Category: News You Should Know

News You Should Know: Who Qualifies for the New Senior Tax Deduction?

Posted on by Kurt Sevits

Find Out If You Qualify for the New Senior Tax Break | Investopedia

The federal tax and spending bill known as the One Big Beautiful Bill Act introduced a new deduction for taxpayers who are 65 or older. The new $6,000 deduction applies to tax years 2025 through 2028 and phases out for higher earners.

Polis Proposes Cuts to Colorado PERA Payments | The Colorado Sun

As part of his proposal to balance the State budget for the next fiscal year, Governor Jared Polis is recommending a temporary 1% reduction in PERA contributions for employers in the State Division. The General Assembly will be responsible for passing a final budget when the 2026 legislative session gets underway in January.

Medicare Negotiates Lower Prices on 15 Popular Medications. Will It Save You Money? | CBS News

The federal government has added 15 more prescription medications to its list of drugs that Medicare enrollees will pay lower prices for. The new list includes popular diabetes/weight loss drugs Ozempic and Wegovy, as well as other widely used medications for a variety of conditions. The new, lower prices go into effect in 2027.

New Social Security Scam Uses ‘High Pressure’ Scare Tactics. What To Watch For. | CNBC

Officials are warning about a new scam that aims to pressure unsuspecting victims into providing personal information or money. The scammers have been sending official-looking emails claiming a person’s Social Security number is associated with fraud and warning the individual could face criminal charges.

News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.

News You Should Know: Drugmaker Suing Colorado Over Price Cap

Posted on by Morgan

Amgen Sues Colorado Prescription Drug Board Over Enbrel Price Cap | The Colorado Sun

The fight over Colorado’s first-ever price cap on a prescription drug continues. Amgen, the company that makes Enbrel, is suing over the Prescription Drug Affordability Review Board’s decision to put an upper limit on the price of the rheumatoid arthritis drug. The case is expected to go to court next year, while the price cap is set to go into effect in 2027.

IRS Direct File Won’t be Available Next Year. Here’s What That Means for Taxpayers | ABC News

Tax season will be here before you know it, but taxpayers hoping to save money by filing directly with the IRS this time around are out of luck. Direct File started out as a test program in 2024 and the federal government had planned to make it permanent, but the IRS now says the service will no longer be available.

Curious About Retirement Spending? Here’s What The Average Monthly Expenses Are For Retirees | Investopedia

When preparing for retirement, it’s important to estimate not just your income but also how much you’ll spend. According to the most recent government data, Americans ages 65 and older spend about $60,000 a year, on average. Housing is the biggest expense for that age group, followed by transportation, health care, and food.

CU Denver Program Helps Older Adults Find Purpose After Retirement | Denver7

Finding meaning after decades of working can be a challenge for many retirees. A relatively new adult education program at the University of Colorado Denver aims to help by providing pre-retirees and retirees with the opportunity to audit courses and connect with peers who are also seeking inspiration, meaning, and direction.

News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.

News You Should Know: The Importance of National Retirement Security Month

Posted on by Kurt Sevits

Why National Retirement Security Month Matters (Opinion) | The Daily Camera

Colorado PERA CEO/Executive Director Andrew Roth penned a guest column for the Daily Camera, explaining why National Retirement Security Month is important. Roth encourages everyone to discuss financial preparedness and take steps to boost their savings.

Why Tax Refunds Will Probably Be Bigger in 2026 | Money

Some taxpayers are set to receive larger refunds when they file their tax returns early next year due to the tax and spending bill known as the One Big Beautiful Bill Act. While some of the provisions of the bill don’t take effect until 2026, some key changes—such as an additional tax deduction of up to $6,000 for senior taxpayers—apply to tax year 2025.

Americans Are Living Longer, But Many Are Making a Costly Mistake About Old Age | CBS News

New research finds that while Americans are living longer, many of us are not well-prepared for a long retirement. In its new Longevity Preparedness Index, the MIT AgeLab gave especially low scores on factors related to care, such as preparing for long-term care needs and making sure health-related documents are in order.

Positive Views on Aging May Lead to Healthier, More Active Lifestyles, New Study Finds | Medical Xpress

A positive mindset can be a powerful thing, and new research shows a positive view of aging might just affect how well we age. Researchers from the University of Surrey found that older people with a more positive outlook on aging tend to engage more in behaviors that help us stay healthy as we get older, such as physical exercise.

News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.

News You Should Know: Colorado Sets First Price Cap on Prescription Drug

Posted on by Kurt Sevits

Colorado Becomes First State to Cap Prescription Drug Prices | Denver7

After a lengthy process, Colorado’s Prescription Drug Affordability Board has for the first time set a price cap on a prescription medication. The board declared Enbrel, an injectable drug for autoimmune diseases, unaffordable last year before deciding to institute the price cap.

