
<p>Retirement insights from a Colorado PERA perspective</p>



<p></p>


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


<h4 class="wp-block-heading"><strong><a href="https://money.com/trump-2024-victory-money-impact/" target="_blank" rel="noreferrer noopener">Donald Trump is the President-Elect. Here’s What It Means for Your Wallet | Money</a></strong></h4>



<p>Former President Donald Trump has won another term in the White House. What does that mean for the economy and the finances of everyday Americans? Here’s what we can likely expect, based on what Trump has said on the campaign trail.</p>



<h4 class="wp-block-heading"><a href="https://coloradosun.com/2024/10/23/colorado-hospital-price-lookup/" target="_blank" rel="noreferrer noopener"><strong>Coloradans Can Now Compare Hospital Prices for Specific Procedures, Insurance Plans | The Colorado Sun</strong></a></h4>



<p>The State of Colorado is looking to make it easier for people to shop around for their medical costs. A new website, ColoradoHospitalPrices.com, provides a one-stop shop for searching and comparing costs for various procedures and other medical care at different hospitals. The site also shows what different insurance providers pay for the same procedure. Officials hope the added transparency will help Coloradans lower their costs and increase competition between providers and facilities.</p>



<h4 class="wp-block-heading"><a href="https://www.usatoday.com/story/money/2024/11/03/new-required-minimum-distribution-2024/76026379007/" target="_blank" rel="noreferrer noopener"><strong>3 New Required Minimum Distribution (RMD) Rules Everyone Should Know for 2024 | USA Today</strong></a></h4>



<p>The end of the year is approaching and so is the deadline for most people to take their annual required minimum distributions (RMDs) from retirement accounts. There have been some changes to RMD rules in recent years, so make sure you’re up-to-date and don’t face any penalties for not meeting the requirements.</p>



<h4 class="wp-block-heading"><a href="https://fortune.com/well/article/end-of-life-planning-conversation/" target="_blank" rel="noreferrer noopener"><strong>How to Discuss End-of-Life Planning with Aging Parents | Fortune Well</strong></a></h4>



<p>Talking about death can be uncomfortable or even taboo, but it’s an important discussion to have with loved ones. Here are some tips for navigating conversations about end-of-life wishes with parents who are getting older.</p>



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


News You Should Know: What a Second Trump Presidency Could Mean for Your Finances


<p>Recent changes to Medicare Advantage (MA) and Medicare Part D prescription drug coverage will affect the cost of <a href="https://copera.org/retirees/health-benefits-peracare" target="_blank" rel="noreferrer noopener">PERACare health benefits</a> in 2025.</p>



<h4 class="wp-block-heading"><strong>What’s changing</strong></h4>



<p>The Centers for Medicare &amp; Medicaid Services (CMS) pays MA insurers a base payment for every enrollee in their plan, as well as additional money for enrollees that have more health issues. CMS will be reducing the base payment amount for 2025. In addition, in 2024 CMS started phasing in changes to how it calculates the additional health status payments. These actions are expected to reduce the amount CMS reimburses insurers.</p>



<p>For 2025, the Inflation Reduction Act adds an out-of-pocket maximum of $2,000 to costs MA enrollees pay for their Part D prescriptions. This means after that first $2,000, enrollees will not have to pay anything for their prescriptions. While this is a positive change for those who take multiple medications, this means more costs for the insurance companies.</p>



<p>While final rates and plan benefits for 2025 are not yet available, MA and Part D carriers have already noted that in response to these changes they are likely to increase MA premiums more significantly than in recent years and may also make benefit reductions. This will impact individual Medicare Advantage plans, individual Medicare Part D plans, and the Medicare plans offered by PERACare.</p>



<h4 class="wp-block-heading"><strong>Other factors affecting cost</strong></h4>



<p>PERA’s insurance team uses a competitive bid process to identify carriers and plans that provide valuable health benefits to PERA retirees, and we negotiate the best rates we can. PERACare was able to negotiate a rate guarantee keeping MA premiums unchanged for several years, but that guarantee is now expiring.</p>



<p>PERACare plans offer generous benefits and broad networks of providers across the United States. The plans also cover only retirees, who tend to have more medical needs and use more services than the general population, resulting in higher plan costs. PERA offers a subsidy, based on years of service, to help offset some of the cost of PERACare premiums.</p>



<p>Everyone’s health care needs are different, and we encourage retirees to take a look at all their health insurance options to choose a plan that best fits their budget and needs.</p>



<h4 class="wp-block-heading"><strong>What to know about open enrollment</strong></h4>



