BlackRock CEO Larry Fink Agrees People May Work Until They Die But Asks What's Wrong With That? — Most Jobs Aren't 'Backbreaking' Like 50 Years Ago

BlackRock BLK CEO Larry Fink says Americans need a mindset shift about retirement—but his comments are likely to hit differently depending on how close you are to 65 with little to no savings.

In a March 2024 appearance on CNBC's "Mad Money", Fink sat down with host Jim Cramer to talk about inflation, energy policy, and a topic most billionaires rarely touch so directly: the future of retirement.

Cramer pointed out the brutal truth: "They're going to work until they die, Larry."

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Fink didn't argue with that. In fact, he doubled down—with a twist of optimism.

"Unfortunately, they have… but here's the blessing. I just said we're all going to live longer. That's a massive blessing," he said. "Most people in this country do not have backbreaking jobs, like we had 50, 100, 200 years ago. What is wrong about working longer, OK? We have to change our psyche."

That "so what" framing—coming from a man whose company manages over $10 trillion in assets—isn't just a throwaway comment. It's the crux of his annual letter to shareholders earlier this year, which urged Americans and policymakers to get serious about long-term investing. And it's grounded in numbers that speak for themselves: 57 million Americans don't have a retirement plan at all, according to Fink. That's nearly one in four working adults with no safety net.

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To Fink, the solution lies not in panic, but in perspective.

"Every human being needs a purpose," he said. "And most people find purpose in their job, in their family. And it's a balancing act… The key is putting that money to work. It's not keeping money in a bank account. It's about the compounding of a return."

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But Cramer challenged the feasibility of that plan in today's economy: "How are they supposed to pay rent if they're saving?" he asked, listing sky-high food prices, college debt, and rising living costs as obstacles.

Fink didn't disagree. "Life is full of trade-offs," he said. "And if you don't have enough for your rent, obviously, you're not going to save for retirement."

Still, Fink believes too many Americans avoid the topic entirely, especially younger ones. "We put it under the table because it's not today's problem. Building a nest egg takes 30, 40 years."

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And that timeline is already in motion. According to Cerulli Associates, roughly $124 trillion in wealth will be transferred through 2048—$105 trillion of that headed to heirs. That's a massive shift, but only for those already positioned to receive it. For millions of others, the reality looks far more uncertain.

Fink's take? Talking about retirement—openly, often, and with a long view—isn't optional anymore.

"We were in a lucky era," he said. "But we were the foundation of growth as an economy… If we start really building… we're going to create a lot of jobs. And wages are going up."

Whether that's enough to close the gap for millions with no retirement plan is still up for debate. But one thing is clear: the billionaire CEO of BlackRock wants Americans to prepare for longer lives by embracing longer work lives too—whether they're ready for that message or not.

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