BlackRock CEO Larry Fink is sounding the alarm on America’s retirement crisis, warning that the vast majority of Americans are dangerously underprepared to stop working. Fink, who oversees the world’s largest investment firm managing roughly $14 trillion in assets, stated plainly in his 2025 annual shareholder letter that Americans “haven’t saved enough to retire comfortably” — and the data backs him up.
A recent BlackRock survey of 1,000 registered voters revealed that Americans believe they need approximately $2.1 million to retire with comfort. Yet 62% of respondents reported having less than $150,000 saved — roughly 7% of their own stated target. Vanguard’s 2025 “How America Saves” report corroborated these findings, placing the average retirement account balance at $148,153 in 2024. Fink’s conclusion was blunt: “almost no one is close.”
Why the Gap Keeps Growing
Fink points to two major structural forces driving the shortfall. Americans are living significantly longer, stretching every retirement dollar further than previous generations ever anticipated. Additionally, the rising cost of senior care — often an unexpected $7,000 to $9,000 annually — can severely strain a fixed retirement income, leaving many retirees financially exposed.
The Problem With 401(k)s
Fink also took aim at the 401(k) system, arguing it has largely failed as a mass retirement solution. Unlike traditional pensions, 401(k)s place the full burden of saving, investing, and income planning on the individual — often without adequate guidance. Even disciplined savers can find themselves paralyzed at retirement, too fearful of depleting their savings to actually enjoy it. Fink called on employers to offer tools that convert savings into reliable, predictable income streams.