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

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.

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