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Posted: 3/27/2024 2:36:53 PM EDT
[#1]
Quoted: BlackRock (BLK) CEO Larry Fink has some strict criticism for the generation born in the 1950s, often known as baby boomers, or boomers for short. The executive, who is a boomer himself, claimed in a new letter to BlackRock investors that the older generation hasn’t been doing enough to help the “economically anxious” younger generations and should retire at an age later than 65. “It’s no wonder younger generations, Millennials and Gen Z, are so economically anxious,” said Fink in the letter. “They believe my generation — the baby boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.” Fink also said in the letter that younger generations “have lost trust in older generations,” and that it is the responsibility for boomers to gain it back by making investments. “Young people have lost trust in older generations,” he said. “The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.” Fink also states in the letter that he believes that older generations should retire at an age over 65 due to changing demographics in the country. He claims that people are living longer than they did in the early 20th century, and that the Social Security program worked during that era because “more than half the people who worked and paid into the system never lived to retire and be paid from the system. https://www.sacbee.com/news/business/article287120430.html He said the quiet part out loud,he want's boomer to work longer to keep supporting a system that they will revive less from because they will die sooner after retirement. |
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Posted: 3/27/2024 2:37:01 PM EDT
[#2]
Quote HistoryQuoted: There is already a demographic problem, fewer workers to pay for more social security recipients. Reducing the SS contribution of new workers will make this situation worse. I'm not sure the AARP voters will like that. Yeah, and guess who runs the funds for TSP  Quote HistoryQuoted: Quoted: Ween people off public social security and into private funds gradually five years at-a-time. You were born between Jan 20XX and Dec 20XX you pay 90% Social Security and 10% private fund, the next group five years younger gets 85/15% etcetera. There is already a demographic problem, fewer workers to pay for more social security recipients. Reducing the SS contribution of new workers will make this situation worse. I'm not sure the AARP voters will like that. Since most of the public has zero education in investments there would have to be a "sandbox" marketplace of approved/certified/sanctioned/sanitized fund to choose from with some trading rules. See what the military has done for millions of service members for a few decades now with the thrift savings plan (TSP) as a successful (-ish) experiment. Banks and others could compete in that marketplace for funds. All outside of government control. There would have to be some sort of government oversight like there is with other pension funds but as little as possible as that fund would become the biggest political target on the planet and its management would be a challenge because of that. Yeah, and guess who runs the funds for TSP Social security is a scam. The problem is boomers and the greater generation got scammed. They know they got scammed. So they need their tiny bit out of the scam before the pyramid falls. |
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Posted: 3/27/2024 2:38:04 PM EDT
[#3]
Quote HistoryQuoted: Go. Fuck. Yourself. |
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Posted: 3/27/2024 2:40:47 PM EDT
[#4]
Quote HistoryQuoted: I retired at 62. There, your'e welcome. Quote HistoryQuoted: Quoted: Retirement is a personal decision. Boomers holding on prevents others from moving up. I retired at 62. There, your'e welcome. I retired at 51.5 |
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Posted: 3/27/2024 2:43:35 PM EDT
[#5]
Fink is the fucktard that made me move my entire portfolio over to Vanguard when he announced that a large percentage of all investments will be ESG oriented.
My financial advisor didn't ask any questions, pause or try to persuade me (he knows my thoughts on political ideology). Not long after at least one state, maybe more, sued Fink and Blackrock because of it. So, basically, Fink can fuck himself sideways with his own fist. |
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Posted: 3/27/2024 2:48:05 PM EDT
[#6]
Quote HistoryQuoted: Get ready for the social security ages to be increased. 
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Posted: 3/27/2024 2:48:10 PM EDT
[#7]
Quote HistoryQuoted: I retired at 51.5 Quote HistoryQuoted: Quoted: Quoted: Retirement is a personal decision. Boomers holding on prevents others from moving up. I retired at 62. There, your'e welcome. I retired at 51.5 Thank you. |
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Posted: 3/27/2024 6:21:58 PM EDT
[#8]
Social Security was designed to reward people for LEAVING the work force and opening up jobs for younger people.
