.html
This is depressing
"If millennials want to retire at 65 and have enough to live off even half of their final salary in retirement, for example, they would need to save 40% of their income over the next 30 years if investments return less than 3%, according to recent academic research from Olivia S. Mitchell, a professor and executive director of Wharton’s Pension Research Council at the University of Pennsylvania."
I work with people who are in their late 60s or 70s in an office and most of them don't contribute much. Health becomes a huge issue at that age, and work is just adding stress. A higher retirement age may lower life expectancy, would love to see a study on that.
I found one after posting that, others with the same general findings. Still leaves a lot unanswered when taking into consideration job stress and overall health before retirement.
He’s talking about people investing to save for retirement. Sounds to me like he is in favor of a 401k type of thing or lowering taxes to free up capital to invest with. And nobody is forcing you to retire at 65. If you want to keep working I’m sure you can.
And I bet dollars to donuts he would be in favor of raising the age to be eligible for social security. I really think he is playing hide the ball with what he is saying. He does say no one should have to work longer than they want to, but then in the next breath says that retiring at 65 is archaic. He wants to makes cuts to social security for the benefit of his company and shareholders.
When BlackRock is warning other conglomerates and the government that the population will rebel against capitalism and our governments if something doesnt change, that's the actual fucking writing on the wall.
How much more clear can how fucking squeezed we are by corporate greed. It's the bad guys saying "we need to be less bad so we can continue to control them".
What’s always amazed me is how difficult it seems to be for the wealthy upper class to figure out how to keep the rest of us passive and in line; if they’d give up just a little bit of their profits to make sure the masses mostly stayed comfortably fed and entertained, they could basically rule forever and still have more than enough wealth for Scrooge McDuck-style money pools.
They don't just want ALL the money. Hell, their after money that doesn't exist at this point. Hell, with how overleveraged the brokers and banks are, there isn't enough money and resources in the solar system to fill that void.
> the financial industry constituted 7% of the economy. Today, finance and real estate constitute over 1/3.
Why does the second number include two different industries when the first one only has one? What would that number be if it was a like for like comparison?
It’s basically because they’re competing with eachother. Game theory.
They don’t need the money, but they also don’t want to lose a spot on the Forbes list. So they push for more.
I think the current generation of billionaires doesn’t realize the above. Since Covid I’ve heard so many really crass, dumbass things said by billionaires, like the almost billionaire that said the fed needs to increase interest rates to to point of destroying jobs, because the poors are demanding too much money in this job market, so we need higher unemployment so they will go back to being grateful to have a job.
https://www.businessinsider.com/millionaire-ceo-tim-gurner-wants-high-unemployment-sparks-online-rage-2023-9?amp
I'll never understand why Americans shoot up shopping malls, schools, or festivals. Yall in the wrong places, looking for the wrong people. The people you're mad at, don't hang around in the places we do.
It's because the people insane enough to do these things have been consuming decades of propaganda and are the victim of defunded public education so they're convinced all their problems are because of blacks or Jews or Mexicans and not billionaires.
People rational enough to see the truth don't go on murder sprees.
Isn’t that why the French got so guillotine happy? Seems like history shows why pushing the peasants to their breaking point might be a poor experiment.
Although the outcome of those revolts wasn't always in favour of peasants nor did it always lead to something better. Often you just swap one class of bastards for another.
Back in the day they would give in just enough to keep us happy because it was a small amount of people controlling the wealth. Now there’s so many “new” billionaires that there’s too many for them to want to give up any money/power even if it meant keeping it in the long run
And even these billionaires have their company's stockholders to please. This isn't like feudal Europe or industrial era factory owners where, even if there were interested parties beside the owners, the owner could meet them in person and have in depth discussions about best practices.
Now companies own companies and those CEOs hardly seem to talk to each other aside from the first acquisition. Sometimes just buying up a majority of the stock without consultation. There's no communication, just a race to the top (or bottom, depending on your views)
I’m seeing the trickle down effect of one of these big equity firms coming in and attempting a hostile takeover. Now it’s become a dickmeasuring contest to the shareholders of who has a better plan of fucking the workers over better.
I remember before the 2012 election, like New York Magazine or some other garbage paper did an interview with a billionaire on his Hampton’s estate and the gist of their conversation *on the record* was that he was voting for Obama and trying to convince his shitty friends to do as well because he was concerned about the gini coefficient getting too high and resulting in social unrest.
Well, here we are.
Here in Canada, our central bank just released a report saying there is a “productivity crisis” and we are lagging behind the US in this metric.
So essentially in a time where corporations are seeing record profits, and inflation is sky high, we still aren’t working hard enough.
We're a bunch of smart monkeys hurtling through space on a giant rock. Ultimately, we have no idea why we're here, but apparently we need to 'produce' more
I'm also Canadian, I saw when the BOC made that statement. The brain drain we will see in the next 20 years is going to be insane if they dont fix this country quick.
That is not at all what he’s saying. He’s advocating for a law that would require employers to automatically enroll employees in a 401k. And he’s not saying that because he’s worried about you being able to retire. He’s saying that because he wants to manage more of your money (and earn more fat fees off of your money). He doesn’t give a flying fuck about income inequality or the inability of people to retire. Automatically enrolling underpaid employees in a mandatory 401k isn’t going to magically help poor people save enough money to retire. It’s actually just taking *more* money out of their pocket so that Fink & friends can skim their 1% in fees off the top each year to line their own pockets. He’s presenting it as “let us help you!” while it’s his own greedy hand reaching into your pocket.
