BlackRock Chief Executive Larry Fink raised the specter of the “silent crisis” of retirement facing the global economy as increased longevity makes issues such as higher housing and healthcare costs for retirees more daunting.

In his closely watched annual letter, Fink, the co-founder of the $8.6 trillion money manager BLK, said “investing for a financial goal like retirement is an act of hope and optimism, demonstrating a long-term perspective, trust in financial institutions, and belief in the integrity of the market.”

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