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New BlackRock Survey Shows One Third of Americans Have No Retirement Savings as BlackRock, Bipartisan Policy Center Launch National Retirement Summit in D.C.
CEOs Larry Fink and Margaret Spellings will convene business, policy, and elected leaders to catalyze action on the urgent need to redefine retirement
WASHINGTON, February 24, 2025--(BUSINESS WIRE)--BlackRock has released fresh survey results showing that the ability to retire with dignity appears out of reach for many people. As millions of Americans become increasingly concerned about retirement, BlackRock’s survey shows voters are demanding action to stave off an impending crisis.
Key findings from BlackRock’s survey of 1,000 national registered voters show startling trends:
One-third of respondents report having no retirement savings.
More than half (51%) of respondents say they fear running out of money in retirement more than they fear dying.
Over half (56%) respondents worry about their personal finances at least once a day.
Only 28% of respondents believe that working Americans have the necessary tools and resources to save for a secure retirement.
An overwhelming majority (80%) believe that Congress and the new administration should prioritize legislation to help people plan and save for a secure retirement.
The data underscores the pressing need for solutions that can help more Americans achieve better financial security throughout their lives. To that end, BlackRock and the Bipartisan Policy Center are convening elected officials, corporate leaders, small business owners, union representatives, pensioners, and state and federal policymakers for the 2025 Retirement Summit to find bipartisan solutions and commitments. The theme of the event, "Redefining Retirement: It’s All of our Work," highlights how critical it is for both the public and private sectors to think about retirement in new ways to help people live better, longer.
"Fewer than one in three Americans believe they have the tools they need to save for retirement," said Larry Fink, BlackRock Chairman and CEO. "At BlackRock, we're committed to being part of the solution. That's why we're bringing leaders to Washington to explore ways the private sector and government can collaborate to ensure more Americans can achieve a financially secure retirement."
Bipartisan Policy Center President and CEO Margaret Spellings added, "With Americans living longer than ever, lawmakers must prioritize policy that supports personal savings. BPC has long championed such efforts and will continue working with leaders of both parties to ensure all Americans have access to tools and resources to enjoy financial security in their golden years."
The Summit will take place on March 12 in Washington, D.C. and is expected to bring together over 250 industry leaders, policymakers and executives to the nation’s capital.
Featured confirmed speakers include:
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
Following the Summit, BlackRock and the Bipartisan Policy Center will publish thought leadership encapsulating the key themes and proposals from the event with a view to drive action and solutions. Throughout 2025, both organizations will release additional research and survey data to continue to raise awareness around the need for increased support for Americans preparing for life after work.
Over one-half of the assets BlackRock manages are for retirement1, and its newly launched LifePath Paycheck™ solution is now the fastest-growing retirement income target date strategy for defined contribution plans, with $16 billion in assets under management2. To accelerate the firm’s leadership in retirement investing and elevate its efforts to address the retirement savings gap, BlackRock recently named Jaime Magyera, co-head of the firm’s U.S. Wealth Advisory business as BlackRock’s senior sponsor for retirement. A twenty-year veteran of the firm, Magyera brings a wealth of product expertise, client relationships and hands-on experience to the role.
Magyera said, "As more Americans live longer, many are seeking ways to redefine what that next chapter means for them – and how they will afford it. BlackRock has been a retirement leader for 35 years, and as I step into this new role, I am excited to help the firm use our convening power to meet this moment, and to support ongoing innovation that empowers Americans to live longer lives, better – with optimism, impact, and security."
Attendance at this event is by invitation only. This is a widely attended event in accordance with Congressional and Executive Ethics laws. Interested members of the media should contact BlackRock Corporate Communications at corpcommsamrs@blackrock.com for more information.
About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to our asset management clients and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. To learn more about BlackRock visit www.blackrock.com/corporate
The survey provides insights from a research study of 1,000 national registered voters in the United States, executed by Public Opinion Strategies, an independent research firm. All interviews were conducted from January 11 through January 15, 2025. The margin of error is +/- 3.1%
1 BLK Estimates based on AUM as of December 31st, 2021 and Cerulli data as of 2020. ETF assets include only qualified assets based on Cerulli data, and assumes 9.5% of institutionally held ETFs are related to pensions or retirement. Institutional estimates includes assets defined as "related to retirement" and are based on products and clients with a specific retirement mandate (e.g., LifePath, pensions). Estimates for LatAm based on assets managed for LatAm Pension Fund clients, excluding cash.
