Retirement insights from a Colorado PERA perspective

A distant view shows a mountainous landscape with sloping peaks, green trees in the foreground, and a cloudy sky above.

<a href="https://coloradosun.com/2026/04/01/colorado-budget-draft-billion-shortfall-2026/" target="_blank" rel="noreferrer noopener">Lawmakers Finish Drafting Colorado’s Budget with Final Round of Major Cuts to Address Roughly $1.5 Billion Shortfall | The Colorado Sun</a>



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.



<a href="https://files.constantcontact.com/363ae74e201/e377eac1-5b13-469c-9826-ad4a987045b0.pdf?rdr=true" target="_blank" rel="noreferrer noopener">The Hazards of Mandating Social Security for the Public Sector (PDF) | Coalition to Preserve Retirement Security</a>



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.



<a href="https://www.usatoday.com/story/money/2026/04/04/retirement-age-in-america-social-security-medicare/89439716007/" target="_blank" rel="noreferrer noopener">What’s the Real Retirement Age in America? Here are 4 Guesses | USA Today</a>



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.



<a href="https://www.nerdwallet.com/finance/learn/financial-literacy-quiz" target="_blank" rel="noreferrer noopener">Financial Literacy Quiz: How Much Do You Know About Money? | NerdWallet</a>



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.



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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 Finalizing State Budget

<a href="https://www.newsweek.com/new-study-challenges-the-most-popular-myth-about-aging-11632735" target="_blank" rel="noreferrer noopener">New Study Challenges the Most Popular Myth About Aging | Newsweek</a>



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.



<a href="https://www.cpr.org/2026/03/12/state-budget-medicaid-cuts-caregivers-disability-services/" target="_blank" rel="noreferrer noopener" class="broken_link">Impact of State Budget Cuts Gets Real as Lawmakers Start Trimming Medicaid Programs | CPR News</a>



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.



<a href="https://apnews.com/article/tax-scams-robocalls-protect-fraud-8e41d082dcdfd4648a2082a3464d1871" target="_blank" rel="noreferrer noopener">Tax Scams Are on the Rise. Here’s What to Know. | The Associated Press</a>



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.



<a href="https://401kspecialistmag.com/average-retirement-savings-by-state-2026/?amp=1" target="_blank" rel="noreferrer noopener">15 States with Most, 5 States with Least Retirement Savings | 401k Specialist</a>



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.



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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

We’re more than halfway through the 2026 legislative session, which kicked off in mid-January and will continue until mid-May. So far, state lawmakers have introduced nearly 500 bills that could become law.



For an update on this session’s legislative activity, we checked in with Michael Steppat, PERA’s Director of Public and Government Affairs. Throughout the session, Steppat, along with PERA executives, meets with legislators, educates them on and discusses PERA-related issues and policy, and testifies at bill hearings.



Can you start by updating us on PERA-related bills that have been introduced so far?



As of mid-March, legislators <a href="https://www.copera.org/pera-on-the-issues/2026-proposed-pera-related-legislation-status">have introduced four PERA-related bills</a>, one of which is still making its way through the General Assembly.



<a href="https://leg.colorado.gov/bills/HB26-1026" target="_blank" rel="noreferrer noopener">House Bill 1026</a> would make changes to PERA provisions related to purchasing service credit and expand access to the PERAPlus 401(k) and 457 plans. Under current state law, qualified PERA members can purchase service credit based on previous periods of employment, and this bill would allow for limited purchases based on periods of unemployment, such as taking time off to raise a child or care for a loved one. It would also require all PERA-affiliated employers to offer the PERAPlus 401(k) and 457 plans, in both pre-tax and Roth options, to their employees.



Many employers already offer these plans to their employees, which have competitive advantages compared to others available in the marketplace. The bill does not mandate that employees participate in them, and it allows employers to continue offering any other existing plans if they choose. That bill has passed the House and is now under consideration in the Senate.



