BlackRock CEO Calls for Retirement Reforms Amidst Crisis Facing Younger Generations

BlackRock CEO Larry Fink warned of a "retirement crisis" facing the US and called on baby boomers to help younger generations save enough for retirement.

Fink said over half of Americans 55-65 don't have retirement savings accounts and questioned whether 65 should still be the retirement age.

Fink criticized the federal government for prioritizing entitlement benefits for older Americans over younger workers' retirement security.

Fink said the decline of pensions to 401ks has led to more financial uncertainty in retirement.

Fink said BlackRock will announce initiatives to address major retirement questions like average retirement age and getting older Americans to work longer.