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.

The IRS recently announced adjustments to marginal tax rates, retirement plan contribution limits, and other provisions that will be helpful for financial planning in the new year.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size">2025 0BBBA updates</h2>



While most of the changes below apply to tax year 2026, the federal tax and spending bill known as the One Big Beautiful Bill Act (OBBBA) made some important changes that apply to tax year 2025.



Notably, the standard deduction for 2025 increased to $15,750 for single tax filers and $31,500 for married couples filing jointly.



The OBBBA also established <a href="https://www.irs.gov/newsroom/one-big-beautiful-bill-act-tax-deductions-for-working-americans-and-seniors" target="_blank" rel="noreferrer noopener">a new tax deduction for taxpayers who are at least 65 years old</a>. For tax years 2025 through 2028, eligible seniors can deduct an additional $6,000 from their taxable income. <a>The deduction phases out for individuals with modified adjusted gross income over $75,000.</a>



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size">2026 retirement plan contribution limits</h2>



In the new year, employees <a href="https://www.irs.gov/newsroom/401k-limit-increases-to-24500-for-2026-ira-limit-increases-to-7500" target="_blank" rel="noreferrer noopener">will be able to set aside more money</a> in defined contribution retirement accounts such as 401(k), 403(b), and 457 plans.



The maximum amount a person can contribute to those plans is $24,500 for 2026, an increase of $1,000 from 2025. The catch-up contribution limit for most employees who are 50 or older will increase to $8,000.



Under the SECURE 2.0 Act, workers who are 60, 61, 62, or 63 have a higher catch-up contribution limit. That limit remains unchanged for 2026 at $11,250.



For individual retirement accounts (IRAs), the annual contribution limit will increase to $7,500 in 2026 and the catch-up contribution limit will be $1,100.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size">2026 HSA/FSA contribution limits</h2>



The amount of money workers can contribute to medical savings accounts also will increase in 2026.



<ul>
<li>HSA:&nbsp;Individuals enrolled in a high deductible health plan (HDHP) with a health savings account (HSA) will be able to contribute up to $4,400, and those with family coverage will be able to save a maximum of $8,750.</li>



<li>FSA:&nbsp;For workers who don’t have an HDHP with an HSA and instead use a flexible spending account (FSA), the maximum contribution for 2026 is $3,400. For plans that allow unused balances to roll over, the maximum amount that can be rolled over will increase to $680.</li>
</ul>



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size">2026 tax rates</h2>



Below are updated marginal tax rates for single taxpayers and married couples filing jointly. Visit&nbsp;<a href="https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2026-including-amendments-from-the-one-big-beautiful-bill" target="_blank" rel="noreferrer noopener">the IRS website</a>&nbsp;for more tax tables and additional details.



Note that since these changes are for tax year 2026, they will generally apply to tax returns filed in 2027;&nbsp;<a href="https://copera.org/pera-on-the-issues/updated-tax-brackets-contribution-limits-and-more-to-know-for-2025" target="_blank" rel="noreferrer noopener">2025 tax rates</a>&nbsp;will apply to returns filed in 2026.



<ul>
<li>37% for incomes over $640,600 ($768,700 for married couples filing jointly)</li>



<li>35% for incomes over $256,225 ($512,450 for married couples filing jointly)</li>



<li>32% for incomes over $201,775 ($403,550 for married couples filing jointly)</li>



<li>24% for incomes over $105,700 ($211,400 for married couples filing jointly)</li>



<li>22% for incomes over $50,400 ($100,800 for married couples filing jointly)</li>



<li>12% for incomes over $12,400 ($24,800 for married couples filing jointly)</li>



<li>10% for incomes of $12,400 or less ($24,800 for married couples filing jointly)</li>
</ul>



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size">2026 standard deduction</h2>



The standard deduction for 2026 will increase to $16,100 for single tax filers and $32,200 for married couples filing jointly.



Taxpayers who are 65 or older can take an additional standard deduction, which is also adjusted for inflation. For tax year 2026, that amount is $2,050 for single taxpayers and $1,650 for married taxpayers or surviving spouses.