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Posted: 3/27/2024 6:25:15 PM EDT
[#9]
In general, I would say he is more correct than he is incorrect
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Posted: 3/27/2024 6:30:56 PM EDT
[#10]
Quote HistoryQuoted: Too late mother fucker, I left at 58 and am fucking the dog as we speak. Besides, if I stay that's one more kids unemployed Nope, 7 million replacements crossed the border since 2020, and this is the number of the ones caught. 
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Posted: 3/27/2024 6:31:52 PM EDT
[#11]
I just turned 65 and have to wait another 21 months before full retirement benefits, So Fuck Off Larry
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Posted: 3/27/2024 6:33:08 PM EDT
[#12]
Quote HistoryQuoted: LOL. I punched out at 62. Yep, same |
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Posted: 3/27/2024 6:41:56 PM EDT
[#13]
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Posted: 3/27/2024 6:43:08 PM EDT
[#14]
Quote HistoryQuoted: Too late mother fucker, I left at 58 and am fucking the dog as we speak. Besides, if I stay that's one more kids unemployed  Fuck that POS! |
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Posted: 3/27/2024 6:44:07 PM EDT
[#15]
I am planning on trudging till I am 70 if my employer will let me. That way I can claim maximum SS benefits if there is any money left in it.
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Posted: 3/27/2024 6:46:27 PM EDT
[#16]
Two in the pink, one in the Fink!
screw that guy |
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Posted: 3/27/2024 6:55:59 PM EDT
[#17]
Says the man that can retire anytime
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Posted: 3/27/2024 6:59:42 PM EDT
[#18]
I'll translate.
With baby boomers retiring and pulling money out of the stock market and not enough millenials and gen z not putting money in, the stock market is looking at serious deflation in the next couple of decades. I pulled that out of my ass, but maybe I'm right. |
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Posted: 3/27/2024 7:00:16 PM EDT
[#19]
How many Gen Zers are voting for the leftist loons who want to go full steam financial meltdown.
Not that the clowns in the other party are any better. |
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Posted: 3/27/2024 7:15:14 PM EDT
[#20]
That would make things worse.
Part of the reason there is such a profound income gap between younger and older generations, and one of the factors contributing to reduced housing availability for younger families, is that boomers are living longer and in better health for longer. Of course it’s unreasonable to say “why don’t you old farts just get sick and die already?” but I don’t think we should ignore the impacts this reality has had on our economy. It is very difficult for someone in their 30s, regardless of competence and merit, to compete for higher positions (with better pay) within a company against someone who might have three or four decades more of experience and still be in solid health and desiring to work for another decade. Particularly without the huge economic growth to create huge numbers of new job opportunities and debasing our manufacturing, it has gone a long way towards shaping the delayed adolescence that is so common. It’s difficult to become more responsible when job roles that require even minimal levels of responsibility are out of reach until later in life while waiting on a long-lived generation to retire. There are many people in their 30s working “kid jobs” and being managed by people in their 60s… when it should probably be people in their 30s and 40s training and mentoring the teens and 20s. Not a statistician or economist, but that’s my observation. People with potential in the middle of their working years are having trouble competing against vastly more experienced baby boomers. It’s a tough situation because you hate to put an experienced and willing worker out to pasture, but we desperately need someone to get the experience to be able to effectively replace the aging work force. That integration is not going as smoothly as I think we should hope. |
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Posted: 3/27/2024 7:18:08 PM EDT
[#21]
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Posted: 3/27/2024 7:19:39 PM EDT
[#22]
How about this-
Retire whenever you want to and can afford it. |
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Posted: 3/27/2024 7:25:30 PM EDT
[#23]
First Ben shapiro, now larry fink…..
