Blackrock CEO says 65 is too young to retire…

[electric10162]

5 minutes ago, vdep217 said:

The protical sun returns

I was beginning to worry about his well being

[Bonefreak]

21 minutes ago, Haskell_Hunter said:

Ya'll completely missed the point.

He was talking to governments, not workers.

The current state of global retirement systems and entitlements is unsustainable.  In our lifetimes the cost of social security and medicare will exceed the US GDP.  The existing retirement system is unsustainable.

What makes this even worse?  The birth rate in the US is 1.6 right now.  You need a birth rate of 2.1 for a stable population.  What this means is that the population of the US is declining and is dependent on immigration for population growth.  If you do not have a growing population, you cannot fund retirement entitlements.

Don't think the government can "print money" its way out of this.  The global market for US debt is getting weaker every time we issue new bonds.  If there is no one there to buy our bonds, we can't print our way out of this.  It also puts pressure on bond interest rates.  Very soon, and I think it's already started to some degree, the markets will no longer buy US debt without a higher interest payment because the US is very much at risk of defaulting.

We have some very, very serious economic problems that none of our politicians will address.  We, as US citizens, should fully expect an economic crisis that will be novel and devastating.

That is what Larry Fink was trying to describe.  If we can defer the cost of these entitlements, we may be able to delay the forthcoming economic crisis and try to solve it.  But there's a 0% chance that's going to happen when the US is distracted by who can or cannot be called a woman.

Oh, and for the record, I don't ever plan on retiring.  I am having way too much fun working and earning coin.  Yes, I am a knowledge worker with soft hands.

So…in a nutshell…we’re all 

F#€¥ED??!!  Or at the very least…our kids and grandkids and great grandkids are screwed??!!

I guess it’s a good thing we have 6-9 million immigrants to give government jobs to for their citizenship and dummycrat voting rights and ultimately to float the system.  Thanks billionaire Fink for the heads up!!  Mite as well give Congress another raise too!

Edited March 27 by Bonefreak

[Haskell_Hunter]

Just now, Bonefreak said:

So…in a nutshell…we’re all 

F#€¥ED??!!  Or at the very least…our kids and grandkids and great grandkids are screwed??!!

I guess it’s a good thing we have 6-9 million immigrants to give government jobs to for their citizenship and voting rights. 

Yes, our kids and grandkids are screwed.  Every time the government borrows money, all we're doing is kick the cost down the road with interest.  Eventually that bill is going to come due, and we are doing NOTHING to protect our children from this.

We actually need immigration.  If we can increase the population and decrease our spending, we might have a light at the end of the tunnel.  But you can see how well we're doing with immigration and spending.  So the actions we are taking today will have a material and severely adverse impact on the imminent debt crisis.  We are doing EVERYTHING backwards.

Imagine your children living in a world where the US is bankrupt and Russia, China, and Iran become the new superpowers.  We need to prevent that nightmare, yet we're doing the complete opposite (both political parties are--there are no more fiscal conservatives in government anymore--Republicans now spend like their Democratic counterparts).

[hammer4reel]

1 minute ago, Haskell_Hunter said:

Yes, our kids and grandkids are screwed.  Every time the government borrows money, all we're doing is kick the cost down the road with interest.  Eventually that bill is going to come due, and we are doing NOTHING to protect our children from this.

We actually need immigration.  If we can increase the population and decrease our spending, we might have a light at the end of the tunnel.  But you can see how well we're doing with immigration and spending.  So the actions we are taking today will have a material and severely adverse impact on the imminent debt crisis.  We are doing EVERYTHING backwards.

Imagine your children living in a world where the US is bankrupt and Russia, China, and Iran become the new superpowers.  We need to prevent that nightmare, yet we're doing the complete opposite (both political parties are--there are no more fiscal conservatives in government anymore--Republicans now spend like their Democratic counterparts).

Pretty tough to save money when they give illegal immigrants 9k to come into the country . Then put them up at the Hilton , until flying them around the US and giving them more money to get established .

now they want people who actually paid into the system for 30-40 years to delay what they are eligible  for .

 

. 

[Bucksnbows]

Retirement is for quitters 

 

I am at the age (59 in May) where I sometimes think about it, but I love what I do and don’t see myself retiring soon. My wife won’t even talk about it and she’s two years older. My guess is I’ll work until at least 65. 

