Less Than You'd Think
“ Larry Fink Knows Less About Retirement Than You’d Think an Investment Billionaire Would .” That’s the provocative title of a recent Substack column by Andrew Biggs, a senior fellow at the American Enterprise Institute. [i] Not that Biggs offered a truly harsh criticism. Rather, he equated the comments of Larry Finks with that of “someone who reads the newspaper, the same as you or me.” Of course, and as yours truly has commented on any number of occasions — and what Biggs calls out — is that “much of what you read about retirement in the newspaper or online or even in so-called studies just isn’t correct.” To put it mildly. In this recent column, Biggs offers a detailed account of what the actual data shows versus what Mr. Finks (and SO many others [ii] ) have held out as reality. Those with no retirement accounts don’t have retirement savings. Fink is quoted as saying that 57 million Americans “don’t have any savings or retirement plan.” Howe...