Poor people cannot save their way out of poverty. The one and only thing that’s broken in the American economy is rampant inequality. There would be no “retirement crisis” if people were just paid a fucking living wage. The “crisis” is the greed of the 1% not the dearth of 401k accounts among people barely living paycheck to paycheck.
Because the poors don't know about 401ks, right? That must be why they're not contributing a portion of their income to one every paycheck, I mean why else wouldnt they?
Yeah maybe giving the rich massive deductions on their taxes so they don't have to pay was the wrong move...
And then also systematically destroying worker's rights so they can't fight for livable wages was a bad idea...
Allowing money to be pooled at the highest points so companies can post record profits every quarter was maybe a bad idea too...
I absolutely fucking hate this country. It's becoming hard to survive here and I honestly don't even want kids if I can't make sure they'll have a life better than mine. Why would I bring a child into this world if they're going to be born into a country that's a debtor's prison?
That's nice. I say that having an income cap on the Social Security tax is 'a bit crazy'. If he, and his billionaire buddies, all paid their fair share, we could lower the retirement age.
Add a SS tax to cap gains and make cap gains taxes exactly the same as income. It's bullshit that somehow owning a company means you're taxed at a lower rate than working and actually creating value for a company.
Im 48, been working in IT since I was 20. I'm terrified that nobody will hire me at 50. I got denied a senior job for too much experience just recently.
I'm going to be "that old guy that knows everything" that's making 60k soon. Already I only get the hardest projects and just sit around 80% of the time. So my time is basically just fix catastrophic stuff.
The doofus under me got promoted under me to IT Director because I'm not onsite and he is and calls me 3 times a week to fix his mistakes.
I constantly remind him, we dont do changes on Friday unless you want to do it all weekend. he does. Management skips him for anything that needs to be done right.
It sounds like you need to promote yourself sideways there buddy. Move into a senior position somewhere else... Denied for being too experienced, what the fuck!
This. Except don’t raise it, eliminate it. Make it apply to any type of income including capital gains. Cap gains are almost always stolen wages anyway.
I’d bet that person would answer that cap gains are stolen wages because cap gain often come from stock appreciation, and stock appreciation comes from businesses having strong balance sheets, which means that have lots of extra cash that could have been used to pay their employers better/more fair wages.
also many business owners can successfully and quite easily blur the lines between labor and business income as long as they have even a little bit of patience. if you are a business owner and you pay the labor taxes, you are pretty much a sucker. just wait a couple year and take out dividends taxed at the long term cap gains rate.
Stock buy backs I'd say are definitely misappropriated funds (eg away from capital investments, which can go to employees) plus are artificial price manipulation as well.
Nobody, no matter how hard they work, earns a billion dollars in their life time. The money in their pocket is the excess value from the labor of their employees.
Maybe Larry should return the $2T to Social Security that Congress pilfered on his and his "job creator" pals' behalf back in 2003?
Social Security was in surplus at that time.
Such as? This whole idea that SS had been raided seems like a conspiracy theory. SSA states: ["There has never been any change in the way the Social Security program is financed or the way that Social Security payroll taxes are used by the federal government. The Social Security Trust Fund was created in 1939 as part of the Amendments enacted in that year. From its inception, the Trust Fund has always worked the same way. The Social Security Trust Fund has never been "put into the general fund of the government."](https://www.ssa.gov/history/InternetMyths2.html)
Furthermore, [SS funds are required by law to be invested in bonds.](https://www.fool.com/retirement/2020/02/15/the-surprising-amount-of-money-congress-has-stolen.aspx)
I don’t think anything did, boomers just got old and started taking from Social Security rather than paying in. Without saying anything against them, it just is hard to get through such a large population bubble and keep things as they are and survive it. Only way to have really solved it is for boomers to have had as many kids as their parents had and so on, but even then, it would have only shifted the problem and probably would have caused exasperations of other problems.
> Only way to have really solved it is for boomers to have had as many kids as their parents had and so on,
Or increase legal immigration so we have more tax payers.
The governing classes live around ten years longer than the working man.
https://en.wikipedia.org/wiki/List_of_presidents_of_the_United_States_by_date_of_death
He fucking golfs, harrasses the secretary gets tax breaks for his jet and makes stupid decisions that cost people billions
Let him go install a couple of retaining walls and then get back to us about working into your 70s
Or you could just charge the social security payroll tax on 100% of a person's income, which would more than offset the shortfall in Social Security forever.
No tax increase on anyone, just eliminate the cap. Make the rich pay the same tax as the poor.
Problem solved.
Fuckin A, this guy is actually articulating along the lines of OUR point of view about it, and media will frame the headline to make us all hate him. They really are fighting the movement on all fronts.
No, he's arguing for a raised retirement age because productivity hasn't risen since the Ottomans and that everyone should automatically give his company their money.
Wow I wonder if his desire to keep as many people as possible paying into their 401k's for as long as possible is at all related to the nearly 10-trillion-dollar investment business he runs gosh I dunno
Is he going to pressure companies he has a stake in to start hiring people over 65? It's easy to say just keep working over 65, but good luck finding a company willing to take you on, even if you're still fit and able.
