Retirement insights from a Colorado PERA perspective

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<h4 class="wp-block-heading"><a href="https://www.nextavenue.org/us-national-plan-on-aging/" target="_blank" rel="noreferrer noopener">U.S. Finally Has a Plan on Aging: Will We Use It? | Next Avenue</a></h4>



A collection of federal agencies known as The Interagency Coordinating Committee on Healthy Aging and Age-Friendly Communities has taken its first step toward developing a nationwide plan for supporting aging adults. The report focuses on four key areas: age-friendly communities, housing, long-term care, and health and well-being. Officials expect to release a more detailed action plan after listening to feedback from the public.



<h4 class="wp-block-heading"><a href="https://www.kiplinger.com/taxes/irs-ends-confusion-annual-rmds-required-for-many-inherited-iras" target="_blank" rel="noreferrer noopener">New IRS Inherited IRA Rules: Annual RMDs Required for Many Beneficiaries | Kiplinger</a></h4>



The IRS issued final rules that clarify the requirements for people who inherit an individual retirement account (IRA) from the original account holder. Beginning in 2025, most non-spouse beneficiaries will have to take required minimum distributions (RMDs) and deplete the account within 10 years.



<h4 class="wp-block-heading"><a href="https://www.investmentnews.com/regulation-and-legislation/news/second-court-blocks-all-aspects-of-dols-fiduciary-rule-255828" target="_blank" rel="noreferrer noopener">Second Court Blocks All Aspects of DOL&#8217;s Fiduciary Rule | InvestmentNews</a></h4>



Two district court judges have halted implementation of the Department of Labor’s new fiduciary rule. That rule, which had been set to go into effect in September, aims to increase protections for retirement savers by expanding the definition of who in the financial services sector is considered a fiduciary and is therefore required to act in their clients’ best interests. Insurance companies had sued the government to try to prevent the rule from taking effect.



<h4 class="wp-block-heading"><a href="https://hbr.org/2024/07/why-people-resist-retirement" target="_blank" rel="noreferrer noopener">Why People Resist Retirement | Harvard Business Review</a></h4>



Making the decision to retire is a complex and personal process, and it usually involves financial and health factors. But for some, transitioning into retirement is a challenge for various psychological reasons. New research from Harvard found three main obstacles prospective retirees face that aren’t financial: changes in identity, purpose, and relationships.



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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: U.S. Releases Federal Framework on Aging

<h4 class="wp-block-heading"><a href="https://www.plansponsor.com/employers-risk-facing-turnover-without-comprehensive-benefits-offerings/" target="_blank" rel="noreferrer noopener">Employers Risk Facing Turnover Without Comprehensive Benefits Offerings | PLANSPONSOR</a></h4>



In a new survey, workers overwhelmingly said benefits are a key factor in determining where to work, with 70% of respondents saying they would be willing to switch jobs to gain better benefits. The survey found younger workers value education and training benefits, while 87% of older workers said retirement benefits are a top priority.



<h4 class="wp-block-heading"><a href="https://www.thinkadvisor.com/2024/04/23/dol-releases-final-fiduciary-rule/" target="_blank" rel="noreferrer noopener">DOL Releases Final&nbsp;fiduciary&nbsp;Rule | ThinkAdvisor</a></h4>



The U.S. Department of Labor has released the final version of a new rule that clarifies who is considered a&nbsp;fiduciary&nbsp;when providing investment advice. Experts say the new rule adds protections for consumers, who can be more confident they’re receiving good financial advice that’s in their best interests.



<h4 class="wp-block-heading"><a href="https://coloradosun.com/2024/04/30/colorado-prescription-drug-affordability-board-concerns/" target="_blank" rel="noreferrer noopener">Colorado Wants to Lower Prescription Costs. Why Are Patients Opposed? | The Colorado Sun</a></h4>



Three years ago, Colorado created the Prescription Drug Affordability Board to review drug prices and potentially place limits on how much manufacturers can charge for medications. Drugmakers have pushed back against the board’s authority, and some patient advocates have now joined the opposition out of fear that price caps could lead to manufacturers pulling their life-saving drugs from Colorado pharmacies.