<a href="https://leg.colorado.gov/bills/HB26-1146" target="_blank" rel="noreferrer noopener">House Bill 1146</a> would allow approved facility schools to apply for affiliation with PERA to provide retirement benefits to their employees. These are schools serving students whose needs aren’t being met in a regular classroom. That bill has passed.



<a href="https://leg.colorado.gov/bills/HB26-1027" target="_blank" rel="noreferrer noopener">House Bill 1027</a>, which would allow executive directors of boards of cooperative services (BOCES) to return to work after retiring for unlimited amounts of time without facing a reduction in their PERA benefits, has passed. That bill was signed into law by Governor Polis on March 12.



MORE INFO: <a href="https://www.copera.org/pera-on-the-issues/2026-proposed-pera-related-legislation-status">2026 Proposed PERA-Related Legislation Status</a>



Let’s talk about the State budget. As lawmakers work to cut spending and balance the budget, they’ve been discussing the potential privatization of Pinnacol Assurance. Can you explain more about that and why PERA is part of the conversation?



Pinnacol Assurance is a quasi-public entity that provides workers’ compensation coverage, serves as the State’s “insurer of last resort,” and is an affiliated employer in the State Division of PERA. The Governor’s Office has proposed to convert it to a private company and to use the proceeds of the State’s interest in Pinnacol for other priorities to help alleviate the budget shortfall. Pinnacol also wants to privatize so it can modernize and serve the needs of its customers, which may include expanding its business outside of Colorado, something it’s currently prohibited from doing.



The privatization of Pinnacol has been a point of discussion in many recent legislative sessions, and the reason PERA comes into play is because Pinnacol’s employees are public employees and therefore PERA members. If Pinnacol were to become a private entity, its employees could no longer be PERA members, and they and Pinnacol could no longer contribute to the Defined Benefit Plan, and so there would be a requirement for Pinnacol to disaffiliate from PERA.



That kind of conversion has financial implications for PERA, since those employees would still be entitled to the retirement benefits they’d earned prior to disaffiliation and given the current unfunded liability of PERA, there is a cost to disaffiliate. Under state law, any employer who disaffiliates from PERA must pay for its share of that unfunded liability. PERA’s actuaries calculate the cost of disaffiliation based on current law, which means using a 5.25% discount rate—PERA’s actuarial investment assumption rate (currently at 7.25%) minus 200 basis points, or 2%—to account for the inherent risks and ensure PERA has the assets to pay the earned benefits over time without that liability shifting to the rest of the State Division fund.



The potential conversion of Pinnacol to a private entity has also been the topic of ballot measures filed recently for the upcoming November election. We’ll continue to monitor this issue and ensure that if privatization moves forward, it won’t have any negative financial effect on PERA.



Are there other aspects of the budget process that might affect PERA?



The Joint Budget Committee is nearing the finish line when it comes to producing the State budget for the next fiscal year. The budget bill, known as the long bill, will be introduced later this month, and there will be a handful of companion bills that relate to the State budget.



The JBC is tasked with cutting hundreds of millions of dollars to produce a balanced budget, which is required by law, as the costs of providing certain governmental services has been increasing faster than what the State is allowed to keep and spend each year. That’s no easy task, and they’ve had to juggle many competing priorities throughout the process.



PERA doesn’t rely on the State budget for the administration or operating costs of the plan, but we always monitor the budget-writing process to watch for any potential impacts. Any changes to PERA contributions—either the State’s annual $225 million direct distribution to PERA or the State’s contributions as a PERA employer—would require separate legislation to go through the regular legislative process and be signed into law by the Governor.



The Governor had included in his budget proposal a temporary 1% reduction in the State’s contributions to PERA as an employer, but the Joint Budget Committee denied that request earlier in the session. We’re grateful that the Legislature remains committed to making consistent contributions to fund public employees’ retirement benefits.



