A digest of timely information and insight about finance, investing, and retirement.

7 of your most burning questions on Social Security (with answers)| The New York Times

People have lots of questions about Social Security. That’s not surprising. No government program is more important to so many Americans, as it is the largest retirement income source for a majority of older households. The New York Times responds to some of the most frequent questions submitted by readers, such as: Will it still be around when I retire? How does the spousal benefit work?

Coloradans support state-operated retirement savings plan for private workers, poll says | Denver Post

More than two-thirds of Colorado voters support the state creating a retirement savings plan for private-sector employees whose employers do not offer one, according to a survey commissioned by a political group that pushes progressive legislation at statehouses across the nation. The results come after Gov. Jared Polis appointed eight people to a study group created by the General Assembly to consider how Colorado could join a small but growing number of states that are establishing these types of programs. Sixty-nine percent of registered voters surveyed were in favor of creating a plan.

New state programs, like California’s, make it easier for workers to save for retirement| CNBC

CalSavers, California’s automatic individual retirement account plan, which officially started in July, offers employees of small businesses and other companies that do not offer a retirement plan the opportunity to save through the state program. California now requires employers with five or more employees to either join CalSavers or begin offering their own retirement plan. That will give an estimated 7.5 million California workers a retirement savings plan option. About 55 million Americans nationwide do not have access to a workplace retirement plan today.

Nine charts about the future of retirement| Urban Institute

Social Security cuts, shrinking employer-sponsored pensions, low savings rates, and longer life spans have raised fears of a looming retirement crisis. But other trends point to better retirement outcomes, such as women’s increased employment and earnings, longer working lives, and economic growth that raises wages. The Urban Institute provides some answers using the best, most recent data available to help sort out how the profound social, economic, and demographic shifts that are transforming retirement will shape older adults’ future financial security.

Oregon government employees sue to overturn new state pension law | Oregon Statesman-Journal

Nine Oregon public employees have sued the state, saying their pension benefits are unfairly reduced by a new law. The lawsuit, filed in the Oregon Supreme Court, contests Senate Bill 1049, which the Oregon Legislature passed and Gov. Kate Brown signed into law this year. The lawsuit says that the legislation amounts to a breach of contract and illegal taking because it reduces the amount of retirement benefits for the employees. SB 1049 was passed by Oregon lawmakers in a bid to rein in the state’s unfunded $27 billion pension liability tied to the Public Employees Retirement System. Policymakers have long grappled with how to keep the costs of the pensions of local, state, and school district retirees under control.

Case studies suggest move from public pensions hurts taxpayers | PlanSponsor

A new series of case studies finds that states that shifted new employees from defined benefit pensions to defined contribution or cash balance plans experienced increased costs for taxpayers, without major improvements in funding. The report, “Enduring Challenges: Examining the Experiences of States that Closed Pension Plans,” published by the National Institute on Retirement Security, also indicates that the move away from pensions cuts employees’ retirement security and that employers may face increasing challenges hiring and retaining staff to deliver public services.