The goal of retirement plans should be providing income to those no longer working, not accumulating wealth for those who still are.

Transitioning away from a structured schedule with inherent social networks after 40+ years is traumatic.

Young people “have lost trust in older generations,” Fink wrote in his annual letter.

Hobby comes over from Fidelity Investments, where he served as the head of distribution for private wealth management, executive services, workplace planning and advice and stock plan services.