READ MORE: <a href="https://copera.org/pera-on-the-issues/joint-budget-committee-rejects-proposal-to-reduce-pera-contributions">Joint Budget Committee Rejects Proposal to Reduce PERA Contributions</a>



What other legislative issues can we expect to come up between now and the end of the session?



We’re currently working with legislators on a companion bill to the long bill that we think will put PERA on even stronger footing as we make progress toward our funding goal.



PERA’s actuaries conducted a study into some potential changes that could reduce the likelihood of triggering the&nbsp;<a href="https://www.copera.org/automatic-adjustment-provision" target="_blank" rel="noreferrer noopener">Automatic Adjustment Provision</a>&nbsp;(AAP) that took effect with Senate Bill 200 in 2018. The AAP automatically adjusts member and employer contributions, the State’s direct distribution, and retiree annual increases based on our funding progress.&nbsp;



We know those adjustments can be really challenging for our members and retirees, so the bill will include two proposals that are meant to make adjustments less likely in the near future—without jeopardizing our progress toward reaching full funding by 2048.



Those proposals include providing PERA flexibility to&nbsp;allocate&nbsp;the&nbsp;State’s annual $225 million direct distribution&nbsp;to whichever division trust funds&nbsp;would help minimize the likelihood of&nbsp;triggering automatic&nbsp;adjustments and&nbsp;redirecting a&nbsp;portion&nbsp;of employers’ health care trust fund contributions to instead help pay off&nbsp;pension&nbsp;liabilities.&nbsp;The health care trust fund is closer to full funding than the pension trust funds, so we want to make sure those contributions are going where they’re needed most and benefit the largest number of retirees.



It’s also likely that the Legislature will consider a bill suspending certain interim committee activities like they did last session, in order to save money in between sessions. 



For the latest updates throughout the session, be sure to <a href="https://www.copera.org/pera-on-the-issues/subscribe">subscribe to the biweekly PERA On The Issues newsletter</a>.

Checking in on the 2026 Legislative Session So Far

<a href="https://coloradosun.com/2026/01/13/colorado-legislature-2026-budget-problem/" target="_blank" rel="noreferrer noopener">Colorado Lawmakers Return to Capitol Facing $850 Million Mountain of Tough Budget Decisions | The Colorado Sun</a>



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.



<a href="https://www.cnbc.com/2026/01/08/irs-accepting-tax-returns.html" target="_blank" rel="noreferrer noopener">When Does the IRS Start Accepting Tax Returns? Jan. 26 | CNBC</a>



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.



<a href="https://www.aarp.org/money/retirement/obscure-terms-to-know/">5 Obscure Retirement Terms You Should Know |</a><a href="https://www.aarp.org/money/retirement/obscure-terms-to-know/" target="_blank" rel="noreferrer noopener"> </a><a href="https://www.aarp.org/money/retirement/obscure-terms-to-know/">AARP</a>



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.



<a href="https://www.napa-net.org/news/2026/1/young-retirement-savers-are-doing-what-older-savers-wish-they-had" target="_blank" rel="noreferrer noopener">Why Young Retirement Savers Are Beating Older Generations | National Association of Plan Advisors</a>



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.



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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

The second regular session of the 75th Colorado General Assembly will begin on Wednesday, January 14. Lawmakers will then spend up to 120 days introducing and debating bills that could become law and passing a budget for the next fiscal year.



Before all the legislative activity begins, we sat down with PERA’s Director of Public and Government Affairs, Michael Steppat, to discuss the session and what we can expect as it relates to PERA.



Tell our readers a little bit about the Legislature’s role in overseeing PERA and the work you do.



It can be helpful to think of the General Assembly as PERA’s plan sponsor while the PERA Board administers benefits. The General Assembly is responsible for determining things like contribution rates and benefit levels, providing oversight through various legislative committees, and setting the amount of the annual benefit increases that retirees receive.