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Posted: 3/27/2024 7:26:17 PM EDT
[#24]
Quote HistoryQuoted:  it means to fuck off, be a bum. I first heard it from a Canadian that came down to Florida. http://onlineslangdictionary.com/meaning-definition-of/fuck-the-dog It’s a very common phrase in blue collar work here in Detroit. “You seen Bill? Been trying to find him to see if he wants any football squares…” “Tom, Bill is over behind the lathe-he’s been fuckin’ the dog all morning trying to milk that job out.” |
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Posted: 3/27/2024 7:32:32 PM EDT
[#25]
Quote HistoryQuoted: I worked construction until I was 53, dad died and set me up to be able to retire. I feel better at 55 than I did at 35. trades take a toll for sure. I got lucky most of my former co workers are near crippled and many on disability. I’m 58 and a surveyor . The last couple years have been fucking A rough. I can’t imagine how bad I’m going to feel in 5 more years . |
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Posted: 3/27/2024 8:15:14 PM EDT
[#26]
Quote HistoryQuoted: He’s 71 At 71 he can collect the maximum SS and work with no income limit (if someone like that gets paid via a wage). He no doubt is collecting SS even though he hardly needs it because...why not? Self-awareness is not his strong suit. |
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Posted: 3/27/2024 8:15:14 PM EDT
[#27]
double tap...
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Posted: 3/27/2024 8:21:49 PM EDT
[#28]
Quote HistoryQuoted: Yes. But because boomers rarely have savings. And they’re going to be a huge draw to society when they can no longer work / are forced to retire. So he is encouraging them to use the advantages they have now, pile into their meager retirement accounts. Which benefits him. Where as younger generations, don’t have the ability to save - because they’re spending to afford life right now. So his business would suffer, if more boomers retired and drew down their retirement. Pretty easy math. Bingo. That POS does not have anyone’s interests but his own in mind. I give a shit about his opinions on this as much as I care about his opinion on the importance of DEI for companies- zero. Also- retired the month after I turned 50. Not a boomer either. |
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Posted: 3/27/2024 8:29:18 PM EDT
[#29]
I’m out at 58, 55 if things go well.
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Posted: 3/27/2024 9:06:59 PM EDT
[#30]
yup
its none of his business. Quote HistoryQuoted: How about this- Retire whenever you want to and can afford it. |
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Posted: 3/28/2024 1:07:20 AM EDT
[#31]
this isnt about one generation vs another
its not about SS its about the largest group of investors in the country starting to draw down their investments at increasing rate blackrock is 1 if not the largest holder of retirement accounts if the boomers start retiring they have to give that money back to the investors they lose that capital and the power that comes with it as the pace of boomers increases they DECREASE in value |
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Posted: 3/28/2024 1:32:28 AM EDT
[#32]
Quote HistoryQuoted: Isn’t that the financial group forcing the ESG bullshit? And why is it better for Boomers to hold up jobs for another 5-8 years? A ripple effect. Or a side effect. It keeps the millennials and Gen Z’s down on the totem pole just making enough to get by and rent an apartment, I think Blackrock was buying up a bunch of properties and then renting them out. |
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Posted: 3/28/2024 6:23:54 AM EDT
[#33]
Quote HistoryQuoted: Says the man that can retire anytime I know, right? I'll go when it's financially Ok for me to go, and not one minute sooner. I always shake my head at those who retire, and a few months later they're back at work or working somewhere else. No way I'm doing that. When I'm done, I'm done. If I do go back to work, it will be something that I've always wanted to do and be convenient to get to. But then, that wouldn't be work. |
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Posted: 3/28/2024 6:41:37 AM EDT
[#34]
Quote HistoryQuoted: How about this- Retire whenever you want to and can afford it. We need to program rage and anger into you from birth. Look how well it's worked for the baby boomers and millennials. |
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Posted: 3/28/2024 6:47:58 AM EDT
[#35]
Fuck that guy.
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Posted: 3/28/2024 6:49:30 AM EDT
[#36]
I doubt that he wants 75 year old police officers or firefighters responding when he calls 911.
I also doubt that his job is as physically demanding as the ones many Boomers he's trying to lecture held down during their working years It's a little late to be lecturing Boomers about delaying retirement when only the youngest ones are still working |
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Posted: 3/28/2024 6:52:02 AM EDT
[#37]
My folks would have already retired if the government hadn’t shut down their businesses for Covid.
