BlackRock CEO says Social Security's retirement age 'a bit crazy' as crisis looms [FOX Business Network]
BlackRock, Inc. (BLK)
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Source: FOX Business Network
BlackRock CEO Larry Fink sent his annual letter to investors on Tuesday in which he cited the "immense strain" on Social Security amid the aging of the U.S. population and the need to reform the retirement system given its looming insolvency. Fink explained the economics behind Social Security , which collects taxes from people who are working to pay those in retirement who are receiving benefits: "During your working years, the government takes a portion of your income, then after you retire, it sends you a check every month. The idea actually originates from pre-World War I Germany, and these 'old-age insurance' programs gradually became more popular over the 20th Century largely because the demographics made sense." "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 wor
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