Because lawmakers have the power to change plan provisions and benefits, it’s important to make sure they understand how PERA works and how legislation can potentially affect our members, retirees, and funding progress. A lot of my time leading up to and during the legislative session involves meeting with legislators and other stakeholders on PERA-related issues and potential legislation. I also attend bill hearings to help inform committee members and answer their questions.



Ahead of the session, you’ve been talking with lawmakers about some PERA-related proposals. Can you give us some more detail on those?



We’ve been exploring some options from a study PERA’s actuaries performed earlier this year for a couple of proactive legislative changes meant to reduce the likelihood of triggering the <a href="https://www.copera.org/automatic-adjustment-provision" target="_blank" rel="noreferrer noopener">Automatic Adjustment Provision</a> (AAP) that took effect with Senate Bill 200 in 2018. The AAP automatically adjusts member and employer contributions, the State’s direct distribution, and retiree annual increases based on our funding progress. It is a calculation laid out in statute that essentially compares what came into the fund in any given year versus what should have come in that year to keep PERA on track to full funding by 2048. If we fall behind in a given year, contributions go up the following year while annual increases go down, and vice versa.



We know those adjustments can be really challenging for our members and retirees, so we worked with our actuaries to come up with two legislative proposals that are meant to reduce the likelihood of any automatic adjustments in the near future—without jeopardizing our progress toward reaching full funding by 2048.



Those proposals include providing PERA flexibility to&nbsp;allocate&nbsp;the&nbsp;State’s annual $225 million direct distribution&nbsp;to whichever division trust funds&nbsp;would help minimize the likelihood of&nbsp;triggering automatic&nbsp;adjustments and&nbsp;redirecting a&nbsp;portion&nbsp;of employers’ health care trust fund contributions to instead help pay off&nbsp;pension&nbsp;liabilities.&nbsp;The health care trust fund is closer to full funding than the pension trust funds, so we want to make sure those contributions are going where they’re needed most.



We think these two bill proposals will be beneficial for our members, retirees and employers, because they would reduce the chance of automatic adjustments without having any negative financial impact on our funding progress. Additionally, these proposed changes do not require any new funding mechanisms from the State, which is very important as the Legislature is facing yet another year with a budget shortfall and having to make drastic cuts to balance the budget.



Speaking of the budget, lawmakers will be tasked with cutting hundreds of millions of dollars in State spending. Could any of those cuts affect PERA?



PERA doesn’t rely on the State budget for the administration or operating costs of the plan, but the General Assembly and the State of Colorado as an employer make contributions to PERA that could be subject to legislation.



For example, during the early days of the COVID-19 pandemic, the Legislature paused (and later repaid) its annual $225 million direct distribution to PERA due to a significant budget shortfall. We don’t expect anything like that this year. However, Governor Polis included in his budget proposal a 1% reduction in what the State Division contributes as an employer to PERA. Specifically, the governor’s budget request calls for reducing the Amortization Equalization Disbursement (AED) and Supplemental Amortization Equalization Disbursement (SAED) both by 0.5% for employers in the State Division to help balance the fiscal year 2026-27 budget. The AED and SAED are employer contributions to PERA for the purpose of reducing the unfunded actuarial accrued liability.



The proposed 1% reduction would reduce contributions to PERA by about $40 million over the state’s next fiscal year, adding up to about $180 million by the time PERA reaches full funding in 2048.



PERA leadership remains actively engaged with policymakers to oppose measures that would negatively impact the fund’s financial health and we have already provided formal testimony to the Legislature’s Joint Budget Committee outlining the long-term risks of reduced contributions, to ensure they fully understand the consequences for members and retirees.



The Governor’s list of budget recommendations also revives the proposal to privatize Pinnacol Assurance. How does PERA factor into that proposal?



Pinnacol Assurance is the State’s workers’ compensation insurer, and the Governor’s Office wants to convert it from a quasi-public entity to a private one to take advantage of the hundreds of millions of dollars Pinnacol has in its reserves.