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Posted: 3/28/2024 6:53:20 AM EDT
[#38]
I’m sure he’s working real hard. I doubt he drives, cooks his own meals, maintains his yard, worries about money, paying for the kids college, etc etc.
The biggest problem in America is that it’s run by wealthy people who’ve lost touch with real-world problems. T o make matters worse, they get to play with other people’s money to benefit themselves and their friends. I’ve been working for nearly 59 years and other than vacations/school years, have probably had 2 days off in a row 20 times. I’m tired yo. Currently working on an exit strategy so kindly fuck off Mr. Fink. |
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Posted: 3/28/2024 7:40:53 AM EDT
[#39]
I guess people have listened, Larry You fuck yourself Larr
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Posted: 3/28/2024 7:42:46 AM EDT
[#40]
Quote HistoryQuoted: How can you live with yourself? I can feel Larry’s disappointment from here. Quote HistoryQuoted: Quoted: I am retiring in two weeks. My efforts all along have been to accumulate assets, secure the assets in a manner where they do not get depleted, grow them and then to pass along whatever is not needed to my children and grandchildren both while I'm alive and after my demise. I've counseled them to do the same so hopefully the 'wealth' gets passed along multiple generations and helps give the family as good a chance at their own success as is possible. In this way we are not a burden on the government/fellow citizens and can possibly create opportunities for others. How can you live with yourself? I can feel Larry’s disappointment from here. Its not easy sometimes. |
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Posted: 3/28/2024 7:46:14 AM EDT
[#41]
Quote HistoryQuoted: This +1000 Quote HistoryQuoted: Quoted: Let's see him swing a framing hammer for 50 years and then comment on retirement age. Or pound concrete in steel toed work books I’m a stamping plant crawling in and out of presses…. One of the most inhuman things about the Human Experience is that when society is done with you, there’s nothing left of you for yourself. Fuck that guy-I have a contract with society and, if I can keep it, a contract with my government. |
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Posted: 3/28/2024 7:49:58 AM EDT
[#42]
Quote HistoryQuoted: I am planning on trudging till I am 70 if my employer will let me. That way I can claim maximum SS benefits if there is any money left in it. Don’t. You’ll have to live until you’re about 85 for it to be a wash. You don’t get those years back and in terms of you body, those 20 years are a huge difference in quality of life and doing the things you want to. |
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Posted: 3/28/2024 7:50:19 AM EDT
[#43]
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Posted: 3/28/2024 7:51:14 AM EDT
[#44]
Too late bro I done scooted out. (pre 65)
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Posted: 3/28/2024 7:52:51 AM EDT
[#45]
Quote HistoryQuoted: That would make things worse. Part of the reason there is such a profound income gap between younger and older generations, and one of the factors contributing to reduced housing availability for younger families, is that boomers are living longer and in better health for longer. Of course it’s unreasonable to say “why don’t you old farts just get sick and die already?” but I don’t think we should ignore the impacts this reality has had on our economy. It is very difficult for someone in their 30s, regardless of competence and merit, to compete for higher positions (with better pay) within a company against someone who might have three or four decades more of experience and still be in solid health and desiring to work for another decade. Particularly without the huge economic growth to create huge numbers of new job opportunities and debasing our manufacturing, it has gone a long way towards shaping the delayed adolescence that is so common. It’s difficult to become more responsible when job roles that require even minimal levels of responsibility are out of reach until later in life while waiting on a long-lived generation to retire. There are many people in their 30s working “kid jobs” and being managed by people in their 60s… when it should probably be people in their 30s and 40s training and mentoring the teens and 20s. Not a statistician or economist, but that’s my observation. People with potential in the middle of their working years are having trouble competing against vastly more experienced baby boomers. It’s a tough situation because you hate to put an experienced and willing worker out to pasture, but we desperately need someone to get the experience to be able to effectively replace the aging work force. That integration is not going as smoothly as I think we should hope. I’ve never worked for a company that didn’t reward hard work and effort if you were hard working enough to reach for it. Those places exist, but sometimes you have to quit and go get what you want and that’s just part of the deal. |
