Core Insights - The Social Security Administration projects that its OASI Trust Fund will become insolvent by 2032 [1] - Social Security reform is deemed inevitable, with potential measures including benefit cuts, freezing or slowing cost-of-living adjustments, means-testing recipients, and raising the retirement age from 67 to 69 [2] - Workers are advised to revise their retirement strategies, considering that Social Security may only serve as a small supplement rather than the foundation for retirement [3] Financial Strategies - It is recommended to save a larger nest egg for retirement, especially for individuals under 40, who should plan for Social Security as a minor supplement [3] - Reducing structural costs is crucial; strategies include paying off mortgages, downsizing homes, and eliminating other debts to create financial flexibility in retirement [4] - Maximizing contributions to Roth accounts is advised, as they allow for tax-free growth and withdrawals, protecting against future tax rate increases [5] - Converting traditional IRA funds to Roth accounts while tax brackets remain low is suggested to lock in current tax rates and shield from means-testing [6] - Preparing to work later in life is essential, as future Social Security reforms may necessitate longer working years than initially planned [7]

Social Security Reform - Uruguay's new government anticipates that upcoming social security reform will likely necessitate increased expenditure [1] - The increased spending aims to address child poverty, which is five times higher than poverty among the elderly [1] Government Policy - Hugo Bai, the head of President Orsi's policy commission, made the statement regarding the expected social security reform and its focus on child poverty [1]