BlackRock CEO Larry Fink says 65 retirement age is too low. Here’s what experts say

As more Americans approach retirement age, the longstanding tradition of retiring at 65 is being reevaluated.

Some, including BlackRock CEO Larry Fink, argue that this age, dating back to the Ottoman Empire, is outdated.

Proposals to raise the Social Security retirement age have been made, largely due to demographic shifts.

With longer life expectancies and a surging baby boomer population, the Social Security trust fund faces a looming deficit.

However, experts caution that raising the retirement age could disproportionately affect individuals with health issues or limited job opportunities who depend on Social Security benefits at age 62.

Instead of raising the retirement age, some experts propose alternative solutions, such as: * Increasing the minimum benefit level to alleviate the impact on low-income workers.

* Automatically adjusting the retirement age to align with increases in longevity.

* Moving to a flat benefit system for all retirees, eliminating the need for raising the retirement age.

* Reducing the replacement rates for higher-income workers to reduce overall benefit costs.

Additionally, experts emphasize the importance of employer engagement with older workers to support their retention and productivity.

Ultimately, the choice of how to address the Social Security shortfall rests with policymakers.

They must balance the need for program sustainability with the well-being of workers who depend on these benefits throughout their retirement years.