BlackRock CEO Calls for Raising Social Security Retirement Age to Address Program Strains

BlackRock CEO Larry Fink says Social Security retirement age of 65 is "a bit crazy" given increased life expectancy and strain on the system.

The ratio of workers paying taxes to beneficiaries has dropped from 8.6 in 1955 to 2.8 in 2013 due to an aging population.

Americans' longevity in retirement is further straining Social Security; half of 65+ married couples will have one spouse on Social Security until age 90.

Social Security trust funds to be depleted by 2034, meaning full benefits can't be paid out anymore without reforms.

Fink suggests the U.S. needs to have a conversation about raising the retirement age, as the Netherlands did by gradually increasing it and tying it to life expectancy.