BlackRock CEO Larry Fink on Tuesday urged the government and private sector to ensure Americans have enough money to retire and said the world’s largest asset manager would launch a product next month to address the problem.

The “LifePath Paycheck” will go live in April, with 14 pension plan sponsors aiming to make it available to 500,000 employees as defined contribution plans.

“America needs a high-level, organized effort to ensure that future generations can live out their final years with dignity,” Fink said in his annual letter to investors.


“America needs a high-level, organized effort to ensure that future generations can live out their final years with dignity,” CEO Larry Fink said in his annual letter to investors. Bloomberg

BlackRock, which had more than $10 trillion in assets under management at the end of last year, oversees the largest pension funds in the US.

Fink said Census Bureau data on consumer finances in 2022 showed that nearly half of Americans between the ages of 55 and 65 reported not having a single dollar saved in personal retirement accounts.

“Simply put, the shift from defined benefits to defined contributions has been a shift from financial security to financial insecurity for most people,” he added.

Fink also called the climate transition a key economic trend with a focus on “energy security” and said net zero remains a top investment priority for most BlackRock clients.

Climate awareness and investor interest in sustainable business practices have increased dramatically in recent years, forcing money managers to consider environmental, social and governance (ESG) policies as impact investing gains momentum.

“I started writing about the transition in 2020. Since then, the issue has become more controversial in the US,” he said.


BlackRock sign
BlackRock, which had more than $10 trillion in assets under management at the end of last year, oversees the largest pension funds in the US. Christopher Sadowski

BlackRock’s ESG policies remain a subject of contention, especially in Republican states.

Earlier this month, a Texas school fund terminated its contract with BlackRock to manage about $8.5 billion in state money, accusing the company of boycotting fossil fuel producers. BlackRock had urged the fund’s manager to reconsider this.

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