Visit <a href="https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2026-including-amendments-from-the-one-big-beautiful-bill" target="_blank" rel="noreferrer noopener">the IRS website</a> for more information on these and other tax changes.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size">PERA benefits and taxes</h2>



Colorado PERA benefits are subject to federal income tax, as well as applicable state and local taxes. PERA retirees who would like to update their tax withholding can do so by&nbsp;<a href="https://www.copera.org/member-login-registration" target="_blank" rel="noreferrer noopener">logging in</a>&nbsp;to their secure member account or completing a paper Form W-4P.



Retirees and benefit recipients can expect to receive their 1099-R tax forms for tax year 2025 in January 2026.



Learn more at&nbsp;<a href="https://www.copera.org/taxes-on-benefits" target="_blank" rel="noreferrer noopener">copera.org/taxes-on-benefits</a>.

IRS Releases 2026 Tax Brackets, Contribution Limits, Other Tax Updates

<a href="https://coloradosun.com/2025/11/05/amgen-lawsuit-prescription-drug-affordability-board-enbrel/" target="_blank" rel="noreferrer noopener">Amgen Sues Colorado Prescription Drug Board Over Enbrel Price Cap | The Colorado Sun</a>



The fight over Colorado’s first-ever price cap on a prescription drug continues. Amgen, the company that makes Enbrel, is suing over the Prescription Drug Affordability Review Board’s decision to put an upper limit on the price of the rheumatoid arthritis drug. The case is expected to go to court next year, while the price cap is set to go into effect in 2027.



<a href="https://abcnews.go.com/US/wireStory/irs-direct-file-year-means-taxpayers-127237706" target="_blank" rel="noreferrer noopener" class="broken_link">IRS Direct File Won&#8217;t be Available Next Year. Here&#8217;s What That Means for Taxpayers | ABC News</a>



Tax season will be here before you know it, but taxpayers hoping to save money by filing directly with the IRS this time around are out of luck. Direct File started out as a test program in 2024 and the federal government had planned to make it permanent, but the IRS now says the service will no longer be available.



<a href="https://www.investopedia.com/curious-about-retirement-spending-heres-what-the-average-monthly-expenses-are-for-retirees-11832245" target="_blank" rel="noreferrer noopener">Curious About Retirement Spending? Here’s What The Average Monthly Expenses Are For Retirees | Investopedia</a>



When preparing for retirement, it’s important to estimate not just your income but also how much you’ll spend. According to the most recent government data, Americans ages 65 and older spend about $60,000 a year, on average. Housing is the biggest expense for that age group, followed by transportation, health care, and food.



<a href="https://www.denver7.com/news/local-news/cu-denver-program-helps-older-adults-find-purpose-after-retirement" target="_blank" rel="noreferrer noopener">CU Denver Program Helps Older Adults Find Purpose After Retirement | Denver7</a>



Finding meaning after decades of working can be a challenge for many retirees. A relatively new adult education program at the University of Colorado Denver aims to help by providing pre-retirees and retirees with the opportunity to audit courses and connect with peers who are also seeking inspiration, meaning, and direction.



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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: Drugmaker Suing Colorado Over Price Cap

<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://www.cnbc.com/2025/09/09/retirement-will-take-a-miracle.html" target="_blank" rel="noreferrer noopener">Fewer People Think Retirement Will ‘Take a Miracle,’ Report Finds. But Inflation Worries Persist | CNBC</a>



A recent survey found Americans are feeling more optimistic about retirement. The survey found that 21% of respondents felt like it would take “a miracle” to enjoy a secure retirement, down from more than 40% who said so in 2021. The survey also found generational differences in expected retirement age, with millennials planning to retire in their early 60s and baby boomers who are not yet retired expecting to work until 70.



<a href="https://www.napa-net.org/news/2025/8/theyre-back--congress-returns-but-will-we-see-any-retirement-legislation/" target="_blank" rel="noreferrer noopener">They’re Back — Congress Returns, But Will We See Any Retirement Legislation? | National Association of Plan Advisors</a>



Congressional lawmakers are back at work following the summer recess. There’s a long list of legislative issues to tackle, including federal spending. Here are some of the retirement-related issues that lawmakers might take up this session.



<a href="https://www.irs.gov/newsroom/irs-assesses-162-million-in-penalties-over-false-tax-credit-claims-tied-to-social-media" target="_blank" rel="noreferrer noopener">IRS Assesses $162 Million in Penalties over False Tax Credit Claims Tied to Social Media | Internal Revenue Service</a>



Be careful where you get your tax advice—the IRS says it’s collected $162 million in penalties from thousands of people who fell for fraudulent tax return tips on social media. Officials say they’ve seen a significant increase in fraudsters posing as experts online and encouraging people to claim tax credits they’re not actually eligible for.



