Category: News You Should Know

News You Should Know: Colorado Lawmakers Finalizing State Budget

Posted on by Kurt Sevits

Lawmakers Finish Drafting Colorado’s Budget with Final Round of Major Cuts to Address Roughly $1.5 Billion Shortfall | The Colorado Sun

State lawmakers are working on finalizing the fiscal year 2026-2027 budget after months of work to identify approximately $1.5 billion in spending cuts. Medicaid costs account for a large portion of state spending and were also a major focus of budget cuts. Once the Legislature approves a budget, it will go to Governor Jared Polis for action.

The Hazards of Mandating Social Security for the Public Sector (PDF) | Coalition to Preserve Retirement Security

Like many public employees across the country, most PERA members do not participate in Social Security for their retirement or survivor and disability benefits. There are sometimes calls to mandate Social Security for all public employees, but a new report highlights the significant added costs and other issues that could arise from requiring participation.

What’s the Real Retirement Age in America? Here are 4 Guesses | USA Today

When do American workers actually retire? It can vary widely based on personal circumstances, but according to some research, the average retirement age has been inching upward over the past several decades.

Financial Literacy Quiz: How Much Do You Know About Money? | NerdWallet

April is Financial Literacy Month, which provides a great opportunity to test your own knowledge about money. This quiz from NerdWallet covers the basics on topics such as taxes, saving, and debt.

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

News You Should Know: 39 States Now Require Personal Finance Education

Posted on by Kurt Sevits

More States Require Personal Finance Courses as Financial Literacy Lags | Planadviser

There’s been a trend in recent years of states passing legislation requiring personal finance education for high school graduation. As of the end of 2025, 39 states—including Colorado—now have a statewide financial literacy requirement in place.

401(k) Hardship Withdrawals Hit Record High — But Investments Still Up | Axios

The number of American workers requesting hardship withdrawals from their 401(k) accounts hit a new high last year, according to a report from Vanguard. The increase in withdrawals could be due to increased financial pressure as well as legislation that made it easier to withdraw money. At the same time, a separate report found account balances were up in 2025.

Trump Accounts: A Primer for Parents | Center for Retirement Research

Beginning later this year, parents will be able to open so-called “Trump accounts” to jumpstart their children’s savings. The accounts come with a $1,000 starting contribution, and like other savings accounts, they also come with a number of rules and regulations around who can open an account, who can contribute and how much, and when distributions are allowed.

The Unappreciated and Underused Saver’s Credit | American Society of Pension Professionals & Actuaries

Many workers are unaware of the Saver’s Credit, which allows eligible individuals to receive a tax credit for a portion of their contributions to an employer-sponsored retirement plan. The maximum credit is $1,000 for individuals ($2,000 for married couples filing jointly) and workers must meet income requirements in order to claim the credit.

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

News You Should Know: Study Challenges Beliefs About Healthy Aging

Posted on by Kurt Sevits

New Study Challenges the Most Popular Myth About Aging | Newsweek

It’s a commonly held belief that declines in physical and mental abilities are a natural part of aging, but new research is challenging that notion. According to researchers at Yale University, improving with age is common and mindset may have a lot to do with it.

Impact of State Budget Cuts Gets Real as Lawmakers Start Trimming Medicaid Programs | CPR News

Medicaid spending is on the chopping block as legislators work to cut hundreds of millions of dollars from the State budget. The Joint Budget Committee is recommending cuts to caregiver hours and some services, since Medicaid is a large and growing portion of the budget. The full legislature will have to approve any cuts to Medicaid or other services.

Tax Scams Are on the Rise. Here’s What to Know. | The Associated Press

The Internal Revenue Service says it’s seen an increase in scam activity this tax season. The scammers often use threatening phone calls, emails, and text messages to trick people into providing personal information. Officials say scammers are also increasingly using artificial intelligence to try to fool their victims.

15 States with Most, 5 States with Least Retirement Savings | 401k Specialist

Colorado is doing better than a lot of other states when it comes to setting aside money for retirement. According to a new ranking from SmartAsset, Colorado tied with California and Ohio for 10th place overall, with median savings of $100,000 in tax-deferred accounts like 401(k)s. The analysis didn’t include defined benefit plans or Social Security benefits.

