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

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.

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