BlackRock Survey 1/3 of Americans Lack Retirement Savings as Summit Launches
BlackRock has unveiled fresh survey results that paint a concerning picture of the state of retirement savings in America. The findings indicate that the ability to retire with financial stability is slipping further out of reach for many individuals, prompting increased anxiety among millions of Americans. As worries about financial security in later years mount, BlackRock’s survey underscores a growing demand from voters for actionable solutions to avert an impending retirement crisis.
The study, which surveyed 1,000 registered voters across the nation, sheds light on some alarming trends regarding personal savings, financial fears, and public sentiment toward government intervention in retirement planning. Some of the most striking findings include:
- A significant one-third of respondents reported having no retirement savings whatsoever.
- Over half (51%) of those surveyed expressed a greater fear of running out of money in retirement than of dying itself.
- Financial anxiety is a daily burden for many, with 56% of respondents indicating they worry about their personal finances at least once a day.
- Confidence in current retirement savings tools is low, with only 28% of participants believing that working Americans have adequate resources and support to build a secure retirement fund.
- A vast majority—80%—of those surveyed believe that Congress and the new administration should prioritize legislation aimed at helping individuals plan and save for a financially secure retirement.
These figures highlight a crucial need for structural changes that will enable more Americans to achieve better financial security throughout their lifetimes. Recognizing the urgency of the situation, BlackRock has partnered with the Bipartisan Policy Center to organize the 2025 Retirement Summit. This high-profile event will bring together key stakeholders, including elected officials, corporate executives, small business owners, union representatives, pensioners, and state and federal policymakers. The summit’s theme, “Redefining Retirement: It’s All of Our Work,” underscores the shared responsibility of both public and private sectors in reimagining retirement planning and ensuring financial well-being for future generations.
Larry Fink, Chairman and CEO of BlackRock, emphasized the importance of this initiative, stating, “Fewer than one in three Americans believe they have the tools they need to save for retirement. At BlackRock, we are committed to being part of the solution. That’s why we are convening leaders in Washington to explore collaborative efforts between the private sector and government, ensuring more Americans can achieve financial security in their retirement years.”
Margaret Spellings, President and CEO of the Bipartisan Policy Center, echoed these sentiments. She remarked, “With Americans living longer than ever before, lawmakers must prioritize policies that support personal savings. The Bipartisan Policy Center has long advocated for such measures and remains dedicated to working with leaders from both parties to ensure that all Americans have access to the necessary tools and resources for financial security in their later years.”
The 2025 Retirement Summit: A Gathering of Influential Leaders
Scheduled to take place on March 12 in Washington, D.C., the 2025 Retirement Summit is set to attract over 250 industry leaders, policymakers, and executives from various sectors. The event aims to foster meaningful discussions and bipartisan collaboration to develop tangible solutions for enhancing retirement preparedness across the country.
Among the confirmed co-hosts and speakers for the summit are:
Co-Hosts:
- Larry Fink, Chairman and CEO, BlackRock
- Margaret Spellings, President and CEO, Bipartisan Policy Center
Speakers:
- Senator Cory Booker (D-NJ)
- Senator Katie Britt (R-AL)
- Senator Todd Young (R-IN)
- Governor Wes Moore, State of Maryland (D-MD)
- Ways and Means Chairman Jason Smith (R-MO)
- Congresswoman Joyce Beatty (D-OH)
- Congresswoman Terri Sewell (D-AL)
- Jamie Dimon, Chairman and CEO, JPMorgan Chase
- Beth Ford, President and CEO, Land O’Lakes Inc.
- Ed Kelly, General President, International Association of Fire Fighters
- Gayle King, Co-Host, CBS Mornings & Editor-at-Large, Oprah Daily
- Sean McGarvey, President, North America’s Building Trades Unions
The participation of such high-profile figures signals the gravity of the retirement crisis and the collective effort needed to address it. Following the summit, BlackRock and the Bipartisan Policy Center plan to publish thought leadership reports summarizing the key themes and proposals discussed during the event. Their goal is to drive meaningful action and policy changes to bolster retirement security in the United States. Additionally, throughout 2025, both organizations will continue releasing research and survey data to sustain public awareness and advocacy around retirement preparedness.
BlackRock’s Commitment to Retirement Solutions
As a global investment management firm, BlackRock plays a significant role in retirement planning, with over half of the assets it manages being dedicated to retirement funds. The firm recently introduced its LifePath Paycheck™ solution, which has rapidly become the fastest-growing retirement income target date strategy for defined contribution plans. Currently, LifePath Paycheck™ manages an impressive $16 billion in assets, reflecting its growing impact on the industry.
In a move to strengthen its leadership in retirement investing and bridge the widening retirement savings gap, BlackRock recently appointed Jaime Magyera as its senior sponsor for retirement. Magyera, who also serves as co-head of BlackRock’s U.S. Wealth Advisory business, brings two decades of experience to the role. Her extensive expertise in product development and client relationships positions her well to spearhead initiatives aimed at improving retirement readiness for Americans.
Commenting on her new role, Magyera stated, “As more Americans live longer, many are redefining what the next chapter of their lives will look like and, critically, how they will afford it. BlackRock has been a leader in retirement solutions for 35 years, and as I take on this new responsibility, I am eager to help the firm leverage our resources to meet this moment. Our focus will be on driving innovation and creating financial solutions that empower Americans to embrace their later years with optimism, impact, and security.”
Addressing the Growing Retirement Crisis
The reality is clear: Americans are facing an unprecedented challenge when it comes to securing their financial futures. Rising costs of living, inflation, healthcare expenses, and an evolving job market all contribute to the growing concern over retirement readiness. Without strategic intervention, the number of individuals entering retirement without sufficient savings will only continue to climb, exacerbating economic instability and placing greater pressure on social safety nets.
The 2025 Retirement Summit represents a critical step toward finding solutions. By uniting thought leaders, policymakers, and industry executives, the event aims to chart a path forward that balances government policy, private sector innovation, and individual financial responsibility. The collaborative efforts initiated at the summit will serve as a foundation for ongoing legislative and financial advancements in retirement planning.
As the dialogue around retirement security gains momentum, BlackRock and the Bipartisan Policy Center remain dedicated to championing initiatives that promote long-term financial well-being. Their commitment to providing research, advocating for policy changes, and developing innovative financial products underscores their role in shaping a future where all Americans can retire with dignity and confidence.
In the years ahead, as discussions evolve and new strategies emerge, one thing is certain: the need for comprehensive, bipartisan solutions to retirement security has never been more urgent. Through continued collaboration, innovation, and advocacy, stakeholders across the nation have an opportunity to redefine retirement—ensuring that future generations can enjoy financial stability and peace of mind in their later years.
