Category: News You Should Know

News You Should Know: Congress Extends Telehealth Rules for Medicare

Posted on by Kurt Sevits

Congress Extends Medicare Telehealth Flexibilities for 6 Months | Healthcare Dive

Lawmakers in Congress passed a temporary extension for rules allowing more flexibility in telehealth coverage under traditional Medicare. The pandemic-era rules, which allow more people to receive care at home, now apply through the end of September. PERACare’s Medicare Advantage plans offer virtual doctor visits with no copay.

How to Teach Your Child About Financial Literacy | Knowledge at Wharton

April is national financial literacy month, and a surprisingly large share of American adults struggle to correctly answer basic questions about personal finance. It can help to start young, and in this article, a co-creator of the “big three” financial literacy test offers tips for teaching children about money.

The Rule of 1,000 Hours in Retirement | Kiplinger

How much free time will you have in retirement? Not all time is equal, and experts say when you subtract low-effort leisure activities like watching TV or casually socializing, most people only have about 1,000 hours left each year (or just a few hours a day) for hobbies, travel, and other enjoyable activities. How you spend your time in retirement is just as important as how you spend your money, so here are some tips for making good use of those 1,000 hours.

As a $72 trillion ‘Great Wealth Transfer’ is Set to Begin, Here are 4 Estate-Planning Rules to Follow | MarketWatch

In the coming years, older generations are expected to pass down trillions of dollars to their children and grandchildren in a societal shift known as the “great wealth transfer.” Experts say planning is key to making sure that transfer goes well—and some simple steps now can help your loved ones avoid confusion down the road.

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

News You Should Know: State Lawmakers Introduce $43.9B Budget Proposal

Posted on by Kurt Sevits

$43.9 Billion Budget Bill Introduced in Colorado Senate | Colorado Politics

State lawmakers have been working to build out the budget for the next fiscal year while trying to fill a $1.2 billion funding hole, and they released their proposal this week. In total, the budget calls for $43.9 billion in spending with dozens of accompanying bills that cut or transfer funds to fill the budget shortfall.

Enbrel Maker’s Effort to Stop Colorado from Capping Drug Price Dismissed | The Colorado Sun

The Legislature created the Colorado Prescription Drug Affordability Board in 2021 with the goal of reviewing the affordability of prescription drugs and capping the prices of medications deemed to be too unaffordable. Drugmaker Amgen filed a lawsuit trying to prevent the Board from capping the price of its autoimmune drug Enbrel, but a judge dismissed the suit.

Social Security Officials Partially Walk Back Plans for In-Person Verification | NPR

After previously announcing that some Social Security beneficiaries would need to verify their identities in-person at a Social Security office, the Social Security Administration is updating its policy and moving its deadline. The agency now says the in-person requirement will only apply to people who are trying to access retirement, survivor, or auxiliary benefits and who are unable to verify their identity online.

The SEC Holds its First Cryptocurrency Roundtable | Marketplace

The Securities and Exchange Commission (SEC), which enforces regulations in financial markets, held its first roundtable meeting on cryptocurrencies last month. The question at the center of the agency’s discussion is whether the SEC should regulate cryptocurrencies the same way it regulates stocks and bonds.

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

News You Should Know: Latest Forecasts Add Uncertainty to State Budget

Posted on by Kurt Sevits

Recession Risk Grows, Adding Uncertainty to Colorado Budget Crunch | The Colorado Sun

There’s still a lot of uncertainty as the deadline approaches for the Legislature to release its budget plan for the next fiscal year. State economists say that while Colorado’s economy is growing, unemployment is rising and spending and economic growth are slowing. At the same time, lawmakers are trying to find ways to cut over $1 billion from the state budget.

Americans Lost $5.7 Billion to Investment Scams in 2024, FTC Says. Here’s How to Protect Yourself | CNBC

Investment scams are on the rise—the latest data from the Federal Trade Commission show Americans lost $5.7 billion to investment scams in 2024, up 24% from the year before. Officials say scamming operations have become more sophisticated, and criminals stole an average of more than $9,000 from victims last year. Here are some tips for spotting and avoiding potential scams.

The IRS Has Issued a Whopping $145 Billion in Tax Refunds so Far | CNET

Tax season is well underway, and the Internal Revenue Service (IRS) reports its tax return processing is mostly on par with last year, so far. The IRS says it has processed more than 60 million returns since tax season began and issued more than 43 million refunds, with an average refund of more than $3,300.

What to Know About Trump’s ‘Crypto Strategic Reserve’ Plan | NPR

President Donald Trump announced his intent to create a strategic reserve of cryptocurrency similar to the U.S. stockpile of gold. While there are still many questions about how a cryptocurrency reserve might work, the U.S. government already holds billions of dollars in bitcoin seized from criminal cases.

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

News You Should Know: Will IRS Staff Reductions Affect Tax Filing Season?

Posted on by Kurt Sevits

Will the Expected IRS Staff Cuts Delay my 2025 Tax Refund? | CBS News

The federal government’s downsizing efforts have extended to the Internal Revenue Service, where thousands of positions are expected to be cut in the middle of the busy tax season. While most taxpayers likely won’t encounter any trouble with their returns, there may be delays for anyone who needs to reach out to the IRS for customer service.