If that happens, Pinnacol could not continue to be part of PERA, since its staff would no longer be public employees. In order to disaffiliate from PERA, Pinnacol would be required to pay its portion of DB Plan liabilities—estimated to be approximately $300 million—to fund the benefits its employees have earned prior to disaffiliation.



This is the second year in a row the Governor’s budget request has proposed privatizing Pinnacol Assurance, but it has also been a policy discussion that has come up multiple times over the past few decades and, so far, without any consensus on potential changes to the structure of the state’s largest workers’ compensation carrier and insurer of last resort. If policymakers can agree on a solution to the more fundamental question of whether Pinnacol should be allowed to privatize, then PERA will factor in and we’ll seek to ensure any disaffiliation payment to PERA is satisfactory to cover the expected liabilities over time.



We sometimes hear from members who want to know how they can weigh in on legislation—what’s your advice?



I always tell people the most important thing they can do is contact their&nbsp;<a href="https://leg.colorado.gov/legislators" target="_blank" rel="noreferrer noopener">legislators</a>&nbsp;about issues that are important to them. In addition, the General Assembly&nbsp;<a href="https://leg.colorado.gov/" target="_blank" rel="noreferrer noopener">website</a>&nbsp;has lots of great information. You can listen to&nbsp;<a href="https://leg.colorado.gov/committees" target="_blank" rel="noreferrer noopener">committee meetings</a>, view&nbsp;calendars, review the&nbsp;<a href="https://leg.colorado.gov/bills" target="_blank" rel="noreferrer noopener">status of a bill</a>, and sign up to testify at committee meetings.



I also encourage anyone who’s interested in PERA-related policy to join the <a href="https://www.copera.org/about/legislation/ambassador-program" target="_blank" rel="noreferrer noopener">Ambassador Program</a> to receive email updates on the legislative session and bills that might affect PERA.



And of course the biweekly&nbsp;<a href="https://www.copera.org/pera-on-the-issues/subscribe" target="_blank" rel="noreferrer noopener">PERA On The Issues&nbsp;newsletter</a>&nbsp;will also have up-to-date information on any legislation that affects PERA.

What to Expect from Colorado’s 2026 Legislative Session

<a href="https://www.investopedia.com/find-out-if-you-qualify-for-the-new-senior-tax-break-11858237" class="broken_link">Find Out If You Qualify for the New Senior Tax Break | Investopedia</a>



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.



<a href="https://coloradosun.com/2025/11/25/gov-polis-pera-pension-budget-cuts-2026-2027/">Polis Proposes Cuts to Colorado PERA Payments | The Colorado Sun</a>



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.



<a href="https://www.cbsnews.com/news/medicare-drug-prices-15-medications-trump-biden-savings/">Medicare Negotiates Lower Prices on 15 Popular Medications. Will It Save You Money? | CBS News</a>



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.



<a href="https://www.cnbc.com/2025/11/18/new-social-security-scam.html">New Social Security Scam Uses ‘High Pressure’ Scare Tactics. What To Watch For. | CNBC</a>



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.

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

<a href="https://www.intuit.com/blog/global-stories/financial-literacy-ranking-by-state/" target="_blank" rel="noreferrer noopener">Financial Literacy by State: 2025 Rankings | Intuit</a>



A new ranking puts Colorado in the middle of the pack when it comes to financial literacy among high schoolers. Intuit ranked states on factors such as required coursework, test scores, and youth employment rate, giving Colorado a score of 9.3 out of 18 possible points. It’s worth noting a new state law will require all Colorado high school students to take a financial literacy course in order to graduate.



