Social Security

Threats to the program are multiplying and the coronavirus pandemic is accelerating a reckoning, according to a new analysis.

“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.