The Unsung Economic Engine: Retiree Pension Spending | Forbes

An annual analysis from the National Institute on Retirement Security highlights the significant contributions retirees make to local and national economies. Their pension spending results in $1.5 trillion in economic output and supports 7.1 million jobs nationwide, according to NIRS. On a more local level, PERA paid $4.55 billion in benefits to more than 114,000 retirees who lived in Colorado 2023, resulting in $7.1 billion in economic output and supporting more than 28,000 jobs.

401(k) Millionaire Ranks Up 27% in 2024, Says Fidelity | 401k Specialist

Retirement plan recordkeeper Fidelity says its data show a significant increase in the number of people with over a million dollars saved for retirement last year. The company noted a 27% increase in 401(k) “millionaires” over the course of 2024, most of them members of the Baby Boom generation and Generation X. On average, they’ve been saving for 26 years and contribute 17% of their income to their retirement accounts, according to Fidelity.

More Older Adults Living Disability-Free Lives, and That’s ‘Extremely Encouraging,’ Researcher Says | McKnight’s Senior Living

We know people tend to live longer than they did generations ago, and new research sheds some light on the quality of that extended lifespan. A recent analysis finds that the percentage of older Americans who say they’re living without a disability has increased in recent years—reaching 65% in 2017.

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

News You Should Know: Bill Would Require Financial Literacy Course for Colorado Students

Posted on by Kurt Sevits

Bill Would Require Colorado Students Take One Semester of Financial Literacy to Graduate | Colorado Public Radio

State lawmakers are considering a bill that would require financial education for high school students. Currently, only about a quarter of the state’s school districts require personal finance education. This bill would expand that to all districts in the state, with students being required to complete one semester of financial literacy in order to graduate.

Lawmaker Pressures Officials to Fast Track Social Security Payments | Newsweek

After the Social Security Administration (SSA) said it could take a year or more to implement the Social Security Fairness Act, at least one member of Congress is urging officials to find ways to speed up the process. Rep. Clay Higgins (R-LA) sent a letter to the acting SSA commissioner calling the current timeline “unacceptable.” The agency says it is dealing with a shortage of staff and funding as it works to implement the new law.

Colorado Tax Return Delay: State to Begin Processing Individual Returns | The Denver Post

The Colorado Department of Revenue says it will begin processing tax returns this week following a delay. A spokesperson said the department had to delay accepting returns in order to implement a number of significant changes to tax law.

Fed Chair Powell Says Central Bank Doesn’t ‘Need to be in a Hurry’ to Lower Interest Rates Further | CNBC

In testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell told lawmakers the economy and job market are doing well and inflation remains above the Fed’s target of 2%. Because of those factors, he said he’s not in any hurry to lower interest rates further, as doing so too quickly could send inflation rising again.

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

News You Should Know: Trump Moves to Establish U.S. Sovereign Wealth Fund

Posted on by Kurt Sevits

What is a Sovereign Wealth Fund and Why is Trump Creating One Now? | The Guardian

President Donald Trump signed an executive order directing the Treasury and Commerce Departments to create a sovereign wealth fund. Common in oil-rich countries like Norway and Saudia Arabia, sovereign wealth funds often serve as a national pool into which countries can invest surplus funds for the greater good.

Survey Finds Support for Raising Taxes for Social Security | AARP

The country may be sharply divided politically, but Americans can agree on the value of Social Security. In a new survey from AARP and the National Academy of Social Insurance, 85% of respondents said Social Security benefits should be maintained or increased, even if that means paying higher taxes. That support is consistent across party lines, with strong majorities of Republicans, Democrats, and independents all supporting increasing revenue.

Personal Finance Classes are the New Hotness on Campus | Fortune

In school districts around the country, there’s a growing emphasis on the importance of teaching financial literacy, and that trend continues into college. In fact, students are so eager to sign up for personal finance classes that some colleges and universities have waitlists for those courses.

Public Health Worker Shortage Could Mean Challenges For Long-Term Care Providers | McKnights Senior Living

A new report from the U.S. Government Accountability Office found there’s a significant gap between the number of public health workers needed around the country and actual staffing levels. The report said public health emergencies such as the COVID-19 pandemic exacerbated the issue, but the Department of Health and Human Services has taken some steps to address the shortage.

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

News You Should Know: What a New Administration, Congress Mean for Older Americans

Posted on by Kurt Sevits

New Congress, New President: Now What for Older Americans?

A new Congress and a new presidential administration are underway, bringing with them the potential for a slew of potential policy changes at the federal level. Here’s a look at some of what we can expect on topics such as Social Security and Medicare.

IRS Announces Jan. 27 Start to 2025 Tax Filing Season | Internal Revenue Service

Ready or not, tax season is upon us. The Internal Revenue Service says it will begin accepting tax returns on Monday, Jan. 27. The IRS also announced its Direct File pilot program has been expanded to include more states (though taxpayers in Colorado are not yet eligible to participate). PERA retirees can access tax forms in their secure member account and paper forms will be mailed at the end of January.

