As retirement crisis looms, here's one billionaire's plan to fix it

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REMY BLAIRE: I'm Remy Blaire - reporting from the New York Stock Exchange. This is what we're watching on TheStreet today.

Investors are looking ahead to the monthly jobs report due out Friday – analysts are expecting that the U.S. economy added 200,000 jobs in March as job growth remains strong.

This figure will be crucial when the Federal Reserve makes its next decision on interest rates – currently markets are pricing in a 97 percent chance that the central bank holds rates steady in May, and a 56 percent chance it lowers rates in June.

In other news, a retirement crisis is looming large over American workers. According to the Bureau of Labor Statistics, the number of workers over 75 in the labor market is expected to nearly double over the next decade. This comes as the Social Security Trust Fund faces a 75-year deficit that if left unpaid, will be depleted within the next 10 years.

But the impending Social Security crisis isn't all to blame – Americans are also contending with high inflation, interest rates, and the resumption of student loan repayments, leaving many workers struggling to make ends meet. A 2023 study found that over 70 percent of American workers are living paycheck to paycheck.

And with the retirement system under immense strain, BlackRock CEO Larry Fink has a solution: raise the retirement age. The billionaire suggests that if Americans work for longer, increased access to investing and 401k plans can ultimately solve the problem.

That'll do it for your daily briefing. From the New York Stock Exchange, I'm Remy Blaire with TheStreet.