<p>PERACare staff are working to finalize plans and premiums for 2025, and we’ll be mailing information out in the coming months.</p>



<p>Here are some important dates to keep in mind:</p>



<ul>
<li><strong>October 1:</strong> 2025 PERACare information available online</li>



<li><strong>Mid-October:</strong> PERACare open enrollment materials mailed to current PERACare enrollees</li>



<li><strong>October 21</strong> <strong>to November 21</strong>: PERACare open enrollment</li>



<li><strong>October 15 to December 7</strong>: Medicare open enrollment</li>



<li><strong>December 15</strong>: Last day for PERA to receive cancellation requests for January 1</li>
</ul>



<p></p>



<p><strong>For more information, visit </strong><a href="https://copera.org/retirees/health-benefits-peracare" target="_blank" rel="noreferrer noopener"><strong>copera.org/peracare</strong></a><strong>.</strong></p>


What to Expect for Medicare Advantage in 2025


<h4 class="wp-block-heading"><a href="https://www.npr.org/sections/shots-health-news/2024/08/15/nx-s1-5075659/medicare-negotiated-drug-prices-for-the-first-time-heres-what-it-got" target="_blank" rel="noreferrer noopener">Medicare Negotiated Drug Prices for the First Time. Here’s What It Got. | NPR</a></h4>



<p>Medicare has revealed the results of its first-ever negotiated drug prices. Officials have been negotiating with pharmaceutical companies for months, and that process just wrapped up, resulting in discounts on popular drugs for diabetes, cancer, arthritis, and other ailments. The new lower prices for the first batch of 10 prescription medications will take effect in 2026.</p>



<h4 class="wp-block-heading"><a href="https://coloradosun.com/2024/08/15/colorado-special-session-property-taxes-election-2024/" target="_blank" rel="noreferrer noopener">Colorado Governor Calls Special Session on Property Taxes to Avoid Ballot Measure Fight in November</a></h4>



<p>Gov. Jared Polis called for a special legislative session to tackle the issue of property taxes in Colorado. Various advocacy groups had been calling on the legislature to take action and pass a bill to lower taxes rather than allow two tax-related initiatives to appear on the November ballot.</p>



<h4 class="wp-block-heading"><a href="https://www.reuters.com/markets/rates-bonds/size-looming-fed-rate-cuts-may-hinge-job-market-2024-08-02/" target="_blank" rel="noreferrer noopener"><strong>Fed Rate Cuts Loom Large as US Job Market Slows Sharply | Reuters</strong></a></h4>



<p>Prior to early August’s monthly jobs report, many analysts said the Federal Reserve would be likely to start lowering interest rates in September. That jobs report showed a noticeable increase in unemployment, signaling a weakening job market and all but guaranteeing a rate cut in the very near future.</p>



<h4 class="wp-block-heading"><a href="https://www.plansponsor.com/milliman-reveals-health-care-costs-for-65-year-olds-retiring-in-2024/" target="_blank" rel="noreferrer noopener"><strong>Milliman Reveals Health Care Costs for 65-Year-Olds Retiring in 2024 | PLANSPONSOR</strong></a></h4>



<p>A new report highlights the rising cost of retiree health care. According to the Milliman Retiree Health Cost Index, the amount of savings needed to cover health care costs for a couple retiring in 2024 has increased by $7,000 in the past year if that couple is enrolled in original Medicare with supplemental coverage. On the other hand, retirees with Medicare Advantage plans need less money saved up in order to pay for care.</p>



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


News You Should Know: Medicare Wraps Up Drug Price Negotiations


<h4 class="wp-block-heading"><a href="https://coloradosun.com/2023/11/20/colorado-special-session-bills-passed-2023/" target="_blank" rel="noreferrer noopener"><strong>What the Colorado Legislature Passed During the Special Session and How It Will Affect Your Wallet | The Colorado Sun</strong></a></h4>



<p>After voters rejected Proposition HH, state lawmakers convened for a special session focused on property tax relief. In all, lawmakers passed seven bills aimed at providing financial relief and assistance, including property tax relief and increased TABOR refunds for lower earners.</p>



<h4 class="wp-block-heading"><a href="https://news.bloomberglaw.com/daily-labor-report/federal-lawmakers-seek-401k-plans-for-teen-savers-in-new-bill" target="_blank" rel="noreferrer noopener"><strong>Federal Lawmakers Seek 401(k) Plans for Teen Savers in New Bill | Bloomberg Law</strong></a></h4>