Prices for Top Medicare Part D Drugs Have Nearly Doubled Since Entering the Market | AARP

A new analysis by AARP found that prices for the prescription medications that account for the most spending in Medicare Part D have risen by an average of 98 percent since entering the market. Note that PERACare plans protect against drug price increases by offering no deductibles for prescriptions, flat copays, and a cap on out-of-pocket costs.

More SECURE 2.0 Retirement Enhancements Kick in This Year | Kiplinger

Congress passed the large package of retirement-related provisions known as the SECURE Act 2.0 several years ago, but many aspects of the bill are still going into effect. This year, changes taking effect include automatic enrollment in 401(k) and 403(b) plans, expanded access for part-time workers, and a retirement savings lost and found.

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

News You Should Know: The 2024 Stock Market by the Numbers

Posted on by Kurt Sevits

How the Stock Market Defied Expectations in 2024, by the Numbers | PBS News

2024 was a great year for the stock market. The S&P 500, for example, notched dozens of all-time records as stocks soared throughout the year. Here are more notable numbers from the market’s performance. Note that PERA’s 2024 investment performance data won’t be available until the Annual Comprehensive Financial Report is released in June.

Understanding the Fed’s Rate Decisions: Do We Want High or Low Interest Rates​? | Yahoo Finance

The past several years have been notable for the Federal Reserve’s interest rate moves—the Fed began raising its key interest rate in 2022 and it remained high through much of 2024 before the Fed began lowering the rate in September. It’s not always easy to understand the implications of these decisions, so here are some pros and cons of high and low interest rates for various financial situations.

Here’s How to Maximize Your 401(k) Plan for 2025 with Higher Limits, Bigger Catch-Up Contributions | CNBC

If you’re saving additional money for retirement in a PERAPlus 401(k) or 457 Plan, you have the opportunity to boost your savings even more this year. The amount of money you can contribute to those plans is going up in 2025, and there’s also a new, higher catch-up contribution limit for workers who are getting closer to retirement.

How To Make Financial Resolutions You Can Actually Stick To In 2025 | Investopedia

It’s that time of year when many of us are setting intentions and resolutions for the new year. If you’re making money goals, here are some tips for making sure they’re realistic and achievable so you’re set up for success.

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

News You Should Know: How Will Colorado’s Economy Fare in 2025?

Posted on by Kurt Sevits

Colorado Experts Predict What the Economy Will Look Like in 2025 | The Colorado Sun

Every year, local experts have the difficult task of taking stock of the state economy and predicting what a new year will bring. For 2025, experts say the state’s population continues to grow, albeit slower than in years past. And that slower growth rate could have a ripple effect on the job market as employers struggle to find enough employees to fill open positions.

IRS Urges Many Retirees to Make Required Withdrawals by Year-End Deadline | Internal Revenue Service

If you’re retired and you have savings in a defined contribution plan like a 401(k), 457, or IRA, you’re likely required to make minimum required distributions (RMDs) by the end of each year. The IRS sent out a notice reminding retirees of the deadline and new rules enacted under the SECURE 2.0 Act.

Quiz: Test Your Financial Literacy | Kiplinger

How would you rate your financial literacy? Believe it or not, three simple questions can help you gauge your literacy. If you can correctly answer all three multiple-choice questions, you’re doing better than over half of all Americans.

Baby Boomers Are Aging, and Most Want to Stay at Home Forever | USA Today

A recently released survey from AARP finds that an overwhelming majority of Americans say they want to stay in their homes and their local communities while they age, but many are unsure they’ll be able to do so. Half of the survey’s respondents said they were not confident their current living situation will meet their needs in the future, and over half of that group said they expect to move.

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

News You Should Know: WEP/GPO Bill’s Fate Uncertain in Final Days of Congress

Posted on by Kurt Sevits

Social Security Reform Bill Awaits Senate Vote Amid Uncertainty | The Hill

The Social Security Fairness Act, a federal bill that would repeal Social Security’s Windfall Elimination Provision and Government Pension Offset, passed the U.S. House in November. The bill is now awaiting action in the Senate, where its fate is increasingly uncertain with just days left for lawmakers to pass legislation before a new Congress begins.

Lost Track Of Your Old 401(k) Accounts? A New Service Could Help Recover The Money | Investopedia

The U.S. Department of Labor is getting ready to launch a database to help workers find old retirement accounts. The so-called retirement savings lost and found aims to make sure workers can find and access their 401(k) savings when they switch jobs rather than leaving that money behind. The database should be up and running by the end of the year.

Retirement Saving and Spending Can Be Complicated. Here’s What Psychology Says | Fast Company

When making the transition from regular, full-time work into retirement, many people find themselves struggling to move from a saving mindset to a spending mindset. While every person’s situation is different, principles of psychology can help explain why that transition can be so difficult.

Five Ways to Maximize Your End-of-Year Philanthropy | Kiplinger

The end of the year is a popular time to give money to various causes. If you’re thinking of giving this holiday season, here are some things to keep in mind to ensure your donation makes an impact.

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