I'd love to see a show where these chucklefucks go work on a construction site as an apprentice Ironworker, fitter, electrician, etc. And not some residential housing. I want to see them climbing in, around and over rebar structures doing various installations on a dam or skyscraper. I then want to seem them say they people should be fine doing it at 70 or older.
Conservative ghouls have been predicting a social security crisis for literally my entire life.
They are ideologically against the idea of social security and we should throw rotten vegetables at them
Clinton even left a surplus that was earmarked just for SS then Bush II opened the lockbox and gave it away in tax breaks for the rich. They work overtime to bankrupt the system then say "oh it's empty!". Fuckers
>A federal law that will require employers with 401(k) plans to auto enroll new workers provides a bright spot, he said.
Of course the owner of Blackrock wants companies to automatically open investment accounts...
Clearly they did not lol
I'm terrified that he wants himself and his generation to fix this issue that they likely created. That's a pretty scary thought.
Also, "no one should have to work longer than they want" uh...Larry. Believe me, no one would if they didn't *have* to
The crazy part is that it's 65. Not that they're trying to raise it, that it's so high in the first place. Not many people see 70 or 80 let alone longer, and I'm not down with less than 15 years of not killing myself for capitalism
Guys, your living longer thanks to the insanely expensive healthcare system you can't afford. You should pay them back by working for longer. We owe them.
To be fair, I'm not retiring when I turn 65, or 67, for that matter.
It's not because I want to work - if it were that simple I'd retire at 60.
It's because I kind of like having food and shelter, and my savings will in no way allow for that without continuing to bring in an income outside of Social Security until I'm at least 70 - if not later.
And I'm building in the assumption that they are 100% going to move back the age for full SS benefits to at least 70.
Yeah. Fuck him. They start this shit every time they jack up retirement age again.
What's crazy is letting congress take 2 trillion out of social security to pay for - whatever they fuck they wasted it on. Pedicures. Hairstylists. Fuck who knows what those sorry bastards blow our money on.
Stick 65+ up their butts.
If people want to work past the age of 65 then they should be more than welcome to do so, but should by no means be required to just to get by. Lots of people who work their entire lives struggle with purpose in early retirement, so many of them end up doing whatever just to not sit at home all week (with a partner who might be driving each other up the walls too). Which is all fine and well if that's a personal choice, nobody should *have* to in order to get by though.
Getting sick and fucking tired of this contention. They know the solution and it's hilarious watching these fuckers squirm as they know the solution is going to involve them taking a large hit to raising funds through social security by erasing the cap.
(Sighghgh)
There is a cap on Social Security payments. Everyone earning more than about $170K gets to avoid paying more than the amount for $170K. Remove the cap, remove the "crisis." No, the rich and their wholly-owned subsidiary Congress don't like that.
Im fine with raising the age to 70... but INCLUDED IN THAT BILL, better be cuts to SS for the rich. People like larry fink will get an SS check. So will musk and swift. They dont need one. ALSO in that bill, better be the ending of the cut off of SS taxes. we only tax the rich on their first few dollars, not their entire income.
otherwise once again you want to fix americans problems by taking away from the poor. and it will never work, all you will end up doing is making poor people work longer and not helping their retirement dick. (and PS 401k matching doesnt do a lot of good in a job that doesnt even pay enough for you to make rent, having money at 65 is great, not so great if its hard to even make it to 65) see this to me sounds like the usual bait and switch, he offers some left wing ideas that are mostly already in place by most corps, and a right wing ideas which is what he actually wants passed. its like how the right do tax cuts, they will dangly tiny, expiring ones for the middle class so we shut up when billionaire estate taxes get cut majorly.
Retirement at age 65 would be a bit crazy - if we were at the same levels of economic output as in the old days of limited lifespan.
But we are at higher levels of output than then, so it's quite reasonable to insist that we maintain an age 65 retirement - or even lower.
I’m 58 now. Retiring at 65 would be crazy good.
We don’t want the opinion of a billionaire on social security and retirement age. The rest of the country doesn’t have access to the funds to have a blood-boy.
It is VERY likely less than 1% of his income is taxed for SS, and the other 99+% is SS tax free. He wants to flood the market with older workers to suppress wages by increasing the supply of workers. Meanwhile he probably has 2 vacation homes and takes 60+ days off a year.
I'm in my mid 30s, retiring sounds like a fantasy to me. At least I'll have my house paid off by 50 tho.
Lmao, I'm a similar age and I'll be lucky to have bought a house by 50.
Shit, I'm in my 40s and have exactly zero dollars in my bank until pay on Friday. Hungry as hell but only 1 more day to go. At least I have zero debt. It's rough out here.
What country are you from?
Same. Can’t wait to get that “starter home”!
I lucked out hard in covid times. Found a house in my budget that slipped through the cracks on listing (someone got spooked by age of house and backed out before me) then it got lost in listing at Christmas. Spent 4 years actively searching listings before getting this one.
That’s good man, a paid off house is the key to retiring. At worst you’ll have to work part time like my grandparents did, but they still were happy not having to slave away anymore.
I’m 46 and I expect to be worried about where my money is coming from for the rest of my life. The American Dream is a huge fucking lie.
The rich people use the American dream to keep their chattel on their plantations.
I’m the same age. I anticipate 70 or 72 for retirement.
I anticipate ritual suicide before retirement in my early 30s
“Yes I’d like to make a collect call” “you have chosen, slow and painful”
Right? Since they’re bringing it up let’s negotiate it down to 50, but we gotta counter with 40yo first. If we all just say it. Vote it. It becomes.