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

News You Should Know: How New Retirement Accounts With Federal Match Would Work

Posted on by Kurt Sevits

How Relief for the 40 Million Americans Without a Retirement Account Could Work | Business Insider

President Trump announced a plan to provide retirement savings accounts for Americans who don’t have access to a retirement plan through work. The accounts are expected to function similarly to the Thrift Savings Plan available to federal government workers.

Average IRS Tax Refund is Up 10.2%, Based on Early Filing Data | CNBC

Tax season is well underway with millions of Americans already filing their annual tax returns. Many taxpayers are receiving larger refunds this year, according to the IRS, with the average refund coming out to $3,804 for individual filers.

As the US Population Ages, More Employees are Seeking Caregiver Benefits at Work | The Associated Press

Caring for an aging parent or other family member is a challenge many American workers face, and it’s starting to influence workplace benefits. Some employers are starting to offer paid time off for caregiving, allowing employees to handle family responsibilities without having to use other types of leave or take unpaid absences.

5 Retirement Myths to Leave Behind (and How to Start Planning for the Reality) | Kiplinger

If you’re nearing retirement, you may be starting to envision what your life—and your expenses—will look like after you stop working full-time. A professional financial adviser shares some common misconceptions about retirement-related topics such as taxes and budgeting.

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

News You Should Know: Retirement Plans Out of Reach for Many Workers

Posted on by Kurt Sevits

The Typical U.S. Worker Has $955 Saved for Retirement, Report Finds | CBS News

A new report from the National Institute on Retirement Security (NIRS) found that many American workers still lack access to retirement plans at work, hindering their ability to save for retirement. The median savings for all workers is just $955, according to NIRS.

Congress Extends Medicare Telehealth Coverage For Two Years | Forbes

President Trump signed into law a bill that temporarily extends telehealth coverage for retirees enrolled in traditional Medicare. The bill extends virtual care coverage through the end of 2027. All of PERACare’s Medicare Advantage plans include virtual visits at no additional cost.

Elon Musk Says Stop Saving for Retirement: Experts Call It ‘Nonsense’ | TheStreet

Billionaire Elon Musk recently declared that saving for retirement will one day be obsolete. While discussing the topic on a podcast, Musk predicted AI and robotics will usher in an age of prosperity that will eliminate the need to set aside money for the future. But retirement experts say not so fast—saving and planning for retirement are more important than ever, and Musk’s vision of the future is anything but certain.

Geriatricians Share Signs Of Good Aging | HuffPost Life

Everyone has their own definition of what it means to age well, but doctors say there are a few key factors that can help ensure we stay happy and healthy as we get older. Here are some signs that you’re setting yourself up for success in your older years.

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

News You Should Know: Which States are Best for Retirement?

Posted on by Kurt Sevits

Best States to Retire in 2026 | WalletHub

Personal finance website WalletHub released its annual list of best states for retirees and Colorado made the top five. The number-one spot went to our neighbors to the north in Wyoming. Colorado came in at number four, earning high scores on factors related to health care, such as number of medical facilities and availability of services for older residents.

Colorado Now Has 6 Million People, Even Amid Slowing Population Growth | The Colorado Sun

The Centennial State’s population continues to grow, albeit significantly slower than in recent years. According to the latest data from the State Demography Office, Colorado’s population grew at a rate of 0.4% in 2025, pushing the state’s population above 6 million for the first time.

Retirement Realities: The Experience of Retirees | Transamerica Institute

A new report from the Transamerica Center for Retirement Studies and Transamerica Institute includes survey responses from American retirees on their retirement experiences and perspectives. Among the key findings: 66% of retirees say their standard of living has remained the same in retirement, 47% plan to rely on their relatives and friends for long-term needs, and 69% wish they had saved more money for retirement consistently.

Retirement Savings ‘Lost and Found’ Helps Locate Old 401(k)s, Pensions | CNBC

Since the U.S. Department of Labor launched its online lost-and-found database for retirement plans, tens of thousands of people have logged on and found information on an old plan. The agency said more than 69,000 people found an old 401(k), pension, or other plan last year. Right now, the database is limited to data for people who are 65 or older.

