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BlackRock and JPMorgan CEOs, along with US lawmakers, tackle looming retirement ‘crisis’

Feb 24, 2025, 6:00am EST
politicsbusiness
Brendan McDermid/Reuters
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The News

BlackRock and the Bipartisan Policy Center are calling on lawmakers, pensioners, and business executives to gather in Washington to help stave off what the $11.6 trillion asset manager calls “an impending crisis” when it comes to Americans’ retirement.

They are hosting a summit on March 12 with the aim of drafting legislative plans to address the issue. A survey conducted by BlackRock in January found that many registered voters were increasingly dissatisfied with their retirement plans and wanted Congress and the Trump administration to take action. More than half said they feared running out of money before retirement even more than they feared death.

“Fewer than one in three Americans believe they have the tools they need to save for retirement,” BlackRock’s chairman and CEO Larry Fink said in a press release. “We are committed to being part of the solution.”

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Fink, JPMorgan CEO Jamie Dimon, and other executives are scheduled to meet with lawmakers at the summit. Republican Sens. Katie Britt of Alabama and Todd Young of Indiana, as well as Democratic Sen. Cory Booker of New Jersey are scheduled to speak at the event. Rep. Jason Smith, R-Mo., and Democratic Reps. Joyce Beatty of Ohio and Terri Sewell of Alabama will also be there. Semafor is a media partner of the event.

A chart showing responses to a BlackRock survey of US voters about how they feel regarding the US economy.

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BlackRock is a key stakeholder when it comes to retirement plans as more than half the assets it manages are retirement-related accounts. While the firm last year saw record growth in inflows of managed assets, many Americans did not experience the same in their own retirement portfolios.

The BlackRock survey found that 48% of the 1,000 voters surveyed said they doubt they’ll have enough money for retirement and another 33% have no retirement savings. And 80% said Congress and the Trump administration need to prioritize legislation to improve retirement planning for Americans.

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“With Americans living longer than ever, lawmakers must prioritize policy that supports personal savings,” Bipartisan Policy Center president and CEO Margaret Spellings said.

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