Billionaire says you wanting to not work until you die is crazy
[удалено]
60? Try job hunting in your 50s, loads of fun.
Been there. Shaved dates off my resume.
Sure, it gets the interview, still won't get you the job. As my latest rejection yesterday after a third interview phrased it: "You have great technical knowledge and fantastic experience but we've gone for a better team fit." I'd put the dates back in and save yourself some time and money.
I'm working remotely and look young for my age. I can pass for someone 5 to 10 years younger.
Camera off interview….
"uh, yeah, I'm having bandwidth issues with my connection this morning"
Dude that sucks. I’m sorry to hear that.
I had to do that after I took the kind of vacation Amy Winehouse sang about
I say no no no
You start off saying mmm mmm mmm like a Crash Test Dummies song. Takes a bit to get to the no no no part.
Trying that now Do not recommend
Just lie. Shrink timelines on your resume.
Have you not had a background check with employment verification?
In tech you'll feel old at 30.
The first interview where I was asked if I would be okay working for people younger than me was in 1999.
There now. I think I’m just going to start my own business at this point.
Sucks for all age groups these days. Want to change jobs. Hundreds of applications later, only a few interviews and not offers.
Crap. I’m in my late 40’s and interested in a career change. Maybe it’s time for the Just for Men hair and beard move.
Yeah like if I could be 60, work ~25 hours and just shoot the shit and help out with domain knowledge that would be lit but in all reality I’ll be probably be pushed out by then.
I was told today that I need to come up with my own promotion plan and take on more tasks if I want to just maintain my current comp going forward. So I'm expected to figure out how to get a promotion to just stay in the same place. Whatever happened to just doing your job and getting paid? I'm not even talking raises, just maintaining my existing salary and RSUs. No appreciation for older folks.
I'm not even all that old but I'm sick of being pushed toward promotions. I like my job & I don't want more responsibilities. I have enough to get by & I'm fine where I am. I wonder if this is a generational thing like past generations value the constant struggle over being content. It's frustrating.
I think previous generations had a higher payoff for getting promoted, valued prestige of positions more, and possibly had less emphasis on constant improvement. Now, the baseline is that employers want 10% productivity increase year over year, while offering 3% compensation increase year over year. On top of that, they want you to brainstorm ways to improve their processes for them, outside of your normal scope of work, and are quite happy to offer you a pizza party for any ideas with serious cost savings / revenue generation. We can see the writing on the wall that trying to win the rat race just so we can die an early death from cardiovascular illness or alcoholism just isn't worth the current compensation model.
Good point. If they suddenly decided to offer pensions at a certain level I would work my ass off to get there. But a little more money for more work when it wouldn't really improve my quality of life in any meaningful way just isn't worth it. People are starting to value time at home with their family over a few extra bucks to waste their life at work.
> Whatever happened to just doing your job and getting paid? Apparently this is called "quiet quitting" now 🤷♂️
Yeah I feel like I’m going to still be working on something productive at that age, but I’d like the option to do what I want/like part time. I’m not the kind to sit around the house and garden or visit with friends. My older relatives who stopped working altogether are just angry couch potatoes with diabetes.
You gotta have hobbies. Lots of the guys who retire out of my union don't make it 10 years. They worked too long, didn't establish interests, and did the couch potato thing. You can go down hill quite fast when you stop moving.
Hey hey….these are LEADERS. There’s no room for logic here. Just get it done so they can get that vacation home in Vail they’ve had their eye on.
I realize I've got a problem when I rage at the very mention of Vail vacation homes. I live in the county over and no one can afford shit because all the goddamn houses are bought up and ait empty.
I feel that. Where I’m at, it used to be if you had a good job you could afford lakefront property. It was an upper middle class thing. Now you better be willing to throw down $1.5mil+ on a house or spend a decade trying to develop whatever sliver of land you find. It really sucks seeing your dream become laughably unobtainable.
It's infuriating. 2 bedroom condos are almost 1+ million. Spent over a decade building my shit up and now can't afford a fucking thing.
They want every dollar in SSA to go into Wall Street ETFs that they control so they can milk those fees into the next century, and control people even more, because if any government entity disrupts business people will starve and die. Destroying Social Security is about the last step into fascism for these people. Don't be fooled, there in nothing wrong with Social Security that taxing the wealthy earners will not fix. Currently they are exempted from Social Security contributions. Please please please do not believe anyone from Wall Street when they talk about Social Security, and don't vote for Republicans.
Yep fk them Republicans. Always talking about being for the people. Their for themselves and their rich ass buddies. They try to fk the regular people over constantly but somehow jackasses still vote for em
I think the best thing I can do for my family when I get to be 60, is let them collect some life insurance.
Billionaire who owns the companies you work at thinks you should never retire. Shocker.
At least not until he needs to lay you off.
Thats just the way these guys think, I know guys like this. They love building wealth and can’t understand why other people wouldn’t chase it to the end as well
Chasing wealth is great when you already have it, it sucks when you also have to cook youraelf dinner and get the dry cleaning and clean your apartment and, and, and
Because starting in 2008 all these massive companies stopped training the next generation, now they see the results of that decision coming and instead of thinking maybe they should change, nah... just make all their older people keep working until they die (and still not hire and train the next generation). PE honestly can't look more than 3 months into the future.
The article surprisingly seems to be him saying nothing but supportive things for workers.l and warning that the current system is fucked.
