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A solution to the retirement crisis? Americans should work for more years, BlackRock CEO says
With Americans living longer and spending more years in retirement, the nation’s changing demographics are “putting the U.S. retirement system under immense strain,” according to BlackRock CEO Larry Fink in his annual shareholder letter.
One way to fix it, he suggests, is for Americans to work longer before they head into retirement.
“No one should have to work longer than they want to. But I do think it’s a bit crazy that our anchor idea for the right retirement age — 65 years old — originates from the time of the Ottoman Empire,” Fink wrote in his 2024 letter, which largely focuses on the retirement crisis facing the U.S. and other nations as their populations age.
Fink’s suggestions about addressing the nation’s retirement crisis come amid a debate about the future of Social Security, which will face a funding shortfall in less than a decade. Some Republican lawmakers have proposed raising the retirement age for claiming Social Security benefits, arguing, like Fink, that because Americans are living longer, they should work longer, too.
But that ignores the reality of aging in the workplace, with the AARP finding in a 2022 survey that the majority of workers over 50 say they face ageism at work. And because of ill health or an unexpected job loss, many older Americans stop working before they planned to. In fact, the median age of retirement in the U.S. is 62 — even lower than the “traditional” retirement age of 65.
Fink is right in saying that the retirement system isn’t working for most households, noted retirement expert and New School of Research professor Teresa Ghilarducci told CBS MoneyWatch. But his assessment that people should work longer misses the mark, she added.
“After a 40-year-old experiment of a voluntary, do-it-yourself-based pension system, half of workers have no easy way to save for retirement,” she said. “And in rich nations, why isn’t age 65 a good target for most workers to stop working for someone else?”
She added, “Working longer won’t get us out of this. Most people don’t retire when they want to, anyway.”
Vested interest?
To be sure, America’s retirement gap, or the gulf between what people need to fund their golden years versus what they’ve actually saved, isn’t new, nor is Social Security’s looming funding emergency. Yet Fink’s comments are noteworthy because of his status as the head of the world’s largest asset manager, with more than $10 trillion in assets, including many retirement accounts.
Of course, Fink has a vested interest in Americans boosting their retirement assets, given that his firm collects fees from those accounts. And in his letter, he also promotes a new target-date fund from BlackRock called LifePath Paycheck, which will roll out in April.
“He’s steering the conversation toward BlackRock — and a lot of people who talk about Social Security reform on Wall Street want to privatize it in some manner and make money,” Boston University economist Laurence Kotlikoff, an expert on Social Security, told CBS MoneyWatch.
To be sure, Fink also praises public policy success stories for addressing retirement savings, such as Australia’s system, which began in the early 1990s and requires employers to put a portion of a worker’s income into a fund. Today, Australia has the world’s 54th largest population but the 4th largest retirement system, he noted.
“As a nation, we should do everything we can to make retirement investing more automatic for workers,” he noted.
Can boomers fix the problem?
Fink, who was born in 1952, said that his generation has an obligation to help fix the nation’s retirement problems. The financial insecurity facing younger Americans, such as millennials and Gen Z, are creating generations of disillusioned, anxious workers, he noted.
“They believe my generation — the baby boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right,” Fink wrote.
He added, “And before my generation fully disappears from positions of corporate and political leadership, we have an obligation to change that.”
Boomer (and older) lawmakers and politicians often don’t see eye-to-eye on how to fix the retirement crisis. But failing to fix the issue damages not only the retirements of individual Americans, but the country’s collective belief in the future of the U.S., Fink noted.
“We risk becoming a country where people keep their money under the mattress and their dreams bottled up in their bedroom,” he noted.
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How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
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The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
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How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
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The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.