[rocky]

10 minutes ago, Bucksnbows said:

Retirement is for quitters 

 

I am at the age (59 in May) where I sometimes think about it, but I love what I do and don’t see myself retiring soon. My wife won’t even talk about it and she’s two years older. My guess is I’ll work until at least 65. 

God Bless you are one of the few who likes what they do, carry on. 

[Bonefreak]

32 minutes ago, Haskell_Hunter said:

Yes, our kids and grandkids are screwed.  Every time the government borrows money, all we're doing is kick the cost down the road with interest.  Eventually that bill is going to come due, and we are doing NOTHING to protect our children from this.

We actually need immigration.  If we can increase the population and decrease our spending, we might have a light at the end of the tunnel.  But you can see how well we're doing with immigration and spending.  So the actions we are taking today will have a material and severely adverse impact on the imminent debt crisis.  We are doing EVERYTHING backwards.

Imagine your children living in a world where the US is bankrupt and Russia, China, and Iran become the new superpowers.  We need to prevent that nightmare, yet we're doing the complete opposite (both political parties are--there are no more fiscal conservatives in government anymore--Republicans now spend like their Democratic counterparts).

Yikes!!  
 

How should I break it to my …about to be college bound teen boy who wants to go into finance and get student loans…that he is basically screwed in his future??  I won’t even bother letting my 10 yr old know…don’t want to doom n gloom his childhood. 

[archer36]

2 minutes ago, rocky said:

God Bless you are one of the few who likes what they do, carry on. 

Agree. Anytime you like your job and are capable of doing it you are "blessed". I had to "force" my Wife to retire. I wanted to but would not do it unless she did. She loved her job. I eventually won because the Grandchildren kept coming and she had a reason to quit. 

[3Blade]

16 minutes ago, Bucksnbows said:

Retirement is for quitters 

 

I am at the age (59 in May) where I sometimes think about it, but I love what I do and don’t see myself retiring soon. My wife won’t even talk about it and she’s two years older. My guess is I’ll work until at least 65. 

I agree Brian. I am in no rush to retire, time is going fast enough and I’m not wishing it away. I like what I do and want to work even if it’s just part time until my body doesn't allow it. I love deer hunting but there only so much of that I can do without getting burnt out from it. 

[archer36]

15 minutes ago, Bonefreak said:

Yikes!!  
 

How should I break it to my …about to be college bound teen boy who wants to go into finance and get student loans…that he is basically screwed in his future??  I won’t even bother letting my 10 yr old know…don’t want to doom n gloom his childhood. 

Yes, it will be a challenge for our kids. They will need to be very disciplined. We started going down the tubes long before this. Lots of companies stopped giving pensions (unless you had a Union). Invented 401K's to take their place. If you don't have a substantial retirement fund, no pension, and only SS, you will be working much past SS eligibility age. 

Edited March 27 by archer36

[308federal]

1 hour ago, Haskell_Hunter said:

What makes this even worse?  The birth rate in the US is 1.6 right now.  You need a birth rate of 2.1 for a stable population.  What this means is that the population of the US is declining and is dependent on immigration for population growth.  If you do not have a growing population, you cannot fund retirement entitlements.

That is quite the conundrum as the US declining birthrate, but what about the borders being wide open right now and what is pouring in i.e. educated? working?(or working legally?) and contributing to the system? What about all the FREE stuff they are given at the taxpayer's expense?

So many pension systems are broke or have imploded.

[Buckeyes11]

5 hours ago, hammer4reel said:

Worked for 48 years .

def had my fill of being over worked and over taxed .

Just as you hoping to see half as many sunrises as I saw driving to work .

.

Exactly!! 

[archer36]

The bottom line to all of this is that the country cannot flourish economically if there are mostly "broke ass" people in it. You can't keep an economy going with just "well off" people spending money. 

There have been so many European countries that have been around a lot longer than us. We are babies compared to them. Surely, they are "broke" too, but still kicking. 

Countries with much more government benefits and entitlements than us. They pay much higher taxes too. So why are they "happy" and we are miserable? 

[Merkel]

29 minutes ago, rocky said:

God Bless you are one of the few who likes what they do, carry on. 

Loved what I did for a living but decided to retire 5 years ago at 60.  Love traveling and adventure more than sitting behind a desk.  Life is short.  Average male lives to 77.  

[Buckeyes11]

I’m 48. I have 8 years left. I’m eligible for an early supplement to carry me til I’m 62 under FERS. Between that and my pension. I’m out. Could care less what some Wall Street blow hard thinks. Taking my money the first day possible