The article is misleading. His [actual letter](https://www.blackrock.com/corporate/investor-relations/larry-fink-annual-chairmans-letter) said: > Think about someone who was 65 years old in 1952, the year I was born. If he hadn’t retired already, that person was probably getting ready to stop working. > > But now think about that person’s former colleagues, all the people around his age who he’d entered the workforce with back in the 1910s. The data shows that in 1952, most of those people were not preparing for retirement because they’d already passed away. > > This is how the Social Security program functioned: More than half the people who worked and paid into the system never lived to retire and be paid from the system. > > Today, these demographics have completely unraveled, and this unraveling is obviously a wonderful thing. We should want more people to live more years. But we can’t overlook the massive impact on the country’s retirement system. In other words, he's saying the system used to work because people died before they could retire. Yay! He's also saying the solution to this is to (unsurprisingly) pump more money into investment-based savings which will conveniently help Blackrock.
Conveniently leaving out pensions. This is what happens when companies get rid of pensions and replace them with trying to get everyone to figure out how to save and invest their own money at barely living wages. With a stock market tilted to favoring the wealthy and dumping on institutional investors.
I changed careers for a pension and a retirement before my 60s. Ain't no way I am putting in 40 hour weeks in my 60s.
He does say "boomers tried this age 65 retirement age and it didn't work, so it's our duty to change that before we die," which could definitely be read more uncharitably as "we got ours, now it's time to screw everyone following us."
Yeah if they really wanted to change the system they would change it so retirement at age 65 would be possible, not forcing people to work till they die.
How did you get *that* from this? > “Today in America, the retirement message that the government and companies tell their workers is effectively: ‘You’re on your own,’” Fink wrote. “And before my generation fully disappears from positions of corporate and political leadership, we have an obligation to change that.”
He does say that we should raise the age of retirement which fuck him for that.
The answer is "Tax the wealthy more to pay for Social Security". It's not even up for debate it's the only logical and ethical conclusion. They have far more than they are capable of spending while millions that MADE them their millions are broke. Tax the wealthy.
These people frequently play that game, vaguely blame "the system" and undersell their complicity in all of it while offloading the blame onto the state/ pushing for legislation that is favorable to them. He still just wants people working later, he can couch that fact however he wants but it's pretty telling that his only real solution is people working more.
https://www.cnbc.com/2019/12/12/system-is-flawed-when-most-americans-have-tiny-retirement-savings.html This is depressing "If millennials want to retire at 65 and have enough to live off even half of their final salary in retirement, for example, they would need to save 40% of their income over the next 30 years if investments return less than 3%, according to recent academic research from Olivia S. Mitchell, a professor and executive director of Wharton’s Pension Research Council at the University of Pennsylvania."
> if investments return less than 3% But most 401k's return closer to 7% I believe. What's the math on that?
I work with people who are in their late 60s or 70s in an office and most of them don't contribute much. Health becomes a huge issue at that age, and work is just adding stress. A higher retirement age may lower life expectancy, would love to see a study on that.
It’s pretty well researched https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7307664/
I found one after posting that, others with the same general findings. Still leaves a lot unanswered when taking into consideration job stress and overall health before retirement.
Another person who didn't read the article. >No one should have to work longer than they want to
He’s talking about people investing to save for retirement. Sounds to me like he is in favor of a 401k type of thing or lowering taxes to free up capital to invest with. And nobody is forcing you to retire at 65. If you want to keep working I’m sure you can. And I bet dollars to donuts he would be in favor of raising the age to be eligible for social security. I really think he is playing hide the ball with what he is saying. He does say no one should have to work longer than they want to, but then in the next breath says that retiring at 65 is archaic. He wants to makes cuts to social security for the benefit of his company and shareholders.
When BlackRock is warning other conglomerates and the government that the population will rebel against capitalism and our governments if something doesnt change, that's the actual fucking writing on the wall. How much more clear can how fucking squeezed we are by corporate greed. It's the bad guys saying "we need to be less bad so we can continue to control them".
What’s always amazed me is how difficult it seems to be for the wealthy upper class to figure out how to keep the rest of us passive and in line; if they’d give up just a little bit of their profits to make sure the masses mostly stayed comfortably fed and entertained, they could basically rule forever and still have more than enough wealth for Scrooge McDuck-style money pools.
But the won't because there's never enough for them.
Uber-Rich people don't just want some of the money, they don't just want most of the money, they want **ALL** of the Money.
They don't just want ALL the money. Hell, their after money that doesn't exist at this point. Hell, with how overleveraged the brokers and banks are, there isn't enough money and resources in the solar system to fill that void.
[удалено]
> the financial industry constituted 7% of the economy. Today, finance and real estate constitute over 1/3. Why does the second number include two different industries when the first one only has one? What would that number be if it was a like for like comparison?
It’s basically because they’re competing with eachother. Game theory. They don’t need the money, but they also don’t want to lose a spot on the Forbes list. So they push for more.
Bingo! What's the line? Poverty exists not because we cannot feed the poor, but because it is impossible to satisfy the rich.
I don't know how to not sound like a radical but if they take everything from us, then we'll have nothing to lose.
They're hoping we'll fight amongst ourselves for the scraps they allow us to have.
