The Social Security Administration now projects insolvency for its OASI Trust Fund by late 2032, after spending has accelerated under the One, Big Beautiful Bill Act. That means something will have to give over the next seven years. The government could trim benefits, raise the retirement age for benefits, raise taxes — or likely a combination of all three. Trending Now: Social Security’s Biggest Lie — Why ‘Full Retirement Age’ Isn’t What You Think Consider This: 6 Popular SUVs That Aren't Worth the Cost ...

SmartAsset and Yahoo Finance LLC may earn commission or revenue through links in the content below. Converting retirement funds from a 401(k) into a Roth IRA offers the opportunity for tax-free growth and tax-free withdrawals in retirement, while also avoiding Required Minimum Distribution (RMD) rules. However, Roth conversion requires paying a significant tax bill up front. Often, this initial tax bill can be partially mitigated by gradually converting the 401(k) over time to keep yourself in lower tax ...