As medical breakthroughs significantly extend human life expectancy, the world is on the brink of an imminent &#34;retirement crisis&#34;.
This is the latest warning issued by Larry Fink, CEO of BlackRock, in his highly anticipated annual letter.
In the letter, Fink cited United Nations projections: By 2050, one-sixth of the global population will be over 65 years old, compared to one-eleventh in 2019.
He calls for a broader use of global capital markets to help workers save for their elderly years. At the same time, he also pointed out that the rise of contributory pension plans and the increasing pressure on government social security retirement plans have caught the United States off guard in the face of a surge in the retired population.
&#34;We have put a lot of effort into extending people's lives, but we have almost not made the same effort to help people afford those extra years,&#34; he wrote. &#34;In the United States, the basic retirement message from the government and companies to employees is: 'It's all up to you'.&#34;
Fink emphasized that there is a significant gap between Americans' savings and what they need for retirement, posing such a serious and urgent problem that government and business leaders must pause their current work, break down barriers, and collectively seek solutions.
More than half of the $10 trillion in assets managed by BlackRock are retirement savings, including institutional pension funds, so-called 401(k) defined contribution plans, and individual accounts.
Fink is not the only one who has sensed the &#34;retirement crisis&#34;.
Thasunda Brown Duckett, CEO of retirement services provider TIAA, has been talking about the $4 trillion gap between Americans' actual savings and retirement needs in recent years.
She believes that all companies should be required to enroll employees in a savings plan that can accumulate substantial retirement savings for them, rather than letting employees choose whether to join.
Fink also mentioned that Japan has found ways to encourage people to delay retirement, while Australia's national retirement savings system - the pension guarantee plan, has effectively created larger retirement savings for more workers

BlackRock CEO Larry Fink mentioned that by 2050, one-sixth of the global population will be over 65 years old. Currently, there is a $40 trillion gap between actual savings and retirement needs for Americans

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The CEO of the world's largest asset management company warns: With medical breakthroughs and longer lifespans, what should we do when pension funds are insufficient?