Larry Fink, CEO of BlackRock, says Americans have not saved enough to retire comfortably. According to a survey conducted by the world’s largest asset manager ($15 trillion in assets under management), Americans estimate they need an average of $2.1 million to retire comfortably, while 62% of those surveyed have less than $150,000 saved, or about 7% of what they believe they need. The 73-year-old CEO warns of a retirement crisis that will worsen as the first baby boomers of Generation X begin to retire, noting that half of U.S. households approaching retirement have no money in a 401(k) or IRA. The situation is even more concerning as the Social Security trust fund is expected to be depleted by the mid-2030s, which could result in a 20% to 25% reduction in benefits.
Source: Read the original article
