Blackrock and Microsoft say that they are “reimagining America’s path towards achieving greater financial security in retirement”.
The intended result is that “they have a clearer picture of how their contributions today will translate to long-term retirement income”.
Taking advantage of Microsoft’s technologies and Blackrock’s investment products, the companies are aiming to make it easier for people to both save for retirement and achieve the lifetime income they need through their employers’ workplace savings plan.
Defining social challenge
“Retirement systems worldwide are under stress and providing financial security to retirees has become one of the most defining societal challenges of our time,” said Laurence Fink, chairman and chief executive of BlackRock.
“BlackRock has a tremendous responsibility to help solve this challenge, and we recognise the need to act now. Working with Microsoft will enable us to build a powerful solution for millions of hardworking Americans.”
“Today, millions of Americans are struggling to achieve their financial goals for retirement,” said Satya Nadella, chief executive of Microsoft. “Together with BlackRock, we will apply the power of the cloud and AI to introduce new solutions that address this important challenge and reimagine retirement planning.”
It is not known at this stage if the collaboration will extend beyond the United States and be rolled out in other jurisdictions.