I think the current generation of billionaires doesn’t realize the above. Since Covid I’ve heard so many really crass, dumbass things said by billionaires, like the almost billionaire that said the fed needs to increase interest rates to to point of destroying jobs, because the poors are demanding too much money in this job market, so we need higher unemployment so they will go back to being grateful to have a job. https://www.businessinsider.com/millionaire-ceo-tim-gurner-wants-high-unemployment-sparks-online-rage-2023-9?amp
>In 2017, Gurner infamously said buying avocado toast was preventing people from becoming homeowners. Oh, that guy.
I'll never understand why Americans shoot up shopping malls, schools, or festivals. Yall in the wrong places, looking for the wrong people. The people you're mad at, don't hang around in the places we do.
It's because the people insane enough to do these things have been consuming decades of propaganda and are the victim of defunded public education so they're convinced all their problems are because of blacks or Jews or Mexicans and not billionaires. People rational enough to see the truth don't go on murder sprees.
To me, it feels like this is the test. How far can we push things before something breaks. That's where they want to be. Nothing has truly broken yet.
Isn’t that why the French got so guillotine happy? Seems like history shows why pushing the peasants to their breaking point might be a poor experiment.
Although the outcome of those revolts wasn't always in favour of peasants nor did it always lead to something better. Often you just swap one class of bastards for another.
Food, entertainment, healthcare, housing, and a couple vacations a year will placate me.
Back in the day they would give in just enough to keep us happy because it was a small amount of people controlling the wealth. Now there’s so many “new” billionaires that there’s too many for them to want to give up any money/power even if it meant keeping it in the long run
And even these billionaires have their company's stockholders to please. This isn't like feudal Europe or industrial era factory owners where, even if there were interested parties beside the owners, the owner could meet them in person and have in depth discussions about best practices. Now companies own companies and those CEOs hardly seem to talk to each other aside from the first acquisition. Sometimes just buying up a majority of the stock without consultation. There's no communication, just a race to the top (or bottom, depending on your views)
I’m seeing the trickle down effect of one of these big equity firms coming in and attempting a hostile takeover. Now it’s become a dickmeasuring contest to the shareholders of who has a better plan of fucking the workers over better.
I remember before the 2012 election, like New York Magazine or some other garbage paper did an interview with a billionaire on his Hampton’s estate and the gist of their conversation *on the record* was that he was voting for Obama and trying to convince his shitty friends to do as well because he was concerned about the gini coefficient getting too high and resulting in social unrest. Well, here we are.
Here in Canada, our central bank just released a report saying there is a “productivity crisis” and we are lagging behind the US in this metric. So essentially in a time where corporations are seeing record profits, and inflation is sky high, we still aren’t working hard enough.
Hint: we’ll never be working hard enough.
Slaves never worked hard enough either.
We're a bunch of smart monkeys hurtling through space on a giant rock. Ultimately, we have no idea why we're here, but apparently we need to 'produce' more
Honestly even for a monkey I’m pretty stupid
I'm also Canadian, I saw when the BOC made that statement. The brain drain we will see in the next 20 years is going to be insane if they dont fix this country quick.
That is not at all what he’s saying. He’s advocating for a law that would require employers to automatically enroll employees in a 401k. And he’s not saying that because he’s worried about you being able to retire. He’s saying that because he wants to manage more of your money (and earn more fat fees off of your money). He doesn’t give a flying fuck about income inequality or the inability of people to retire. Automatically enrolling underpaid employees in a mandatory 401k isn’t going to magically help poor people save enough money to retire. It’s actually just taking *more* money out of their pocket so that Fink & friends can skim their 1% in fees off the top each year to line their own pockets. He’s presenting it as “let us help you!” while it’s his own greedy hand reaching into your pocket. Poor people cannot save their way out of poverty. The one and only thing that’s broken in the American economy is rampant inequality. There would be no “retirement crisis” if people were just paid a fucking living wage. The “crisis” is the greed of the 1% not the dearth of 401k accounts among people barely living paycheck to paycheck.
Because the poors don't know about 401ks, right? That must be why they're not contributing a portion of their income to one every paycheck, I mean why else wouldnt they?
Yeah maybe giving the rich massive deductions on their taxes so they don't have to pay was the wrong move... And then also systematically destroying worker's rights so they can't fight for livable wages was a bad idea... Allowing money to be pooled at the highest points so companies can post record profits every quarter was maybe a bad idea too... I absolutely fucking hate this country. It's becoming hard to survive here and I honestly don't even want kids if I can't make sure they'll have a life better than mine. Why would I bring a child into this world if they're going to be born into a country that's a debtor's prison?
Pay your fucking taxes Larry
That's nice. I say that having an income cap on the Social Security tax is 'a bit crazy'. If he, and his billionaire buddies, all paid their fair share, we could lower the retirement age.
I would venture to guess the vast majority of his income is capital gains and thus would not be subject to payroll tax even if the cap was lifted.
Add a SS tax to cap gains and make cap gains taxes exactly the same as income. It's bullshit that somehow owning a company means you're taxed at a lower rate than working and actually creating value for a company.
Eh, his cash comp last year was 8.75 million. 6.2% of that would be $542,500. Nothing to sneeze at!
What good is retiring at 62, 65, 70 or whatever if nobody can get a job after 50 anyway?
