Social Security

“Americans are relying on Social Security more than ever during this pandemic,” House Ways and Means Social Security subcommittee chairman John B. Larson wrote.

Trump’s order defers the payment deadline to the end of the year, though Treasury Secretary Steven Mnuchin has said company participation is optional.

The president has deferred payroll taxes that fund the program, and says he would eliminate them if elected to a second term.

New regulations have altered advice for Social Security, Roth conversions, tax code, estate planning and much more. Financial plans must be crafted with enough flexibility to change with the times.

From regulations to taxes, big changes could be in the offing.

The president said his action authorizes the U.S. Treasury to allow companies to defer — not suspend — payroll taxes for Americans making less than $100,000 a year from Sept. 1 through Dec. 31.

The program faces big challenges, including the coronavirus pandemic which could deplete the program’s $3-trillion trust fund as early as 2028.

A federal court decision that could be subject to appeal secured Social Security benefits for certain same-sex marriages that hadn't previously been eligible.

The new relief plan has something for many taxpayers, including retirees and the recently unemployed.

With many clients already home from work because of the pandemic, advisors are being asked why not now? For most, even the wealthy, the answer is clear.

Plunging oil prices have all but ruled out the possibility, according to a new report.

Nearly 72% of Americans opted to stay the course and stick to their investment plan during the crisis, a survey found.

Finding the revenue to make up for the shortfall remains a “manageable exercise,” regardless of the as-yet unknown impact of the coronavirus, a Boston College economist says.

The rule change is designed to have an impact in the fight against COVID-19 and applies only to donations made to charitable organizations, an expert says.

“Concerns over the program's ability to pay promised benefits have been around for a long while, but they're heightened,” an expert says.

People born in 1960 could see a permanent cut in their benefits without action by policymakers, an expert warns.

Recipients of Social Security benefits, as well as railroad retirement and veterans benefits recipients, will need to act fast.

For one, clients will owe taxes still on the distributions, unless they recontribute the money into the account within three years.

“Traditionally, 401(k)s generally have some really good investment options that you wouldn’t be able to do on your own,” an expert says.

Retirees will end up locking in substantial losses if they decide to cash out their investments during a bear market to generate income.