Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTRobyn TellefsenSat, June 20, 2026 at 1:35 PM GMT+2 11 min readMoneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.BlackRock CEO Larry Fink caused a stir when he encouraged Americans to keep working past age 65.The billionaire, who chairs the world’s largest asset manager, kicked off his 2024 letter to shareholders by telling his readers it is “time to rethink retirement” if they want to dodge America’s looming “retirement crisis” (1).Top PicksDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s how to fix it ASAPJP Morgan sees gold hitting $6,000/oz before 2027 — and a Gold IRA lets you hold the physical metal while deferring the tax bill. Get your free guide from Priority GoldThe ultra-rich use these 5 real estate strategies to build wealth while they sleep — you can start with just $100“What’s the solution here?” Fink asked in the letter. “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.”He’s not alone in thinking the current retirement age is “a bit crazy.” Another proponent of raising the retirement age, South Carolina senator Lindsey Graham, said Congress should require people to work longer before collecting retirement benefits (2).So, why don’t they like the retirement age in the U.S. and are they right to think that way?Here’s a look at why some like Fink believe more Americans should work past 65, why others disagree and how you can shore up your finances for retirement.“How do we afford longer lives?”What worries Fink most are the numbers, especially when it comes to population.“The demographics don’t lie,” he wrote in his annual letter. “It’s not just that more people are retiring in America; it’s also that their retirements are increasing in length.”In other words, a lot more Americans are living longer.In fact, the number of Americans over the age of 65 is estimated to rise from 58 million in 2022 to 82 million by 2050 — an increase of 42%. Their share of the population is projected to rise as well, from 17% to 23% of the total U.S. population (3).This increase, Fink claimed, is already having a “massive impact on the country’s retirement system” — specifically the nation’s Social Security coffers, which are quickly running out as they are pressed to pay for more and more retirees with each passing year.At some point, these funds could dry up entirely — and sooner than you think.According to the latest estimates by the Social Security Administration, the program could be depleted as early as Q4 2032 (4). And if that happens, Social Security benefits will have to be slashed, leaving future generations to lean more heavily on alternatives like 401(k)s.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info