<a href="https://www.denver7.com/news/local-news/as-falling-deaths-rise-for-older-adults-how-home-safety-can-make-a-difference" target="_blank" rel="noreferrer noopener">As Falling Deaths Rise for Older Adults, How Home Safety Can Make a Difference | Denver7</a>



Taking a fall can be increasingly dangerous as we age, and government statistics show an increase in fatal falls in recent years. Many of those falls happen at home, and a little bit of preventive maintenance to remove potential hazards can go a long way in making a home safer for its aging residents.



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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: Americans More Optimistic About Retirement, Survey Finds

<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

<a href="https://www.aarp.org/money/taxes/what-to-know-new-tax-law-2025.html" target="_blank" rel="noreferrer noopener">What to Know About the New $6,000 Tax Deduction | AARP</a>



The recently passed tax and spending bill known as the One Big Beautiful Bill Act includes a new tax deduction for older Americans. The deduction—up to $6,000 per eligible taxpayer—applies to taxpayers who are 65 or older with a modified adjusted gross income of less than $175,000 ($250,000 for married couples filing jointly). The deduction takes effect for the 2025 tax year and is set to expire after the 2028 tax year. 



<a href="https://coloradosun.com/2025/07/17/colorado-health-insurance-prices-one-big-beautiful-bill/" target="_blank" rel="noreferrer noopener">Colorado Health Insurers Propose Huge Price Increases for 2026 | The Colorado Sun</a>



Insurance carriers are asking the state to approve significant increases in plan premiums for people who buy health insurance on the individual marketplace. On average, insurers are proposing a 28.4% increase for 2026, but that percentage is even higher in more rural parts of the state. PERA staff are still working with carriers to finalize details for PERACare plans and we expect to have 2026 premium information available by October 1. 



<a href="https://www.axios.com/2025/07/18/trump-signs-stablecoin-bill-into-law-genius" target="_blank" rel="noreferrer noopener">GENIUS Act: Trump Signs Stablecoin Bill He Championed | Axios</a>



President Donald Trump signed into law a landmark cryptocurrency bill that establishes a regulatory framework for stablecoins, which are a type of digital currency that’s tied to relatively stable assets like the U.S. dollar. Critics have argued the bill doesn’t include enough guardrails or consumer protections, while proponents say the new regulations will pave the way for cheaper, more efficient ways to move money. 



<a href="https://www.investopedia.com/why-gen-z-believes-side-hustles-are-key-to-a-secure-retirement-11741168?hid=a526fec8f4710d579c898e2c1bdd1b7d2a8953bb&amp;did=18511613-20250710&amp;utm_campaign=investopedia-daily_newsletter&amp;utm_source=investopedia&amp;utm_medium=email&amp;utm_content=071025&amp;lctg=a526fec8f4710d579c898e2c1bdd1b7d2a8953bb&amp;lr_input=3bcb2a6d7fb80db556175b41a2a4ef69629b1975a06f7b74c80b82739c223050&amp;utm_term=midday" target="_blank" rel="noreferrer noopener">Why Gen Z Believes Side Hustles Are Key to a Secure Retirement | Investopedia</a>



Research has shown that younger generations are thinking seriously about retirement and taking action to boost their finances. Not only are members of Gen Z saving for retirement earlier than older generations, but many of them are picking up extra work. A recent survey found over half Gen Z workers have a so-called “side hustle” that helps them pay down debt, save for retirement, and meet other money goals.



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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: How the New $6K Deduction for Seniors Works

<a href="https://apnews.com/article/what-is-republican-trump-tax-bill-f65be44e1050431a601320197322551b" target="_blank" rel="noreferrer noopener">What&#8217;s in the Big Bill That Trump Has Signed into Law | AP News</a>



Congress passed and President Trump signed the large tax and spending bill, known as the One Big Beautiful Bill Act, that President Trump has made a priority. The bill, which is nearly 900 pages long, makes a wide variety of changes to federal law, including extending tax cuts, creating new temporary tax deductions, boosting funding for border security, and reducing the number of people covered by Medicaid and food assistance programs.



