Warren Buffett Warns Fellow Billionaire CEO That 80 Is Too Young For Retirement And He's Making A Mistake

Bernard Arnault, the mastermind behind luxury giant LVMH and the third richest man in the world, is making headlines for his decision to remain CEO until he reaches 80. At 75, Arnault shows no signs of stepping down from his fashion empire.

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Opinions on retirement age vary widely. Warren Buffett, the 93-year-old CEO of Berkshire Hathaway, weighed in on the issue in a letter to Arnault. According to a June Bloomberg article, Buffett criticized Arnault’s decision to set the CEO retirement age too low, arguing that great leaders only improve with age. Buffett himself continues to work passionately, expressing that he loves what he does and "tap dances to work every day."

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Arnault shares Buffett’s sentiment. He has no plans to retire and intends to keep visiting stores every Saturday as long as possible. His son Alexandre mentioned that Arnault often calls him at all hours to discuss business, while another son, Antoine, believes his father will never stop working.

The debate over retirement age isn’t limited to individual preferences. There are broader societal discussions about increasing the retirement age for the general population. In the U.S., there are proposals to raise the full retirement age to 70. This change reflects longer life expectancies, with women expected to live nearly 17 more years and men nearly 15 more years after reaching 70. 

However, this proposal has sparked controversy, as many people in their 70s face significant physical challenges, and some may not even live to see that age.

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Larry Fink, CEO of BlackRock, has also raised concerns about a looming retirement crisis in the U.S. He called on the baby boomer generation to help younger generations save adequately for their futures. Fink emphasized the need for a coordinated effort to address this issue, noting that many Americans struggle to save enough for retirement and rely heavily on Social Security.

Increasing the retirement age has even led to significant public outcry in other countries. In France, for instance, widespread protests have been against proposals to raise the retirement age to 64. This reflects a broader global trend of people working longer and delaying retirement due to financial necessity and increased life expectancy.

While billionaires like Bernard Arnault and Warren Buffett continue to work well into their later years, the broader discussion about retirement age encompasses financial, physical, and societal considerations. As life expectancy increases, the debate over when to retire and how to prepare financially for it becomes ever more critical.

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