What Government Shutdown Means for Medicare, Medicaid and Other Health Programs | NBC News

As of publishing time, the partial shutdown affecting the federal government is still in effect as Congress remains stalled in its efforts to reopen government agencies. While essential programs like Medicare and Medicaid are still operating through the shutdown, they’re largely working under contingency plans with limited staff and resources.

42% of Americans on Track for Retirement, per Vanguard | PLANADVISER

A new survey finds while more American workers have access to retirement plans through their employers, less than half are likely to enter retirement with enough money to support their lifestyles. The growth in access to retirement plans has heavily favored defined contribution plans like 401(k)s, with the percentage of workers who have access to a defined benefit pension plan dropping to 23%.

$2 Trillion Left in 401(k)s Shows You Can Forget Money | Investopedia

If you’ve held a variety of jobs in the private sector over the course of your career, you may have left behind some retirement savings without even realizing it. A recent report found there are nearly 32 million employer-sponsored retirement accounts like 401(k)s that are sitting untouched. Those accounts hold more than $2 trillion in total, or an average of $67,000 each.

News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.

News You Should Know: New Report Ranks Colorado on Financial Literacy

Posted on by Kurt Sevits

Financial Literacy by State: 2025 Rankings | Intuit

A new ranking puts Colorado in the middle of the pack when it comes to financial literacy among high schoolers. Intuit ranked states on factors such as required coursework, test scores, and youth employment rate, giving Colorado a score of 9.3 out of 18 possible points. It’s worth noting a new state law will require all Colorado high school students to take a financial literacy course in order to graduate.

Colorado is Teetering on the Edge of a Recession, Governor’s Planning, Budgeting Director Says | CBS Colorado

State lawmakers will have to deal with yet another budget shortfall during next year’s legislative session. The latest forecasts show the state will once again have to cut hundreds of millions of dollars in spending, driven largely by increases in Medicaid costs. Lawmakers will get their next quarterly update in December, and the legislative session begins in January.

Social Security payments, federal benefits go electronic Sept. 30 | CNBC

Say “goodbye” to paper checks from the federal government. If you receive Social Security benefits, you’ll now have to be signed up for direct deposit to receive your benefit payments. The shift away from paper checks is intended to cut down on fraud while also saving the government money. The change will also apply to tax refunds and other federal payments going forward.

You’re Retiring. Get Ready for These Tax Changes | Money

Retirement is more than just a change in employment—it also brings some important changes to your finances. Here are some important tax considerations to keep in mind if you’re approaching retirement and are expecting to draw from Social Security and other savings.

News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.

News You Should Know: Americans More Optimistic About Retirement, Survey Finds

Posted on by Kurt Sevits

Fewer People Think Retirement Will ‘Take a Miracle,’ Report Finds. But Inflation Worries Persist | CNBC

A recent survey found Americans are feeling more optimistic about retirement. The survey found that 21% of respondents felt like it would take “a miracle” to enjoy a secure retirement, down from more than 40% who said so in 2021. The survey also found generational differences in expected retirement age, with millennials planning to retire in their early 60s and baby boomers who are not yet retired expecting to work until 70.

They’re Back — Congress Returns, But Will We See Any Retirement Legislation? | National Association of Plan Advisors

Congressional lawmakers are back at work following the summer recess. There’s a long list of legislative issues to tackle, including federal spending. Here are some of the retirement-related issues that lawmakers might take up this session.

IRS Assesses $162 Million in Penalties over False Tax Credit Claims Tied to Social Media | Internal Revenue Service

Be careful where you get your tax advice—the IRS says it’s collected $162 million in penalties from thousands of people who fell for fraudulent tax return tips on social media. Officials say they’ve seen a significant increase in fraudsters posing as experts online and encouraging people to claim tax credits they’re not actually eligible for.

As Falling Deaths Rise for Older Adults, How Home Safety Can Make a Difference | Denver7

Taking a fall can be increasingly dangerous as we age, and government statistics show an increase in fatal falls in recent years. Many of those falls happen at home, and a little bit of preventive maintenance to remove potential hazards can go a long way in making a home safer for its aging residents.

News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.

News You Should Know: The Results of the Colorado Legislature’s Special Session

Posted on by Kurt Sevits

What the Colorado Legislature Did During its Special Session to Tackle a $750M Budget Hole | The Colorado Sun

State lawmakers recently concluded a special legislative session aimed at filling another sizeable hole in Colorado’s budget. In addition to some tax changes to address some of the budget shortfall, lawmakers tackled topics such as artificial intelligence and food assistance.

Proposed Social Security-Style Long-Term Care Benefit Gets High Marks | ThinkAdvisor

A bill under consideration in the U.S. Congress would establish a Social Security-style insurance fund to help cover the costs of long-term care. A recent analysis of the proposed legislation found it has the potential to significantly reduce the portion of retiree households that struggle with money.