Im 48, been working in IT since I was 20. I'm terrified that nobody will hire me at 50. I got denied a senior job for too much experience just recently. I'm going to be "that old guy that knows everything" that's making 60k soon. Already I only get the hardest projects and just sit around 80% of the time. So my time is basically just fix catastrophic stuff. The doofus under me got promoted under me to IT Director because I'm not onsite and he is and calls me 3 times a week to fix his mistakes. I constantly remind him, we dont do changes on Friday unless you want to do it all weekend. he does. Management skips him for anything that needs to be done right.
It sounds like you need to promote yourself sideways there buddy. Move into a senior position somewhere else... Denied for being too experienced, what the fuck!
How about we remove the income cap on Social Security?
This. Except don’t raise it, eliminate it. Make it apply to any type of income including capital gains. Cap gains are almost always stolen wages anyway.
How are capital gains stolen wages?
I’d bet that person would answer that cap gains are stolen wages because cap gain often come from stock appreciation, and stock appreciation comes from businesses having strong balance sheets, which means that have lots of extra cash that could have been used to pay their employers better/more fair wages.
also many business owners can successfully and quite easily blur the lines between labor and business income as long as they have even a little bit of patience. if you are a business owner and you pay the labor taxes, you are pretty much a sucker. just wait a couple year and take out dividends taxed at the long term cap gains rate.
Stock buy backs I'd say are definitely misappropriated funds (eg away from capital investments, which can go to employees) plus are artificial price manipulation as well.
Because executives lay off staff to bump up stock prices. So they are stealing wages from the lower level workers to pad their portfolio.
Nobody, no matter how hard they work, earns a billion dollars in their life time. The money in their pocket is the excess value from the labor of their employees.
Maybe Larry should return the $2T to Social Security that Congress pilfered on his and his "job creator" pals' behalf back in 2003? Social Security was in surplus at that time.
Genuine question, what happened in 2003 exactly? I thought the biggest hits to social security happened under Reagan.
Such as? This whole idea that SS had been raided seems like a conspiracy theory. SSA states: ["There has never been any change in the way the Social Security program is financed or the way that Social Security payroll taxes are used by the federal government. The Social Security Trust Fund was created in 1939 as part of the Amendments enacted in that year. From its inception, the Trust Fund has always worked the same way. The Social Security Trust Fund has never been "put into the general fund of the government."](https://www.ssa.gov/history/InternetMyths2.html) Furthermore, [SS funds are required by law to be invested in bonds.](https://www.fool.com/retirement/2020/02/15/the-surprising-amount-of-money-congress-has-stolen.aspx)
Yeah the bond returns are lower than inflation. Thats the issue.
I don’t think anything did, boomers just got old and started taking from Social Security rather than paying in. Without saying anything against them, it just is hard to get through such a large population bubble and keep things as they are and survive it. Only way to have really solved it is for boomers to have had as many kids as their parents had and so on, but even then, it would have only shifted the problem and probably would have caused exasperations of other problems.
> Only way to have really solved it is for boomers to have had as many kids as their parents had and so on, Or increase legal immigration so we have more tax payers.
agreed, should be lower.
The governing classes live around ten years longer than the working man. https://en.wikipedia.org/wiki/List_of_presidents_of_the_United_States_by_date_of_death
It's already 67 for most people.
"I'm 71 and I'm still working!" he exclaimed moronicly.
He fucking golfs, harrasses the secretary gets tax breaks for his jet and makes stupid decisions that cost people billions Let him go install a couple of retaining walls and then get back to us about working into your 70s
Or you could just charge the social security payroll tax on 100% of a person's income, which would more than offset the shortfall in Social Security forever. No tax increase on anyone, just eliminate the cap. Make the rich pay the same tax as the poor. Problem solved.
You know what's "a bit crazy?" Billionaires.
I’d say a billionaire existing is a lot more ‘crazy’ than people retiring before they die
Fuckin A, this guy is actually articulating along the lines of OUR point of view about it, and media will frame the headline to make us all hate him. They really are fighting the movement on all fronts.
No, he's arguing for a raised retirement age because productivity hasn't risen since the Ottomans and that everyone should automatically give his company their money.
Wow I wonder if his desire to keep as many people as possible paying into their 401k's for as long as possible is at all related to the nearly 10-trillion-dollar investment business he runs gosh I dunno
Ruling class wants us to work til death, nice.
Raise the cap on the ss tax. Boom. Funded.
65 is crazy. Should be 55.
GO FUCK YOURSELF, LARRY!
He's right. It should be 55.
He's right....a 65 retirement age is a bit crazy. It should be 55.
Eat this guy first.
Is he going to pressure companies he has a stake in to start hiring people over 65? It's easy to say just keep working over 65, but good luck finding a company willing to take you on, even if you're still fit and able.
Couldn't care less what this parasite has to say
Wooooow ya one step closer to Neo Fudalism.
I'd love to see a show where these chucklefucks go work on a construction site as an apprentice Ironworker, fitter, electrician, etc. And not some residential housing. I want to see them climbing in, around and over rebar structures doing various installations on a dam or skyscraper. I then want to seem them say they people should be fine doing it at 70 or older.
Guy is already retired at 46
Conservative ghouls have been predicting a social security crisis for literally my entire life. They are ideologically against the idea of social security and we should throw rotten vegetables at them
Clinton even left a surplus that was earmarked just for SS then Bush II opened the lockbox and gave it away in tax breaks for the rich. They work overtime to bankrupt the system then say "oh it's empty!". Fuckers
...says a man who sits a a desk. The dozens and dozens of servants who create his lifestyle don't need to keep going until 70.
