Larry Fink has a blunt message for Americans: you haven’t saved enough to retire comfortably, the billionaire BlackRock CEO wrote in his 2025 annual shareholders letter. BlackRock, the world’s largest asset management firm with $14 trillion in assets under management, surveyed 1,000 registered voters, asking how much they’d need to retire comfortably, and the average response was roughly $2.1 million. “That’s a lot. More than I was expecting,” Fink wrote. And “almost no one is close,” considering 62% o ...

Apollo Global Management (NYSE:APO) 2026 Conference February 11, 2026 08:50 AM ET Company ParticipantsCraig Siegenthaler - North American Head of Diversified FinancialsJim Zelter - PresidentCraig SiegenthalerMorning, everyone. We're gonna get started. Thank you all for joining BofA's thirty-fourth Annual Financial Services Conference. This is Craig Siegenthaler, North American Head of Diversified Financials at BofA. It's my pleasure to introduce Jim Zelter. Jim oversees Apollo's strategic initiatives across ...

Do we have a retirement crisis? - Getty Images/iStockphoto There’s a new number making the rounds that says that the median amount American workers have saved for retirement is just $955. Yes, you read that correctly. Most Read from MarketWatch That figure includes people with no retirement savings at all. Using workers who had at least a positive retirement-savings balance, the median savings totaled $40,000, according to the National Institute of Retirement Security. No matter which number you use, ...

Lots of experts have been focused on baby boomers entering retirement at historic rates. However, according to a new data-driven analysis, the real crisis may soon be coming — and it belongs to Gen X. GOBankingRates unpacks what this means for the aging generation, and what they can do about this upcoming retirement issue. Facing a ‘Retirement Crisis’ According to a new paper from the Alliance for Lifetime Income’s Retirement Income Institute, 2025 marks the peak of the Peak 65 Zone — the largest wave ...

Core Insights - America is experiencing a retirement crisis, with 70% of retirees concerned about insufficient savings and 30% considering returning to work due to dwindling funds [1] Group 1: Retirement Concerns - A significant portion of retirees, 70%, express worries about their financial readiness for retirement, indicating a need for better savings strategies [1] - The crisis is prompting 30% of retirees to contemplate re-entering the workforce, highlighting the urgency of addressing retirement savings [1] Group 2: Investment Opportunities - An executive order by President Trump aims to enhance access to private markets for savers through 401(k) plans, allowing everyday investors to benefit from asset classes traditionally reserved for wealthy individuals [2] - A report from the American Investment Council reveals that private equity consistently outperforms the broader stock market and other investment categories over the long term, making it a valuable option for investors [3] Group 3: Performance of Private Equity - Analysis shows that private equity outperforms all major asset classes over a 10-year period, exceeding the S&P 500 by 3%, which is crucial for achieving retirement goals for middle-class investors [4] - For example, a $25,000 investment in private equity over 10 years could yield approximately $111,720, compared to $85,618 from the stock market, illustrating a significant difference of over $26,000 [5] Group 4: Long-Term Investment Perspective - Media coverage often emphasizes short-term performance, neglecting the long-term benefits of private equity, which is aligned with the investment goals of most everyday investors [6] - Despite recent strong performance in the stock market, private equity remains focused on long-term returns, which are significantly higher when viewed over extended periods [6]

Core Insights - Millions of workers are withdrawing or borrowing from their 401(k) accounts to cover everyday expenses, contributing to a hidden retirement crisis [2] - Employees without emergency savings are twice as likely to tap into their retirement funds, with hardship withdrawals increasing from about 2% in 2018 to approximately 5% by December 2024 [2][7] - Financial stress is costing U.S. employers an estimated $183 billion annually in lost productivity due to distracted workers [3] 401(k) Loans Overview - A 401(k) loan allows borrowing against retirement savings, typically up to the greater of $10,000 or 50% of the vested balance, capped at $50,000 [4] - The application process is straightforward, with no credit checks and interest paid back into the borrower's account, often at lower rates than personal loans [5] Downsides of 401(k) Loans - Borrowing from a 401(k) can result in lost investment growth, potentially delaying retirement [6][8] - If employment is terminated, the full loan balance may need to be repaid quickly, or it could be treated as a taxable distribution, incurring taxes and penalties [6] - Loan limits may not cover all financial needs, and the long-term costs to retirement security may outweigh the short-term relief [8]