<p>Lawmakers introduced a bill that would change federal law to make it easier for 18-to-20-year-olds to save for retirement in employer-sponsored plans. The bill, known as the Helping Young Americans Save for Retirement Act, would lower the minimum participation age in plans like 401(k)s from 21 to 18.</p>



<h4 class="wp-block-heading"><a href="https://www.cbsnews.com/news/unnecessary-medical-care-treatments-costs/" target="_blank" rel="noreferrer noopener"><strong>Why It&#8217;s So Tough to Reduce Unnecessary Medical Care | CBS News</strong></a></h4>



<p>A recent report shows that despite efforts to reduce unnecessary health care spending in Colorado, spending on so-called “low-value” care — such as unneeded testing — has barely changed. Despite financial incentives and patient demands to provide more care than is necessary, one Colorado hospital has found some innovative ways to cut waste.</p>



<h4 class="wp-block-heading"><strong><a href="https://finance.yahoo.com/news/the-irs-makes-tax-filing-simpler-for-next-year-with-long-awaited-improvements-180235101.html" target="_blank" rel="noreferrer noopener">The IRS Makes Tax Filing Simpler for Next Year With Long-Awaited Improvements | Yahoo! Finance</a></strong></h4>



<p>Thanks to a boost in funding, the IRS is rolling out a number of changes that should make tax filing season a little easier. Updates include better customer service staffing, expanded electronic communication options and a more user-friendly tax refund tracker, with more changes on the way.</p>



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


News You Should Know: How Colorado’s Special Session Will Affect Your Finances


<h4 class="wp-block-heading"><a href="https://www.asppa-net.org/news/maine-colorado-enter-partnership-offering-automatic-retirement-coverage" target="_blank" rel="noreferrer noopener"><strong>Maine, Colorado Enter Partnership in Offering Automatic Retirement Coverage | ASPPA</strong></a></h4>



<p>Colorado’s state-run retirement plan for private-sector workers whose employers don’t offer one, called Colorado Secure Savings, is joining forces with Maine’s state-run plan. Under the partnership, the two plans will operate separately but the same vendor will serve as administrator for both.</p>



<h4 class="wp-block-heading"><a href="https://www.fiercehealthcare.com/payers/huge-decline-spending-medicare-begs-question-why" target="_blank" rel="noreferrer noopener"><strong>Huge Decline in Spending on Medicare Begs the Question: Why? | Fierce Healthcare</strong></a></h4>



<p>For years, federal spending on Medicare had been on a steep upward climb, but recent data show spending per beneficiary has been more or less flat for the past decade. While the reasons for the change in spending aren’t entirely clear, experts say it could be a combination of various factors, including policy changes and better health in older populations.</p>



<h4 class="wp-block-heading"><a href="https://www.reuters.com/markets/us/us-household-net-worth-hits-record-2nd-qtr-fed-says-2023-09-08/" target="_blank" rel="noreferrer noopener"><strong>Stock Market Drives U.S. Households to Record Wealth | Reuters</strong></a></h4>



<p>While recent headlines have highlighted decreases in Americans’ savings account balances and increases in debt, it’s not all bad news. According to the latest Federal Reserve data, overall household wealth (net worth) reached a new high in the second quarter, driven largely by the stock market and real estate.</p>



<h4 class="wp-block-heading"><a href="https://www.kiplinger.com/retirement/overlooked-benefits-of-estate-planning" target="_blank" rel="noreferrer noopener"><strong>Three Overlooked Benefits of Estate Planning | Kiplinger</strong></a></h4>



<p>Many people put off estate planning until later in life — and some don’t even think about it before it’s too late. But it’s an important task that can have many valuable benefits, including some while you’re still around.</p>



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


News You Should Know: Colorado Teaming With Maine on State-Run Retirement Plan


<h4 class="wp-block-heading"><a href="https://www.cnbc.com/2022/10/19/irs-here-are-the-new-income-tax-brackets-for-2023.html" target="_blank" rel="noreferrer noopener"><strong>IRS: Here Are the New Income Tax Brackets for 2023 | CNBC</strong></a></h4>



<p>The Internal Revenue Service has released updated tax brackets for 2023, which account for the rising costs of goods and services. The IRS is implementing a number of other tax adjustments as well, including increasing the standard deduction and the earned income tax credit. The changes take effect for the 2023 tax year, meaning returns filed in 2024.</p>



