Larry Fink Wants Americans to Work Longer—But Can They?

BlackRock CEO Larry Fink recently suggested America could avoid a looming “retirement crisis” by encouraging people to work past age 65. In his 2024 annual letter to shareholders, the billionaire who chairs the world’s largest asset management firm declared it is “time to rethink retirement.”

Fink pointed to two realities: more Americans are retiring, and they’re living longer in retirement. This, he claims, places massive pressure on the nation’s retirement system, specifically Social Security, which faces insolvency within the next decade.

On the surface, extending working years might sound like a simple fix. But the reality for older workers in America tells a very different story.

The Employment Reality for Workers Over 40

• Nearly 25% of people aged 50–65 who were laid off in the last decade remain unemployed.

• Among those who did find new jobs, 11% were forced to take pay cuts.

• An AARP survey in 2021 revealed 78% of workers aged 40–65 experienced age discrimination, with Washington, D.C. among the worst offenders.

• A 2024 Resume Builder survey found 38% of hiring managers openly admit to age bias.

• A 2024 Science Direct study showed age bias outweighs other forms of discrimination, including gender and race.

If companies won’t hire or retain workers over 40, how realistic is it to expect them to work into their late 60s or beyond?

Larry Fink is in a position few others occupy. As the head of BlackRock, he has not just influence over markets, but the ability to set the tone for corporate America. Instead of urging people to “work longer,” he could lead by example, advocating for hiring and retention policies that remove systemic barriers for older workers.

Here’s how:

1. Eliminate False Stereotypes

Workers over 40 are often just as tech-savvy as their younger counterparts. The oldest Gen Xers are 60, they grew up with ever-changing technology and have repeatedly proven their adaptability. The myth of the “technologically out-of-touch” older worker needs to be put to rest.

2. Increase Retention Rates

Retention doesn’t just benefit employees, it benefits companies that avoid losing experienced, talented workers. A key part of this is supporting newly disabled or chronically ill employees. Too many workers, especially women, are pushed out of the workforce due to chronic illness. Companies can change this by:

• Offering whole-health wellness programs

• Creating flexible, creative disability accommodations

• Establishing transparent HR policies that encourage disclosure and support

3. Eliminate Resume Gap Bias

One of the strongest contributors to unemployment among disabled people is bias against gaps in work history. This is why the unemployment rate for disabled Americans is 7.5%, compared to 3.8% for non-disabled workers. Even more striking, the 2023 employment-to-population ratio was 22.5% for disabled people compared to 65.8% for non-disabled people. A sudden cancer diagnosis doesn’t erase a person’s talent, experience, or leadership potential but current hiring practices often treat it that way. People are kicked off the corporate ladder and shut out of employment or prevented from re-entering where they left. The “progressive responsibility” requirement in hiring announcements may as well say, if your career doesn’t look textbook, we don’t want you. Don’t ask why you aren’t attracting the right talent if you refuse to hire outside of a cookie cutter mold.

Too often, workers over 40 are laid off not because they lack skills or drive, but because they are “expensive.” Ageism and disability discrimination are cutting companies off from a deep well of talent and experience. Beyond the moral and ethical implications, this is a poor business decision. Diversity of age and ability leads to stronger problem-solving, resilience, and innovation.

Larry Fink has the chance to shift the conversation. Instead of framing older workers as a liability who must extend their working years, he could lead a movement to end discriminatory hiring practices, champion comprehensive HR policies, and push companies to retain both older workers and workers with disabilities.

America doesn’t just need workers to “work longer.” It needs companies to hire fairly, retain wisely, and adapt creatively.

We can be part of the solution—or part of the problem. I know which side I’d like to be on.