The AI Skills Gap and Why 50+ Workers Are Uniquely Positioned to Bridge It | Next Avenue

Middle-aged workers worried about falling behind as artificial intelligence becomes more common in the workplace could be missing an opportunity to demonstrate their worth, some experts say. They argue older workers’ knowledge and experience—especially their experience with other transformational technology like the internet and email—actually give them an advantage over younger workers when it comes to working with AI because they know what questions to ask.

Retirees: Doing What You ‘Ought’ Beats Doing What You Want | Kiplinger

Many people look forward to the freedom of retirement, but that freedom can also feel like a let-down after a lifetime of productivity. Here are some tips for homing in on purpose and direction while still enjoying the leisure and flexibility of retirement.

News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.

News You Should Know: Colorado Releases 10-Year Plan on Aging

Posted on by Kurt Sevits

State Unveils 10-Year Plan to Address Colorado’s Growing Older Population | Denver7

The State of Colorado has released a strategic plan that aims to address the needs of older citizens over the next decade. The plan incorporates five goals to support the well-being of aging Coloradans, from improving access to health care and other services to boosting economic security.

Social Security Turns 90. Here’s What Could Happen to Future Benefits | CNBC

Ninety years ago this month, President Franklin D. Roosevelt signed the Social Security Act, creating the Social Security program that has become a vital source of income for many aging and disabled Americans. As the program hits a major milestone, there are multiple efforts underway to improve Social Security’s finances so it will remain secure going forward.

Trump Opens the Door for Private Equity and Crypto as 401(k) Options | AP News

President Trump signed an executive order that will allow employer-based retirement plans like 401(k)s to include private assets—such as private equity, cryptocurrency, or real estate—in their investment offerings. It’s not yet clear what those types of funds might look like, and experts say workers will want to carefully consider risks and costs associated with such assets.

Most Americans Know Having a Will is Important, Yet Less Than a Third Have One | Investopedia

A recent survey found the number of Americans who have created a will has declined, despite a majority of people understanding the importance of having one. Fewer than a quarter of people who responded to the Caring.com survey said they have a will, down from 33% in 2022.

News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.

News You Should Know: Colorado Facing Additional $1B in Budget Cuts

Posted on by Kurt Sevits

Colorado Lawmakers Must Cut $1 Billion from State’s Current Budget Because of GOP Federal Tax and Spending Bill | The Colorado Sun

The State of Colorado is once again facing the prospect of having to cut about $1 billion from the state budget. Lawmakers had to make a number of spending cuts during the annual budget-setting process, and now they’re looking at additional cuts due to reductions in federal spending. Gov. Jared Polis has called a special legislative session beginning Aug. 21 to tackle the issue.

Federal Reserve Leaves Key Interest Rate Unchanged for Fifth Straight Meeting | Fox Business

The Federal Reserve has again opted to keep interest rates steady for now. Despite pressure from President Trump to lower rates, the central bank said the economy remains on solid footing and therefore changes in its key rate are not necessary at this time. The Fed’s next meeting to discuss interest rates will be in September.

New Rules for How Much You Can Deduct in Charitable Contributions | CNN Business

Taxpayers who take the standard deduction were allowed to deduct a portion of charitable donations from their taxes during a temporary pandemic-era policy that has since expired. That deduction is returning in 2026, with taxpayers being allowed to deduct up to $1,000 ($2,000 for joint filers) in cash donations.

News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.

News You Should Know: How the New $6K Deduction for Seniors Works

Posted on by Morgan

What to Know About the New $6,000 Tax Deduction | AARP

The recently passed tax and spending bill known as the One Big Beautiful Bill Act includes a new tax deduction for older Americans. The deduction—up to $6,000 per eligible taxpayer—applies to taxpayers who are 65 or older with a modified adjusted gross income of less than $175,000 ($250,000 for married couples filing jointly). The deduction takes effect for the 2025 tax year and is set to expire after the 2028 tax year.

Colorado Health Insurers Propose Huge Price Increases for 2026 | The Colorado Sun

Insurance carriers are asking the state to approve significant increases in plan premiums for people who buy health insurance on the individual marketplace. On average, insurers are proposing a 28.4% increase for 2026, but that percentage is even higher in more rural parts of the state. PERA staff are still working with carriers to finalize details for PERACare plans and we expect to have 2026 premium information available by October 1.

GENIUS Act: Trump Signs Stablecoin Bill He Championed | Axios

President Donald Trump signed into law a landmark cryptocurrency bill that establishes a regulatory framework for stablecoins, which are a type of digital currency that’s tied to relatively stable assets like the U.S. dollar. Critics have argued the bill doesn’t include enough guardrails or consumer protections, while proponents say the new regulations will pave the way for cheaper, more efficient ways to move money.

Why Gen Z Believes Side Hustles Are Key to a Secure Retirement | Investopedia

Research has shown that younger generations are thinking seriously about retirement and taking action to boost their finances. Not only are members of Gen Z saving for retirement earlier than older generations, but many of them are picking up extra work. A recent survey found over half Gen Z workers have a so-called “side hustle” that helps them pay down debt, save for retirement, and meet other money goals.

News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.