<h4 class="wp-block-heading"><strong><a href="https://www.cnn.com/2022/10/21/success/401k-ira-contribution-limit-increase-2023" target="_blank" rel="noreferrer noopener">401(k) Contribution Limits 2023: IRS Increases Amount You Can Save in Your Retirement Account | CNN Business</a></strong></h4>



<p>Another important change coming in 2023 is an increase in the amount of money employees can contribute to retirement accounts like 401(k)s and IRAs. The contribution limit will increase to $22,500 for 401(k), 403(b) and 457 plans, and $6,500 for traditional and Roth IRAs.</p>



<h4 class="wp-block-heading"><a href="https://www.digitaltrends.com/mobile/non-invasive-blood-glucose-measurement-wearables-breakthrough/" target="_blank" rel="noreferrer noopener"><strong>Noninvasive Blood Glucose Monitoring on Wearables is Nigh | Digital Trends</strong></a></h4>



<p>Wearable technology like smartwatches could soon be more helpful for people living with diabetes. Researchers say they’ve developed an accurate, non-invasive way to measure blood glucose that’s similar to how current smartwatches measure blood oxygen. More testing is needed before the technology can be use in commercially available products.</p>



<h4 class="wp-block-heading"><a href="https://www.theguardian.com/travel/2022/oct/16/grey-gap-year-the-over-60s-with-a-taste-for-travel-on-a-budget" target="_blank" rel="noreferrer noopener"><strong>Grey Gap Year: The Over-60s With a Taste for Travel on a Budget | The Guardian</strong></a></h4>



<p>You’re probably familiar with the idea of a gap year, in which high school graduates take time off to travel and gain other life experiences before starting college. There’s now a growing trend of retirees taking a similar approach and venturing out on extended vacations on a shoestring budget — think staying at hostels and backpacking rather than going on a cruise or guided tours.</p>



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


News You Should Know: IRS Announces New Tax Brackets for 2023


<h4 class="wp-block-heading"><a href="https://www.cbsnews.com/news/medicare-part-b-premiums-2023-how-much-you-will-save/" target="_blank" rel="noreferrer noopener"><strong>Medicare Premiums Will Drop Next Year. Here&#8217;s How Much You&#8217;ll Save. | CBS News</strong></a></h4>



<p>In this age of rising health care costs, Medicare announced a rare decrease for next year. The premium for Part B, which covers things like outpatient care and doctor’s visits, will drop by about 3 percent in 2023. The annual deductible for Part B will also decrease.</p>



<h4 class="wp-block-heading"><a href="https://www.businessinsider.com/us-moving-closer-letting-americans-file-taxes-online-and-free-2022-9" target="_blank" rel="noreferrer noopener"><strong>US Moving Closer to Letting Americans File Taxes Online for Free | Business Insider</strong></a></h4>



<p>The recently passed Inflation Reduction Act included $15 million for the Treasury Department to look into simplifying the tax filing process, with the goal of making it easier, faster and less expensive. Officials say an updated system could allow many people to file their taxes with just a few clicks and without having to pay for tax preparation services or software.</p>



<h4 class="wp-block-heading"><a href="https://www.cnbc.com/2022/10/06/the-401k-industry-launches-rollover-plan-for-old-retirement-accounts.html" target="_blank" rel="noreferrer noopener"><strong>The 401(k) Industry Launches Rollover Plan for Old Retirement Accounts | CNBC</strong></a></h4>



<p>Several large administrators of employer-based retirement plans are teaming up to help reconnect people with plans they left behind at old jobs. The partnership will aim to automatically move a 401(k) to a worker’s new employer plan, when possible, or the worker can choose to cash out.</p>



<h4 class="wp-block-heading"><a href="https://www.nextavenue.org/as-covid-19-subsides-online-memory-cafes-for-dementia-linger/?utm_source=Next+Avenue+Email+Newsletter&amp;utm_campaign=f15b13bb76-Thursday_Newsletter_07-07-22_COPY_01&amp;utm_medium=email&amp;utm_term=0_056a405b5a-f15b13bb76-166628362&amp;mc_cid=f15b13bb76&amp;mc_eid=d064809590" target="_blank" rel="noreferrer noopener"><strong>As COVID-19 Subsides, Online Memory Cafes for Dementia Linger | Next Avenue</strong></a></h4>



<p>During the COVID-19 pandemic, social support groups for people with dementia moved online like many other activities. As many people resume in-person activities, these online “memory cafes” are finding that they can continue to reach people they wouldn’t otherwise if they were strictly in-person.</p>



