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.