<h4 class="wp-block-heading"><a href="https://www.nirsonline.org/reports/women2024/" target="_blank" rel="noreferrer noopener">What Do Women Think About Retirement? | National Institute on Retirement Security</a></h4>



There’s long been a gender gap in retirement, with women generally having less money saved due to lower wages and other factors. According to a recent survey of working women, more than 75% of women think retirement is only getting harder, and 82% say every worker should have access to a pension for retirement security.



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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: Majority of Workers Say Benefits Influence Job Choices

<h4 class="wp-block-heading"><a href="https://coloradosun.com/2024/03/27/colorado-budget-state-worker-shortages/" target="_blank" rel="noreferrer noopener">Will Pay Raises Be Enough to Stem Colorado’s State Worker Shortage? | The Colorado Sun</a></h4>



The General Assembly is currently considering the proposed 2024-2025 state budget, also known as the Long Bill. The $40.6 billion bill includes pay raises for some of the state’s hardest-to-fill positions, such as health care workers. Officials say the increases will help, but more work is needed to fill shortages that continue to persist in some sectors.



<h4 class="wp-block-heading"><a href="https://content.copera.org/news-you-should-know-proposed-budget-includes-pay-raises-for-state-workers/">Pharma Targets Colorado Drug Afford</a><a href="https://content.copera.org/news-you-should-know-proposed-budget-includes-pay-raises-for-state-workers/" target="_blank" rel="noreferrer noopener">a</a><a href="https://content.copera.org/news-you-should-know-proposed-budget-includes-pay-raises-for-state-workers/">bility Board | POLITICO</a></h4>



Amgen, maker of the rheumatoid arthritis drug Enbrel, is suing Colorado’s Prescription Drug Affordability Board. The Board, which was created in 2021, declared Enbrel unaffordable in February, setting the stage for Colorado to set a maximum price for the drug. The drugmaker is challenging the Board’s decision and its authority to cap prices.



<h4 class="wp-block-heading"><a href="https://www.nytimes.com/2024/03/26/business/fiduciary-rule-retirement.html?ugrp=m&amp;unlocked_article_code=1.hU0.yIoU.t9Lw6gNoupr0&amp;smid=url-share" target="_blank" rel="noreferrer noopener">How a New Rule Could Change the Way Advisers Handle Your Retirement Money | The New York Times</a></h4>



The U.S. Department of Labor is preparing to release a final rule that will expand the number of financial professionals who are required to act as fiduciaries—meaning they must act in the best interest of their clients. The new rule is currently under review at the White House, after which it is expected to be published this spring.



<h4 class="wp-block-heading"><a href="https://apnews.com/article/tax-season-irs-refund-april-15-7d448039c59df67f054806d00110ff18" target="_blank" rel="noreferrer noopener">IRS Has 940,000 Unclaimed Tax Refunds About to Expire | The Associated Press</a></h4>



The deadline for filing 2023 tax returns—April 15—is right around the corner. But the IRS says nearly a million people still haven’t filed and claimed their refunds from 2020. The unclaimed refunds amount to over $1 billion, and taxpayers have until May 17 to claim those refunds.



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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: Proposed Budget Includes Pay Raises for State Workers

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



<a href="https://www.yahoo.com/news/apos-long-1-million-retirement-195553143.html" target="_blank" rel="noreferrer noopener">Here&#8217;s how long $1 million in retirement savings will last in your state</a> | <a href="http://www.yahoo.com" target="_blank" rel="noreferrer noopener">Yahoo</a>



Would $1 million really last you through your entire retirement? That all depends on where you choose to live out your golden years according to <a href="https://www.gobankingrates.com/retirement/how-long-million-last-retirement-state/?ncid=edlinkushpmg00000313">a new study</a>. Find out how Colorado stacks up against the other states.



<a href="https://www.bloomberg.com/news/articles/2017-08-24/health-care-costs-could-eat-up-retirement-funds-forecast-shows" target="_blank" rel="noreferrer noopener" class="broken_link">Health care costs could eat up your retirement savings |</a> <a href="https://www.bloomberg.com/news/articles/2017-08-24/health-care-costs-could-eat-up-retirement-funds-forecast-shows" target="_blank" rel="noreferrer noopener" class="broken_link">Bloomberg</a>



According to experts at <a href="https://www.fidelity.com/" target="_blank" rel="noreferrer noopener">Fidelity</a>, health care costs are going to eat up a substantial amount of your retirement savings. And if you think waiting until age 65 when you reach Medicare eligibility is going to save you—think again.