<a href="https://www.forbes.com/sites/ronshevlin/2025/07/01/the-new-trend-in-personal-finance-revenge-saving/" target="_blank" rel="noreferrer noopener">The New Trend in Personal Finance: Revenge Saving | Forbes</a>



You may remember the term “revenge spending” from the period following COVID-related lockdowns, which described the surge in spending that occurred as people began to resume regular daily activities. Now, there’s a reversal happening with many people opting for “revenge saving” instead. Experts say unlike traditional saving, which is often focused on long-term goals, revenge saving is more emotionally reactive and a response to economic volatility and uncertainty.



<a href="https://www.usatoday.com/story/money/2025/07/05/most-popular-retirement-states-florida-arizona/84459117007/" target="_blank" rel="noreferrer noopener">Where do Americans Go to Retire? Not Where You Think. | USA Today</a>



While it’s long been known that retirees like to move to warm states like Arizona and Florida, recent analyses have found changing trends as retiree priorities shift. According to one such list, Wyoming is the top destination for retirees, followed by South Carolina and Idaho. Another ranking lists Massachusetts, Florida, and Illinois as top destinations for retirees. Experts say various factors beyond climate influence retiree migration, including proximity to nature, amenities, and cost of living.



<a href="https://www.kiplinger.com/retirement/retirement-planning/the-first-year-of-retirement-rule" target="_blank" rel="noreferrer noopener">The &#8216;First Year of Retirement&#8217; Rule | Kiplinger</a>



If you’re nearing retirement, you may be thinking about what your transition away from work looks like and daydreaming about the possibilities. But experts say that without careful planning, the first year of retirement can make or break the years that follow. Here’s why the first year is so important, and some tips for making sure you’re set up for success in 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: What’s Included in the Federal Spending Bill?

<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://coloradosun.com/2025/03/17/colorado-budget-shortfall-recession-risk-march-forecast/" target="_blank" rel="noreferrer noopener">Recession Risk Grows, Adding Uncertainty to Colorado Budget Crunch | The Colorado Sun</a></h2>



There’s still a lot of uncertainty as the deadline approaches for the Legislature to release its budget plan for the next fiscal year. State economists say that while Colorado’s economy is growing, unemployment is rising and spending and economic growth are slowing. At the same time, lawmakers are trying to find ways to cut over $1 billion from the state budget.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.cnbc.com/2025/03/15/investment-fraud-how-to-protect-yourself.html" target="_blank" rel="noreferrer noopener">Americans Lost $5.7 Billion to Investment Scams in 2024, FTC Says. Here’s How to Protect Yourself | CNBC</a></h2>



Investment scams are on the rise—the latest data from the Federal Trade Commission show Americans lost $5.7 billion to investment scams in 2024, up 24% from the year before. Officials say scamming operations have become more sophisticated, and criminals stole an average of more than $9,000 from victims last year. Here are some tips for spotting and avoiding potential scams.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.cnet.com/personal-finance/taxes/the-irs-has-issued-a-whopping-145-billion-in-tax-refunds-so-far/" target="_blank" rel="noreferrer noopener">The IRS Has Issued a Whopping $145 Billion in Tax Refunds so Far | CNET</a></h2>



Tax season is well underway, and the Internal Revenue Service (IRS) reports its tax return processing is mostly on par with last year, so far. The IRS says it has processed more than 60 million returns since tax season began and issued more than 43 million refunds, with an average refund of more than $3,300.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.npr.org/2025/03/04/g-s1-51748/trump-crypto-reserve-bitcoin-stockpile-ether" target="_blank" rel="noreferrer noopener">What to Know About Trump&#8217;s &#8216;Crypto Strategic Reserve&#8217; Plan | NPR</a></h2>



President Donald Trump announced his intent to create a strategic reserve of cryptocurrency similar to the U.S. stockpile of gold. While there are still many questions about how a cryptocurrency reserve might work, the U.S. government already holds billions of dollars in bitcoin seized from criminal cases.