Financial Data and Key Metrics Changes - Adjusted net income reached $1.4 billion, or $2.17 per share, representing a 17% year-over-year increase [3] - Fee-related earnings (FRE) were $652 million, up 23% year-over-year, with management fee growth of 22% [4] - Spread-related earnings (SRE) excluding notables were $846 million, with an estimated Q4 SRE of approximately $880 million, leading to a projected full-year SRE of $3,475 million, an 8% year-over-year growth [4][39] Business Line Data and Key Metrics Changes - Asset management generated record inflows of $82 billion, with $59 billion from asset management and $23 billion from retirement services [5] - Average origination for the quarter was $75 billion, with a stable average spread of 350 basis points over Treasuries [5][25] - The retirement services segment saw $23 billion in gross inflows, with year-to-date inflows totaling $69 billion [18][34] Market Data and Key Metrics Changes - Record assets under management (AUM) reached $908 billion, a 24% increase year-over-year [36] - The annuity market has significantly expanded, driven by a growing retiree population and demand for guaranteed income [18][34] - The origination volume for the last 12 months exceeded $270 billion, up more than 40% compared to the prior period [25] Company Strategy and Development Direction - The company is focused on capitalizing on three strong fundamentals: financing the global industrial renaissance, addressing the retirement crisis, and providing alternatives to public markets [6][7] - The strategy includes expanding origination capabilities and enhancing product offerings across various markets, including insurance and traditional asset management [8][30] - The company anticipates a 20%+ growth in FRE for 2026, driven by existing business momentum and new initiatives [42][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for private assets and the ability to navigate current market conditions [10][11] - The outlook for asset management is bright, with expectations of continued innovation and growth in various segments [16][42] - Management highlighted the importance of maintaining a strong origination pipeline to support future growth [24][41] Other Important Information - The company closed the acquisition of Bridge, which is expected to contribute approximately $300 million in annual fee-related revenues [37] - The company executed over $350 million in share repurchases during the quarter, reflecting opportunistic capital management [45] Q&A Session Summary Question: Discussion around origination targets and outlook - Management indicated that while origination activity has exceeded expectations, it would be premature to adjust the five-year origination targets at this time [48][49] Question: Wealth market trajectory and product pipeline - Management noted that the wealth market is on pace with previous targets, and the expansion of the product suite is expected to drive future growth [51][52][53] Question: Concerns regarding private letter ratings in insurance - Management refuted concerns about systemic risks related to private letter ratings, emphasizing Athene's strong credit quality and diversified ratings [58][59][63]

Core Insights - The article discusses the need to rethink retirement in the context of increasing life expectancy and the challenges faced by older workers in the U.S. [4] Group 1: Retirement Trends - Larry Fink, CEO of BlackRock, suggests that Americans may need to work beyond the traditional retirement age of 65 to address the looming retirement crisis [4] - The increasing length of retirements is impacting the Social Security system, which is facing financial strain due to a growing number of retirees [3][4] Group 2: Labor Market and Retirement Decisions - Labor economist Teresa Ghilarducci emphasizes that many older workers do not have the option to choose when to retire, with 52% of older workers reporting they were forced into involuntary retirement [7] - Health issues and caregiving responsibilities often dictate retirement timing, challenging the notion that individuals can simply decide to work longer [6][7] Group 3: Financial Management for Retirement - Individuals can control aspects of their retirement planning, such as managing finances, deciding when to take Social Security, and saving and investing effectively [8][9] - Establishing an emergency fund is crucial to mitigate financial stress from unexpected expenses during retirement [8]

Core Insights - The article highlights the significant retirement savings shortfall faced by many Americans, with 47% of working-age households at risk of not having enough saved for retirement [4][7] - The traditional three-legged stool of retirement funding—Social Security, employer pensions, and personal savings—has shifted, leaving many reliant solely on Social Security and personal savings due to the decline of pensions [2] Group 1: Retirement Savings Shortfall - A substantial portion of the population is aware of the retirement crisis, with 79% of Americans acknowledging the issue in 2024 [4] - The risk of falling short on retirement savings spans all income levels: 56% of lower-income, 45% of middle-income, and 41% of high-income workers are at risk [5] Group 2: Strategies to Avoid Shortfall - Setting a clear retirement savings goal is essential, with a recommendation to save around 10 times the final salary, adjusted for factors like inflation and healthcare costs [6][8] - Choosing the right retirement account is crucial, with suggestions to maximize employer 401(k) matches and consider traditional or Roth IRAs based on current and future tax rates [8] - Automating contributions to retirement accounts can enhance saving consistency and help meet targets [8] - Smart investment choices, such as ETFs and target date funds, are recommended to balance risk and potential returns while being mindful of investment fees [8] - Increasing investment contributions in line with income raises can help individuals stay on track with their retirement savings goals [8]