BlackRock Chair says it’s ‘time to rethink retirement’
Larry Fink. Image via BlackRock.

'America needs an organized, high-level effort to ensure that future generations can live out their final years with dignity.'

BlackRock Chair Larry Fink says investing in capital markets is “crucial” to retire financially secure, and that’s not changing anytime soon.

In his annual Chairman’s Letter, “Time to Rethink Retirement,” Fink recalls how his father encouraged him to invest early and often. Though his parents are now deceased, Fink said that due to their long-term investment strategy they “could have lived beyond 100 and comfortably afforded it.”

The world has changed quite a bit since the 1960s, when Fink’s father encouraged him to buy his first stock, but there are some constants. A big one: Over the long haul, money grows faster in capital markets than it does in the bank.

“My parents lived their final years with dignity and financial freedom. Most people don’t have that chance. But they can. The same kinds of markets that helped my parents in their time can help others in our time. Indeed, I think the growth- and prosperity-generating power of the capital markets will remain a dominant economic trend through the rest of the 21st Century,” Fink wrote.

Fink goes further, even, saying that the role of capital markets will likely grow: “They’ll have to if the world wants to address the challenges around infrastructure, debt, and retirement. These are the major economic issues of the mid-21st Century. We’re going to need the power of capitalism to solve them.”

For each of those challenges, there are myriad investments that could pay dividends for people who invest young and give their money time to grow. While Fink doesn’t claim foreknowledge, it’s logical to believe energy and energy security, both of which are integral for prosperity, are likely to be smart picks for long-term investment.

He stressed that energy investments aren’t as black and white — or fossil fuel vs. renewable — as many claim.

“The energy market isn’t divided the way some people think, with a hard split between oil and gas producers on one side and new clean power and climate tech firms on the other. Many companies, like Occidental, do both, which is a major reason BlackRock has never supported divesting from traditional energy firms,” he wrote.

Cutting through the noise, some of it political, is becoming increasingly important given the difficulty many people will face in having the same “dignity and financial freedom“ during their golden years that Fink’s parents did — based on demographic trends alone, long-term investment is more important now than it was during their heyday.

“We focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years,” he wrote, adding, “People are living longer lives. They’ll need more money. Capital markets can provide it — so long as governments and companies help people invest.”

There’s seemingly an inverse correlation between the people who need to have a real conversation on retirement and those who are amenable to doing so, but Fink says a plan needs to be made — and the sooner the better.

“America needs an organized, high-level effort to ensure that future generations can live out their final years with dignity,” he wrote.

Peter Schorsch

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including Florida Politics and Sunburn, the morning read of what’s hot in Florida politics. Schorsch is also the publisher of INFLUENCE Magazine. For several years, Peter's blog was ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.

One comment

  • Earl Pitts "The Big Voice On The Right" American

    March 26, 2024 at 8:57 pm

    Good evening Dook 4 Brains Leftys,
    BlackRock linked up with the 8iden Administration to rob you of your retirement to give it all away to the illegal migrants from your open border.
    I, Earl Pitts American am advising all my “Besty Leftys” to vote Trump.
    Save yourselves and vote Trump.
    Thank you Dook 4 Brains Leftys. After Trump settles into The White House I, Earl Pitts American, will be overseeing you into “Transitioning” into “Sage Patriots”.
    At first you will be upgraded to “TRANS PATRIOTS” and soon thereafter complete your “Transition” to “Sage Patriots” just like your Sage Hero, Earl Pitts American

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