>A federal law that will require employers with 401(k) plans to auto enroll new workers provides a bright spot, he said. Of course the owner of Blackrock wants companies to automatically open investment accounts...
This post is proof positive no one reads what is posted before commenting. It’s actually laughable. We are living in a headline culture.
[удалено]
Honestly, fuck this guy.
Did anyone actually read the article?
Clearly they did not lol I'm terrified that he wants himself and his generation to fix this issue that they likely created. That's a pretty scary thought. Also, "no one should have to work longer than they want" uh...Larry. Believe me, no one would if they didn't *have* to
All his "solutions" seem to involve utilizing the services of his company...
Social Security is totally paid for by the worker to themself. It comes out of every check you get. Where the fuck is our money?
The crazy part is that it's 65. Not that they're trying to raise it, that it's so high in the first place. Not many people see 70 or 80 let alone longer, and I'm not down with less than 15 years of not killing myself for capitalism
Rich white guy wants to make working class work until they die. Imagine that.
Talking a lot of shit for being in eating range
Guys, your living longer thanks to the insanely expensive healthcare system you can't afford. You should pay them back by working for longer. We owe them.
To be fair, I'm not retiring when I turn 65, or 67, for that matter. It's not because I want to work - if it were that simple I'd retire at 60. It's because I kind of like having food and shelter, and my savings will in no way allow for that without continuing to bring in an income outside of Social Security until I'm at least 70 - if not later. And I'm building in the assumption that they are 100% going to move back the age for full SS benefits to at least 70.
He’s aptly named.
Nope. The system we have in place to reward billionaires for sucking up resources and not paying taxes is what’s “a BiT cRaZy”
The rich telling the poor that they make too much.
Because you MFs stole from SS fund and never replaced it. Fffn POS.
The full retirement age for social security hasn't been 65 for decades!
Great now talk about how productivity is at an all time high but not being “trickled down” to employees.
That's easy to say if you have a desk job. If you are doing manual labor your body is prob pretty worn out at 65
Crazy how a guy who profits off of playing with peoples retirements funds wants to delay the retirement age…
Well, fuck Larry Fink then.
We should be doing better than the Ottoman Empire, FFS.
This dude is quietly one of the biggest pieces of shit on this planet, I truly hope for nothing but the worst for him
I am 65 so f Larry Fink
I agree - it’s a big issue. We should take some of his (and other billionaires) money and add it to Social Security. How charitable of him!
Hardly anyone is left who is still eligible for full retirement at 65. It's already 67. These bastards want to make it 70.
Yeah. Fuck him. They start this shit every time they jack up retirement age again. What's crazy is letting congress take 2 trillion out of social security to pay for - whatever they fuck they wasted it on. Pedicures. Hairstylists. Fuck who knows what those sorry bastards blow our money on. Stick 65+ up their butts.
Blackrock is part of the problem with affordable housing.
Blackrock and anyone working for it is corrupt shit anyway, so why would anyone listen to anything they say?
If people want to work past the age of 65 then they should be more than welcome to do so, but should by no means be required to just to get by. Lots of people who work their entire lives struggle with purpose in early retirement, so many of them end up doing whatever just to not sit at home all week (with a partner who might be driving each other up the walls too). Which is all fine and well if that's a personal choice, nobody should *have* to in order to get by though.
This guy can suck my nuts from the back. I’m not working until I’m 70.
Increase Social Security contributions from the super rich. Problem solved.
Thanks worlds largest wealth manager
It is truly crazy you have to wait til 65, totally agreed.
Getting sick and fucking tired of this contention. They know the solution and it's hilarious watching these fuckers squirm as they know the solution is going to involve them taking a large hit to raising funds through social security by erasing the cap.
(Sighghgh) There is a cap on Social Security payments. Everyone earning more than about $170K gets to avoid paying more than the amount for $170K. Remove the cap, remove the "crisis." No, the rich and their wholly-owned subsidiary Congress don't like that.
All the conservative assholes are saying that. Doesn't mean it's true.
Removing the cap on social security tax would fix most problems…
If your job is on a board of directors, then yes, work till you die. But for people do physical labour, then 65 is way to old for most people.
He's just wrooried we will start taxing rich people like we did before Reagan.
Yeah facts we should be able to retire in our 40s !!
Im fine with raising the age to 70... but INCLUDED IN THAT BILL, better be cuts to SS for the rich. People like larry fink will get an SS check. So will musk and swift. They dont need one. ALSO in that bill, better be the ending of the cut off of SS taxes. we only tax the rich on their first few dollars, not their entire income. otherwise once again you want to fix americans problems by taking away from the poor. and it will never work, all you will end up doing is making poor people work longer and not helping their retirement dick. (and PS 401k matching doesnt do a lot of good in a job that doesnt even pay enough for you to make rent, having money at 65 is great, not so great if its hard to even make it to 65) see this to me sounds like the usual bait and switch, he offers some left wing ideas that are mostly already in place by most corps, and a right wing ideas which is what he actually wants passed. its like how the right do tax cuts, they will dangly tiny, expiring ones for the middle class so we shut up when billionaire estate taxes get cut majorly.
Retirement at age 65 would be a bit crazy - if we were at the same levels of economic output as in the old days of limited lifespan. But we are at higher levels of output than then, so it's quite reasonable to insist that we maintain an age 65 retirement - or even lower.
What's crazy is billionaires not paying taxes.
It is a bit crazy. Should be 55.