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


News You Should Know: Medicare Part B Premiums to Drop in 2023


<h4 class="wp-block-heading"><strong><a href="https://www.sciencedaily.com/releases/2022/08/220803161028.htm" target="_blank" rel="noreferrer noopener">Education, Job, and Social Life May Help Protect Brain from Cognitive Decline | ScienceDaily</a></strong></h4>



<p>New research on Alzheimer’s finds that staying active — not just physically but also socially and intellectually — may help build up a so-called “cognitive reserve” that can provide protection against the disease. Researchers say the study highlights the importance of activities we often consider “leisure,” such as reading and socializing, in lifelong learning.</p>



<h4 class="wp-block-heading"><strong><a href="https://apnews.com/article/student-loan-forgiveness-biden-plan-d9c8e18774a744187c9af634bf4eb728" target="_blank" rel="noreferrer noopener">Student Loan Forgiveness Could Help More Than 40 Million | The Associated Press</a></strong></h4>



<p>President Joe Biden announced plans to forgive up to $20,000 in federal student loan debt. Officials say more than 40 million people could be eligible for forgiveness and 20 million could see their student debt eliminated entirely.</p>



<h4 class="wp-block-heading"><strong><a href="https://coloradosun.com/2022/08/22/colorado-health-insurance-purchasing-alliance/?mc_cid=421fd18be6&amp;mc_eid=a158e71f49" target="_blank" rel="noreferrer noopener">Colorado&#8217;s State Employee Health Insurance Plan Aims for Reform | The Colorado Sun</a></strong></h4>



<p>The State of Colorado is teaming up with the Colorado Purchasing Alliance to offer cost-saving options to enrollees in the state’s Cigna health insurance plans. Those workers — about 19,000 of them — will have access to lower negotiated rates and a tool for comparing providers on price and quality ratings.</p>



<h4 class="wp-block-heading"><strong><a href="https://www.npr.org/2022/08/17/1117832975/teachers-school-supplies-irs" target="_blank" rel="noreferrer noopener">For the First Time in 20 Years, Teachers Can Deduct More for School Supplies | NPR</a></strong></h4>



<p>Since 2002, teachers have been able to deduct up to $250 in out-of-pocket classroom expenses from their taxes. For the 2022 tax year, that amount increases to $300. The deduction will continue to increase in future years to account for inflation.</p>



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


News You Should Know: Lifestyle Factors Such as Social Life May Protect Against Alzheimer’s


<h4 class="wp-block-heading"><a href="https://coloradosun.com/2022/04/15/colorado-hospital-profits-prices-hcpf/" target="_blank" rel="noreferrer noopener"><strong>Why Colorado’s Ongoing Fight Against High Hospital Prices Is Now A Lot More Complicated</strong></a><strong> | The Colorado Sun</strong></h4>



<p>A recently released report found Colorado is one of the most expensive states in the country for hospital care. The state is pushing for hospitals to lower costs, and hospitals say they’re making progress, but the COVID-19 pandemic has added another element to the conversation.</p>



<h4 class="wp-block-heading"><a href="https://content.copera.org/news-you-should-know-new-factors-in-colorados-ongoing-fight-against-high-hospital-costs/" target="_blank" rel="noreferrer noopener"><strong>Are Rising Interest Rates Making Savings Accounts a Smart Option Again?</strong></a><strong> | Yahoo! Finance</strong></h4>



<p>While rising interest rates can have negative effects on some aspects of consumer finances, one area that stands to benefit is saving accounts. Banks are likely to start offering higher interest rates on savings accounts, though it may take some time to see those changes take effect.</p>



<h4 class="wp-block-heading"><strong><a href="https://www.kiplinger.com/personal-finance/604519/which-of-the-3-financial-phases-are-you-in" target="_blank" rel="noreferrer noopener">Which of the 3 Financial Phases Are You In?</a> | Kiplinger</strong></h4>



<p>Your financial life can be divided into three distinct phases: build and grow, transition, and distribute and deploy. Which stage you’re in isn’t determined by just your age but also what your priorities and goals are.</p>



<h4 class="wp-block-heading"><a href="https://www.forbes.com/sites/lawrencelight/2022/04/20/your-aging-parents-need-care-what-can-you-do/?sh=9cdedb04d201" target="_blank" rel="noreferrer noopener"><strong>Your Aging Parents Need Care: What Can You Do?</strong></a><strong> | Forbes</strong></h4>



<p>Aging can be a difficult topic to discuss, especially with elderly parents who may be facing losing some of their independence. Here are some tips from an expert on when and how to start those tough conversations.</p>



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


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