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Posted: 3/28/2024 7:53:15 AM EDT
[#46]
Quote HistoryQuoted: Too late mother fucker, I left at 58 and am fucking the dog as we speak. Besides, if I stay that's one more kids unemployed Never heard that expression. Fucking the dog When someone is on the clock (at work) and they stand around acting busy and actually do nothing. The supervisor approached the crew of ditch diggers and separated the two who had been leaning on their shovels talking. He said that any more inaction on the job would lead to their dimissal. Stating further, I'll have no fucking the dog on my watch! by |
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Posted: 3/28/2024 7:54:27 AM EDT
[#47]
Quote HistoryQuoted: Work slave, work. Not working requires someone else to be your slave in that sense. There is no retirement without someone else showing up to produce goods and services. |
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Posted: 3/28/2024 7:57:53 AM EDT
[#48]
Quote HistoryQuoted: Yes. But because boomers rarely have savings. And they’re going to be a huge draw to society when they can no longer work / are forced to retire. So he is encouraging them to use the advantages they have now, pile into their meager retirement accounts. Which benefits him. Where as younger generations, don’t have the ability to save - because they’re spending to afford life right now. So his business would suffer, if more boomers retired and drew down their retirement. Pretty easy math. Quote HistoryQuoted: Quoted: Isn’t that the financial group forcing the ESG bullshit? And why is it better for Boomers to hold up jobs for another 5-8 years? Yes. But because boomers rarely have savings. And they’re going to be a huge draw to society when they can no longer work / are forced to retire. So he is encouraging them to use the advantages they have now, pile into their meager retirement accounts. Which benefits him. Where as younger generations, don’t have the ability to save - because they’re spending to afford life right now. So his business would suffer, if more boomers retired and drew down their retirement. Pretty easy math. Makes sense. I know several docs from our now defunct clinic who retired early, ages 59 Internal Medicine, 59 Internal Medicine, 60 Endocrinologist, 60 Rheumatologist. One figured out that he had enough money to retire and any more would just go to his kids’ inheritance. |
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Posted: 3/28/2024 7:59:47 AM EDT
[#49]
He destroyed the rental market depriving everyone of realty investment that boosts middle class wealth, Fink is a rat fink.
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Posted: 3/28/2024 8:02:33 AM EDT
[#50]
Quote HistoryQuoted: The other reality is this, also a good argument why student loan forgiveness is being lobbied for so heavily: Student loan debt is direct competition to black rock, vanguard, et al. As instead of investing, younger generations are paying back debt to the government. Which, makes the government direct competitors to black rocks business. If that debt is not going to be forgiven, then BR has to market to those without debt. Which, is primarily Gen X and Boomers. Which they will encourage to stay employed longer, to get more investment from. Quote HistoryQuoted: Quoted: Quoted: Quoted: Isn’t that the financial group forcing the ESG bullshit? And why is it better for Boomers to hold up jobs for another 5-8 years? Yes. But because boomers rarely have savings. And they’re going to be a huge draw to society when they can no longer work / are forced to retire. So he is encouraging them to use the advantages they have now, pile into their meager retirement accounts. Which benefits him. Where as younger generations, don’t have the ability to save - because they’re spending to afford life right now. So his business would suffer, if more boomers retired and drew down their retirement. Pretty easy math. This. There is a good bit of PR right now, saying that retirement is wrong...you must keep working...doom and gloom... The people spouting that are people who benefit from you working and not retiring. They want you to pay into your 401K and IRAs until you die. They want the accounts to go unclaimed. That said...there is also a reality where a LOT of people can't retire because they don't have the $$$ saved up. A lot of these people still want to retire...and people are living longer... The other reality is this, also a good argument why student loan forgiveness is being lobbied for so heavily: Student loan debt is direct competition to black rock, vanguard, et al. As instead of investing, younger generations are paying back debt to the government. Which, makes the government direct competitors to black rocks business. If that debt is not going to be forgiven, then BR has to market to those without debt. Which, is primarily Gen X and Boomers. Which they will encourage to stay employed longer, to get more investment from. Good point. |
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