<a href="https://www.cbsnews.com/colorado/news/colorado-teetering-recession-governors-budgeting-office/" target="_blank" rel="noreferrer noopener">Colorado is Teetering on the Edge of a Recession, Governor&#8217;s Planning, Budgeting Director Says | CBS Colorado</a>



State lawmakers will have to deal with yet another budget shortfall during next year’s legislative session. The latest forecasts show the state will once again have to cut hundreds of millions of dollars in spending, driven largely by increases in Medicaid costs. Lawmakers will get their next quarterly update in December, and the legislative session begins in January.



<a href="https://www.cnbc.com/2025/09/17/federal-social-security-payments-electronic.html" target="_blank" rel="noreferrer noopener">Social Security payments, federal benefits go electronic Sept. 30 | CNBC</a>



Say “goodbye” to paper checks from the federal government. If you receive Social Security benefits, you’ll now have to be signed up for direct deposit to receive your benefit payments. The shift away from paper checks is intended to cut down on fraud while also saving the government money. The change will also apply to tax refunds and other federal payments going forward.



<a href="https://money.com/taxes-in-retirement/" target="_blank" rel="noreferrer noopener">You’re Retiring. Get Ready for These Tax Changes | Money</a>



Retirement is more than just a change in employment—it also brings some important changes to your finances. Here are some important tax considerations to keep in mind if you’re approaching retirement and are expecting to draw from Social Security and other savings.



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

News You Should Know: New Report Ranks Colorado on Financial Literacy

<a href="https://coloradosun.com/2025/07/30/colorado-big-beautiful-bill-state-budget-effects/" target="_blank" rel="noreferrer noopener">Colorado Lawmakers Must Cut $1 Billion from State’s Current Budget Because of GOP Federal Tax and Spending Bill | The Colorado Sun</a>



The State of Colorado is once again facing the prospect of having to cut about $1 billion from the state budget. Lawmakers had to make a number of spending cuts during the annual budget-setting process, and now they’re looking at additional cuts due to reductions in federal spending. Gov. Jared Polis has called a special legislative session beginning Aug. 21 to tackle the issue.



<a href="https://www.foxbusiness.com/economy/federal-reserve-interest-rate-decision-july-2025" target="_blank" rel="noreferrer noopener">Federal Reserve Leaves Key Interest Rate Unchanged for Fifth Straight Meeting | Fox Business</a>



The Federal Reserve has again opted to keep interest rates steady for now. Despite pressure from President Trump to lower rates, the central bank said the economy remains on solid footing and therefore changes in its key rate are not necessary at this time. The Fed’s next meeting to discuss interest rates will be in September.



<a href="https://www.cnn.com/2025/07/27/business/new-rules-charitable-deductions" target="_blank" rel="noreferrer noopener">New Rules for How Much You Can Deduct in Charitable Contributions | CNN Business</a>



Taxpayers who take the standard deduction were allowed to deduct a portion of charitable donations from their taxes during a temporary pandemic-era policy that has since expired. That deduction is returning in 2026, with taxpayers being allowed to deduct up to $1,000 ($2,000 for joint filers) in cash donations.



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

News You Should Know: Colorado Facing Additional $1B in Budget Cuts

<h2 class="wp-block-heading has-medium-font-size"><a href="https://www.coloradopolitics.com/governor/colorado-budget-signing/article_76cb6ca7-535d-4261-bd04-7d9305c4e5f7.html" target="_blank" rel="noreferrer noopener">Colorado Gov. Polis Signs $44 Billion Budget into Law | Colorado Politics</a></h2>



After months of debate and legislative work, the State of Colorado officially has a budget for the next fiscal year. Gov. Jared Polis signed the $44 billion budget bill into law this week. Lawmakers had to cut more than $1 billion in order to come up with a balanced budget.