<a href="https://www.copera.org/retirement-roundup-older-workers-new-problems" target="_blank" rel="noreferrer noopener" class="broken_link">OMB approves delay of fiduciary rule to mid-2019 |</a> <a href="https://content.copera.org/retirement-roundup-dont-count-on-social-security/" target="_blank" rel="noreferrer noopener">Pensions &amp; Investments</a>



Federal officials seeking to delay the implementation of a rule designed to compel financial advisors to act in the best interest of their clients were successful in delaying its implementation. Although the decision by the White House’s <a href="https://www.whitehouse.gov/omb" target="_blank" rel="noreferrer noopener">Office of Management and Budget</a> won’t prevent the rule from being implemented eventually, this is a major defeat for proponents. [<a href="https://www.copera.org/retirement-roundup-long-1-million-last" target="_blank" rel="noreferrer noopener" class="broken_link">Read more</a> about the federal rule as it was first introduced in April 2016.]



<a href="https://www.consumerreports.org/retirement-planning/why-saving-for-retirement-is-getting-harder-and-what-you-can-do-about-it/" target="_blank" rel="noreferrer noopener">Why saving for retirement is getting harder, and what you can do about it |</a> <a href="https://www.consumerreports.org" target="_blank" rel="noreferrer noopener">Consumer Reports</a>



It’s <a href="http://www.nirsonline.org/index.php?option=com_content&amp;task=view&amp;id=882&amp;Itemid=48">no secret</a> that the trend to 401(k) plans from traditional pensions has put more pressure on individuals to save enough for retirement. Combine that with recent moves by the federal government to roll back rules that might have made saving easier, and the retirement landscape has never been more treacherous. Fortunately, there are still some common-sense steps you can take to make your financial future more secure.



<a href="http://squaredawayblog.bc.edu/squared-away/401k-saving-harder-at-lower-incomes/" target="_blank" rel="noreferrer noopener">401(k) saving harder at lower incomes |</a> <a href="http://squaredawayblog.bc.edu" target="_blank" rel="noreferrer noopener">Squared Away Blog</a>



Saving for retirement is no picnic even for upper-middle-income earners who have access to workplace retirement savings plans. A new study sheds light on just how difficult it is for those in the lower- and middle-income brackets to save through 401(k) plans. The study from researchers at the <a href="https://www.stevens.edu/" target="_blank" rel="noreferrer noopener">Stevens Institute of Technology</a> and the <a href="https://www.newschool.edu/nssr/" target="_blank" rel="noreferrer noopener">New School for Social Research</a> sheds some light on how things like temporary unemployment, poor health, and divorce—all circumstances that hit lower-income earners the hardest—affect retirement plans.



<a href="http://time.com/money/4909241/wall-street-financial-firms-protect-seniors/" target="_blank" rel="noreferrer noopener">Wall Street is failing to protect seniors from fraud, say regulators</a> | <a href="http://time.com/money/" target="_blank" rel="noreferrer noopener">Time-Money</a>



An international group of investment regulators say the industry isn’t doing enough to keep elderly investors from falling victim to scams. According to a new survey from the <a href="http://www.nasaa.org/" target="_blank" rel="noreferrer noopener">North American Securities Administrators Association</a>, 75 percent of those who responded said financial firms could be doing more to protect older clients. And a near-unanimous sentiment among those surveyed was that when fraud does take place, it goes on for far too long. Colorado is one of only 13 states that have enacted laws designed to encourage financial advisors to report fraud when they see it happening.

Retirement Roundup: How Long Will $1 Million Last You?

<a href="https://www.copera.org/retirement-roundup-theres-retirement-money" target="_blank" rel="noreferrer noopener" class="broken_link">8 things that matter more than money for a happy retirement </a>&nbsp;|&nbsp;<a href="https://www.copera.org/retirement-roundup-7-reasons-to-volunteer-during-retirement" target="_blank" rel="noreferrer noopener" class="broken_link">U.S. News &amp; World Report </a>If you are facing retirement with less money than you would prefer, don’t despair. There’s a lot more to enjoying a happy retirement than simply saving enough money. True wealth and happiness come from many sources.