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

News You Should Know: Colorado Lawmakers Facing $850 Million Budget Gap

Posted on by Kurt Sevits

Colorado Lawmakers Return to Capitol Facing $850 Million Mountain of Tough Budget Decisions | The Colorado Sun

The State budget is once again front and center as the 2026 legislative session gets underway. Lawmakers are facing the prospect of cutting approximately $850 million in spending to pass a balanced budget for the next fiscal year, which begins July 1.

When Does the IRS Start Accepting Tax Returns? Jan. 26 | CNBC

Tax season is nearly upon us—the Internal Revenue Service announced it will begin accepting individual tax returns on January 26. Some taxpayers could see bigger refunds this year due to various changes included in President Trump’s One Big Beautiful Bill Act. The deadline to file is April 15 for most taxpayers.

5 Obscure Retirement Terms You Should Know | AARP

How well do you know retirement terminology? Take this short quiz from AARP to test your knowledge and learn about important topics like required minimum distributions and longevity risk.

Why Young Retirement Savers Are Beating Older Generations | National Association of Plan Advisors

A new survey found younger generations seem to be heeding advice to save money for retirement early in their careers. Compared to Generation X and Baby Boomers, Generation Z and Millennials are contributing to workplace retirement plans earlier, monitoring their progress, and planning for market volatility, according to the survey from Nationwide Retirement.

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

News You Should Know: Tips for Making Financial Resolutions That Stick

Posted on by Kurt Sevits

If You Have a Money Resolution for 2026, Start Here, Experts Say | PBS News

It’s that time when many people make—and very quickly break—self-improvement goals for the new year. If your resolutions are more financial in nature, like buying a home or paying down debt, here are some tips for making and achieving realistic goals.

US Stocks Just Posted a Third Straight Year of Stellar Gains | CNN Business

2025 was another great year in the financial markets. The U.S. stock market ended with its third straight year of double-digit gains, with the S&P increasing more than 16% for the year. Colorado PERA won’t have complete and audited financial results for the Defined Benefit Plan portfolio until the release of the Annual Comprehensive Financial Report in June.

Missing RMDs Cost Investors $1.7B in Penalties, per Vanguard | PLANADVISER

If you have money in a defined contribution retirement account like a 401(k) or IRA, you’re hopefully aware that you’re required to withdraw a minimum amount from your accounts each year once you reach a certain age. According to a recent report from Vanguard, many account holders fail to do so, racking up hefty tax penalties.

Colorado Scientists Say the Drug Leukine Halts Brain Cell Loss in Patients with Alzheimer’s and Could Improve Cognition | CPR News

Scientists in Colorado have published some promising new research on treating Alzheimer’s disease. A team found the drug Leukine, which can be used during cancer treatment, shows promise in reducing cell death in the brain associated with Alzheimer’s. The drug is not yet approved for treatment of Alzheimer’s and scientists said further research will help determine whether the drug can reduce or even reverse cognitive decline.  

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

News You Should Know: Senate Committee Holds Hearing on Retirement Savings

Posted on by Kurt Sevits

Senate HELP Hearing Spotlights Social Security Reforms, Early Career Savings  | PLANSPONSOR

The Senate Committee on Health, Education, Labor and Pensions recently held a hearing to discuss the current and future states of American workers’ retirement savings. The hearing covered topics such as Social Security, automatic savings, and long-term care, as well as potential legislative solutions.

Trump Signals Interest in Australia’s Retirement System: Here’s How The US Is Different | Investopedia

President Trump has expressed admiration for Australia’s retirement savings system and suggested the United States could learn a few things from the land down under. Australia’s retirement system is one of the largest in the world and is notable for its reliance on employer-funded benefits that reduce savings pressure on individual employees.

Social Security Administration to Cut Office Visits in Half. What It Means for You. | AP News

The Social Security Administration, which has eliminated thousands of staff positions and moved more services online, is aiming to reduce visits to its local field offices next year. The agency set a target of no more than 15 million in-person visits for 2026, which is about a 50% reduction from the more than 31 million who visited field offices this year.

What Economists Predict for Retirees Over the Next 10 Years | Money

What do 2026 and the years beyond have in store for retirees’ finances? It’s hard to say with certainty, but economists can offer up some predictions on factors like inflation and interest rates that are likely to have an impact on personal finance in the coming years.

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

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.