SHOCKING BlackRock survey: 63% have UNDER $150K for retirement

Core Insights - A national retirement survey indicates strong bipartisan support for expanding retirement investment options in the U.S. [3] Group 1: Survey Findings - 30% of registered voters have no retirement savings, and 63% have less than $150,000 saved for retirement, highlighting a significant gap in retirement preparedness [2] - The survey reveals a need for modernization of the retirement platform in America, which is one of the few areas with bipartisan support [3] Group 2: Retirement System Evolution - The retirement landscape has evolved from pension plans, where companies saved and invested for employees, to 401(k) plans, placing the responsibility on individuals [4] - Americans are living longer, with an average retirement duration of 20 to 30 years, compared to 10 to 15 years previously, increasing the need for adequate retirement savings [4] Group 3: Proposed Solutions - Modernizing the retirement system involves creating better products to encourage individuals to save more for retirement [5] - Auto-enrollment in 401(k) plans is suggested as a way to increase participation, where employees are automatically enrolled unless they opt out [5][6] - Approximately 60% of Americans have access to a 401(k) plan, but 40% do not, indicating a need for equal access to retirement savings options [6] Group 4: Investment Access - There is a disparity in access to investment options between those in pension plans and those in 401(k) plans, with a call for equal access to professional management across both types [7] - The introduction of child savings accounts is viewed as a beneficial investment in American capitalism, providing children with early access to capital markets [8]