<a href="https://www.nytimes.com/2017/06/09/your-money/monk-who-fixes-broken-retirement-plans.html" target="_blank" rel="noreferrer noopener">The monk who left the monastery to fix broken retirement plans</a>&nbsp;|&nbsp;<a href="http://www.nytimes.com" target="_blank" rel="noreferrer noopener">The New York Times </a>After decades as a committed seeker, Doug Lynam has found his calling. He wants to help schools build better retirement savings plans so their teachers can leave the classroom at a time of their choosing with dignity and grace. Having worked alongside other teachers during his time at a monastery, he found that 403(b) plans – like 401(k) s for nonprofits and educational institutions – might offer poor investment choices, high fees and abusive annuities. He now works to provide a better option.



<a href="http://www.reuters.com/article/us-money-retirement-sandwichgen-idUSKBN18R2TT" target="_blank" rel="noreferrer noopener">Your money: Creative caregiving solutions for the ‘sandwich generation’</a>&nbsp;|&nbsp;<a href="http://www.reuters.com" target="_blank" rel="noreferrer noopener">Reuters </a>Stretched thin by the needs of their children and elderly parents, some in the “sandwich generation” have found a possible solution: Move young adults in with their grandparents and let them take care of each other.



<a href="http://www.forbes.com/sites/antoinegara/2017/06/09/here-are-all-the-financial-reforms-that-will-disappear-with-dodd-frank" target="_blank" rel="noreferrer noopener">Here are all the financial reforms that will disappear with Dodd-Frank</a>&nbsp;|&nbsp;<a href="http://www.forbes.com" target="_blank" rel="noreferrer noopener">Forbes </a>On June 8, the U.S. House of Representatives passed the Financial CHOICE Act, a reform effort aimed at rolling back the 2010 Dodd-Frank Act, enacted under President Barack Obama. Dodd Frank was a re-write of U.S. financial laws in the wake of the financial crisis, which altered everything from the trading of stocks and bonds to the way in which large banks are regulated. President Trump, however, believes regulations are slowing the U.S. economy.



<a href="http://crr.bc.edu/briefs/how-much-long-term-care-do-adult-children-provide/" target="_blank" rel="noreferrer noopener">How much long-term care do adult children provide?</a>&nbsp;|&nbsp;<a href="https://www.copera.org/retirement-roundup-youre-not-warren-buffet-but-you-can-take-his-advice" target="_blank" rel="noreferrer noopener" class="broken_link">Center for Retirement Research at Boston College </a>As people age and their health deteriorates, the cost concerns, along with personal preferences, lead many to rely on informal care from their adult children rather than formal long-term care services. Research from the Center for Retirement Research found that at any given point, 6 percent of adult children serve as caregivers, and 17 percent will take on this role at some point in their lives – something that can take a toll on both the finances and health of the caregiver.



<a href="https://www.washingtonpost.com/business/get-there/a-new-rule-on-retirement-savings-advice-is-in-your-best-interest/2017/06/06/ef713b9a-4ad1-11e7-a186-60c031eab644_story.html?utm_term=.a7879a274015&amp;wpisrc=nl_finance&amp;wpmm=1" target="_blank" rel="noreferrer noopener" class="broken_link">A new rule on retirement savings advice is in your best interest</a>&nbsp;|&nbsp;<a href="http://www.washingtonpost.com" target="_blank" rel="noreferrer noopener" class="broken_link">The Washington Post </a>After a long battle, which still may not be over, investors are about to get some major help in determining which financial advisers are working in their best interest. The <a href="https://www.copera.org/retirement-roundup-long-1-million-last" target="_blank" rel="noreferrer noopener" class="broken_link">fiduciary rule</a> that went into effect on June 9 will give retirement savers some common-sense protection that should bring to light conflicts of interest that could cost them dearly.

Tag Archives:

News You Should Know: U.S. Releases Federal Framework on Aging

News You Should Know: Majority of Workers Say Benefits Influence Job Choices

News You Should Know: Proposed Budget Includes Pay Raises for State Workers

Retirement Roundup: How Long Will $1 Million Last You?

Retirement Roundup: There’s More to Retirement Than Money

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