Retirement insights from a Colorado PERA perspective

News You Should Know

News You Should Know: 2 Retirement Bills You Should Know About

Public Domain: https://pixabay.com/p-720677/?no_redirect WEP

2 retirement bills you should know about: ‘SECURE 2.0’ and ‘Cardin-Portman’ have strong bipartisan support | Benefits Pro

Two bills at the federal level could tweak a number of retirement-related laws, including changes that simplify plan administration and communication, raising the required minimum distribution age, and raising catch-up contribution limits. Onlookers say the lack of controversial issues in the bills mean that each has a good chance of passing.

Polis: Colorado program keeps health insurance costs low | AP

Rates on Colorado’s insurance exchange in 2022 will likely look a lot like they do in 2021, according to Gov. Polis. One reason cited for the price stability: the state’s reinsurance program. The program, which began in 2019, reduces the impact that high-cost patients have on the entire insured population. While prices will remain relatively stable across the state, some regions, including Western counties, will see higher costs.

Proposed legislation aims to make long-term care insurance more affordable | McKnight’s Senior Living

The cost of long-term care can quickly eat through retiree savings. A new law introduced in the U.S. Senate would allow people to pay for long-term care insurance, which helps cover some of these costs, using money in retirement accounts. This allowance would have a $2,500 annual cap.

7 Money Lies We Tell Ourselves | Kiplinger

Money is emotional. This can make it a tough topic to talk about with a partner, parents, or friends. But don’t forget another person for whom talks about money can get tricky: you. Humans are great at avoiding hard truths about money. Read more about these seven common pitfalls.


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

Comments

  1. M says:

    Pera, your link to the 2 pieces of legislation requires registering with “Benefits Pro” to read further. Please send out a different link.

    • Al says:

      The articles in the link don’t really say much. Looks like they won’t even proceed much further until late fall, perhaps even not until next year.

    • Duane C John says:

      This article has no value as is, we should not have to register with another unknown website for information regarding our retirement, “news-you-should-know…” indeed.

  2. Angie Kinnaird Linn says:

    It would be helpful if you would briefly summarize these bills, as the links don’t provide any substantive information.

  3. Ramona says:

    So, if the insurance exchange is “stable” does that mean we won’t see an increase in our insurance premiums this year?

  4. Dennis Veilleux says:

    I would really love it if legislators did something about the WEP. It sure doesn’t seem fair that, although I have enough points/credits I can’t reap the benefit of full Social Security payments.

  5. Cathy says:

    I agree that something needs to be addressed about obtaining the WEP benefits we earned. That seems to be constantly put aside for other bills. Our retirement funds are not stretching enough to cover the cost of living increase and higher grocery prices etc. It’s time this was given a priority to those who could use it. Afterall, we did earn it and it has been used for other purposes for too long. It’s not like we are looking for a hand out.

    • Allen Cumm says:

      Cathy, I agree with both you and Dennis. I am in the same boat. Since we are subject to the GPO/WEP then I think Colorado should NOT tax our current SS benefits.

  6. Kim lack says:

    Why is PERA care so expensive? Is it increasing again this year. It is rediculous that I have to pay the high rates for my insurance after retiring with 32 years. Lucky you if you have a significant other who has cheaper insurance which you can be on , but some of us don’t. Every year I make less than the year before. This isn’t suppose to be this way. Help

    • Chris C says:

      The older you get the higher cost. When I turned 64 I was paying $953 a month with Kaiser. But when I turned 65 that 953 went back to me.

  7. Carol says:

    I am 60 and I just retired after 23 years of service. After receiving my first check with tax and peracare deductions I am going to have to have to get a part time job. Due your due diligence before retiring and figure out what your net income will actually be.

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