<h2 class="wp-block-heading has-medium-font-size"><a href="https://www.kiplinger.com/retirement/despite-economic-uncertainty-americans-remain-confident-about-retirement" target="_blank" rel="noreferrer noopener">Despite Economic Uncertainty, Americans Remain Confident About Retirement, Survey Shows | Kiplinger</a></h2>



Workers and retirees alike are confident they’ll have enough money in retirement even amid widespread uncertainty about the economy, according to a recent survey. The survey, from the Employee Benefit Research Institute and Greenwald Research, found that 67% of workers and 78% of retirees are confident about retirement. However, survey respondents did express concern about changes at the federal level, particularly around Medicare and Social Security.



<h2 class="wp-block-heading has-medium-font-size"><a href="https://www.nextavenue.org/possible-tariffs-on-prescription-drugs/" target="_blank" rel="noreferrer noopener">What Older Adults Need to Know About Possible Tariffs on Prescription Drugs | Next Avenue</a></h2>



The federal government has proposed imposing tariffs on imported prescription medications, and that has the potential to affect many older Americans, who tend to take more medications than younger people. While there is still a lot of uncertainty about what the government will do, experts say drug manufacturers could face shortages and raise prices if tariffs do go into effect.



<h2 class="wp-block-heading has-medium-font-size"><a href="https://www.forbes.com/sites/carolynrosenblatt/2025/04/15/caught-in-the-middle-the-sandwich-generations-financial--fears-about-aging-parents/" target="_blank" rel="noreferrer noopener">Caught In The Middle: The Sandwich Generation’s Financial Fears About Aging Parents | Forbes</a></h2>



Being a member of the sandwich generation—people who find themselves caring for children and aging parents at the same time—means potentially having to pay for a parent’s long-term medical needs while also putting kids through school. Here are some tips for finding resources that might help ease some of the caretaking burden.



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

News You Should Know: Colo. Governor Signs $44 Billion Budget

<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.coloradopolitics.com/news/colorado-budget-cuts/article_21095d25-b442-45db-b75a-00bd4cd69f2e.html" target="_blank" rel="noreferrer noopener">$43.9 Billion Budget Bill Introduced in Colorado Senate | Colorado Politics</a></h2>



State lawmakers have been working to build out the budget for the next fiscal year while trying to fill a $1.2 billion funding hole, and they released their proposal this week. In total, the budget calls for $43.9 billion in spending with dozens of accompanying bills that cut or transfer funds to fill the budget shortfall.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://coloradosun.com/2025/04/01/amgen-enbrel-price-cap-lawsuit-dismissed/" target="_blank" rel="noreferrer noopener">Enbrel Maker&#8217;s Effort to Stop Colorado from Capping Drug Price Dismissed | The Colorado Sun</a></h2>



The Legislature created the Colorado Prescription Drug Affordability Board in 2021 with the goal of reviewing the affordability of prescription drugs and capping the prices of medications deemed to be too unaffordable. Drugmaker Amgen filed a lawsuit trying to prevent the Board from capping the price of its autoimmune drug Enbrel, but a judge dismissed the suit.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.npr.org/2025/03/26/nx-s1-5341780/social-security-administration-identity-requirements" target="_blank" rel="noreferrer noopener">Social Security Officials Partially Walk Back Plans for In-Person Verification | NPR</a></h2>



After previously announcing that some Social Security beneficiaries would need to verify their identities in-person at a Social Security office, the Social Security Administration is updating its policy and moving its deadline. The agency now says the in-person requirement will only apply to people who are trying to access retirement, survivor, or auxiliary benefits and who are unable to verify their identity online.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.marketplace.org/shows/marketplace-tech/the-sec-invites-cryptocurrency-supporters-and-skeptics-to-the-table/" target="_blank" rel="noreferrer noopener" class="broken_link">The SEC Holds its First Cryptocurrency Roundtable | Marketplace</a></h2>



The Securities and Exchange Commission (SEC), which enforces regulations in financial markets, held its first roundtable meeting on cryptocurrencies last month. The question at the center of the agency’s discussion is whether the SEC should regulate cryptocurrencies the same way it regulates stocks and bonds.



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

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