BlackRock CEO Larry Fink, warning of a looming “retirement crisis” in the United States, called on Baby Boomers to help younger generations save enough for their retirement.

“Organized, high-level effort” is needed, Fink wrote in his annual letter as chairman of the world’s largest asset manager, Bloomberg reports.

This is critical to prevent Gen Z, Millennials and future generations from becoming disillusioned with capitalism and politics, Fink said.

The CEO of BlackRock, which has $10 trillion in assets under management, said the U.S. $34 trillion debt “is more urgent that I can ever remember.” The extra 3 percentage points in interest that the U.S. government must now pay on 10-year Treasuries is “very dangerous,” Fink said.

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“It’s no wonder younger generations are so economically anxious,” Fink wrote in the annual letter to BlackRock investors, which he has used to voice political and social concerns. “They believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.”

Young people “have lost trust in older generations,” continued the CEO of BlackRock, which runs the world’s largest retirement funds. “The burden is on us to get it back. Maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.”

This is not the first time that Fink has urged the government and the private sector to work together to ensure Americans have enough money to retire.

Fink touted a new BlackRock product, the “LifePath Paycheck,” which will go live in April, with 14 major companies offering it to 500,000 employees in their 401(k) or other defined contribution plans.

A target-date fund, LifePath Paycheck will be primarily invested in stocks during a person's working years. Over time, it will reduce the portfolio's risk by allocating a higher proportion to bonds.

At age 55, LifePath Paycheck will begin investing in a “lifetime income” insurance asset class, and beginning at age 59-1/2, participants will be able to purchase annuities from insurers selected by BlackRock.

“America needs an organized, high-level effort to ensure that future generations can live out their final years with dignity,” Fink said.

Citing data from the U.S. Census Bureau, Fink said nearly half of Americans aged 55 to 65 don’t having a single dollar saved in personal retirement accounts.

“Put simply, the shift from defined benefit to defined contribution has been, for most people, a shift from financial certainty to financial uncertainty,” he added.

Fink also questioned whether society should continue to think of 65 as the standard retirement age.

“No one should have to work longer than they want to,” Fink wrote. “But I do think it’s a bit crazy that our anchor idea for the right retirement age — 65 years old — originates from the time of the Ottoman Empire.”

Citing United Nations data, Fink noted that by the middle of the 21^st century, one in six people will be over the age of 65, up significantly from one in 11 in 2019.

In addition to LifePath Paycheck, Fink said that BlackRock will announce a number of partnerships and initiatives in the next few months to help older Americans continue working if they want to.