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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: Latest Forecasts Add Uncertainty to State Budget

<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.cbsnews.com/news/when-will-i-get-my-2025-tax-refund/" target="_blank" rel="noreferrer noopener">Will the Expected IRS Staff Cuts Delay my 2025 Tax Refund? | CBS News</a></h2>



The federal government’s downsizing efforts have extended to the Internal Revenue Service, where thousands of positions are expected to be cut in the middle of the busy tax season. While most taxpayers likely won’t encounter any trouble with their returns, there may be delays for anyone who needs to reach out to the IRS for customer service.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.forbes.com/sites/dandoonan/2025/03/03/the-unsung-economic-engine-retiree-pension-spending/" target="_blank" rel="noreferrer noopener">The Unsung Economic Engine: Retiree Pension Spending | Forbes</a></h2>



An annual analysis from the National Institute on Retirement Security highlights the significant contributions retirees make to local and national economies. Their pension spending results in $1.5 trillion in economic output and supports 7.1 million jobs nationwide, according to NIRS. On a more local level, PERA <a href="https://www.copera.org/pera-on-the-issues/measuring-the-impact-of-4-5b-in-annual-retirement-benefits-in-colorado" target="_blank" rel="noreferrer noopener">paid $4.55 billion in benefits</a> to more than 114,000 retirees who lived in Colorado 2023, resulting in $7.1 billion in economic output and supporting more than 28,000 jobs.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://401kspecialistmag.com/401k-millionaire-ranks-grew-27-in-2024-fidelity/" target="_blank" rel="noreferrer noopener">401(k) Millionaire Ranks Up 27% in 2024, Says Fidelity | 401k Specialist</a></h2>



Retirement plan recordkeeper Fidelity says its data show a significant increase in the number of people with over a million dollars saved for retirement last year. The company noted a 27% increase in 401(k) “millionaires” over the course of 2024, most of them members of the Baby Boom generation and Generation X. On average, they’ve been saving for 26 years and contribute 17% of their income to their retirement accounts, according to Fidelity.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.mcknightsseniorliving.com/news/more-older-adults-living-disability-free-lives-and-thats-extremely-encouraging-researcher-says/" target="_blank" rel="noreferrer noopener">More Older Adults Living Disability-Free Lives, and That’s ‘Extremely Encouraging,’ Researcher Says | McKnight&#8217;s Senior Living</a></h2>



We know people tend to live longer than they did generations ago, and new research sheds some light on the quality of that extended lifespan. A recent analysis finds that the percentage of older Americans who say they’re living without a disability has increased in recent years—reaching 65% in 2017.



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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: Will IRS Staff Reductions Affect Tax Filing Season?

<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.cpr.org/2025/02/12/financial-literacy-high-school-graduation-requirement-bill/" target="_blank" rel="noreferrer noopener">Bill Would Require Colorado Students Take One Semester of Financial Literacy to Graduate | Colorado Public Radio</a></h2>



State lawmakers are considering a bill that would require financial education for high school students. Currently, only about a quarter of the state’s school districts require personal finance education. This bill would expand that to all districts in the state, with students being required to complete one semester of financial literacy in order to graduate.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.newsweek.com/republican-pressures-trump-official-fast-track-social-security-payments-2030309" target="_blank" rel="noreferrer noopener">Lawmaker Pressures Officials to Fast Track Social Security Payments | Newsweek</a></h2>



After the Social Security Administration (SSA) said it could take a year or more to implement the Social Security Fairness Act, at least one member of Congress is urging officials to find ways to speed up the process. Rep. Clay Higgins (R-LA) sent a letter to the acting SSA commissioner calling the current timeline “unacceptable.” The agency says it is dealing with a shortage of staff and funding as it works to implement the new law.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.denverpost.com/2025/02/18/colorado-tax-returns-filing-department-revenue-delay/" target="_blank" rel="noreferrer noopener">Colorado Tax Return Delay: State to Begin Processing Individual Returns | The Denver Post</a></h2>



The Colorado Department of Revenue says it will begin processing tax returns this week following a delay. A spokesperson said the department had to delay accepting returns in order to implement a number of significant changes to tax law.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.cnbc.com/2025/02/11/fed-chair-powell-says-central-bank-doesnt-need-to-be-in-a-hurry-to-lower-interest-rates-further.html" target="_blank" rel="noreferrer noopener">Fed Chair Powell Says Central Bank Doesn&#8217;t &#8216;Need to be in a Hurry&#8217; to Lower Interest Rates Further | CNBC</a></h2>



In testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell told lawmakers the economy and job market are doing well and inflation remains above the Fed’s target of 2%. Because of those factors, he said he’s not in any hurry to lower interest rates further, as doing so too quickly could send inflation rising again.



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