More than 70 million Americans — including retirees, disabled individuals and families — rely on Social Security benefits for monthly income.
It’s “one of the most effective poverty-prevention programs in history,” BlackRock CEO Larry Fink wrote in his annual chairman’s letter to investors, released Monday. Social Security keeps an estimated 29 million Americans out of poverty each year, Fink wrote, citing Census data.
Even with that “extraordinary achievement,” the 90-year old program could be improved, according to Fink.
“The issue is: Social Security provides stability, but it doesn’t allow most Americans to build wealth in a way that grows with their country,” Fink wrote.
As a pay-as-you-go program, Social Security is largely funded by payroll taxes. Both employers and employees contribute 6.2% toward the program, while self-employed individuals pay 12.4% on earnings up to $184,500 in 2026.
