There’s some good news in the retirement savings world: workers’ 401(k), 403(b), and IRA balances are on the rise, and it’s not just because of market performance. An analysis by Fidelity found that employer contributions to retirement accounts hit a record high of 4.8% earlier this year. In case you weren’t aware, PERA offers optional PERAPlus 401(k) and 457 Plans to members who want to save additional money for retirement.
The Social Security Administration found success with remote hearings during the COVID-19 pandemic, so the agency is looking to make phone and video appearances a permanent option. The SSA says that in addition to being more convenient for claimants, allowing remote hearings going forward will save money and allow the agency to be more efficient as it works through a large backlog of cases.
Gov. Jared Polis has signed dozens of bills into law following the conclusion of the 2023 legislative session, including SB23-056, which aims to recompense PERA for the cancellation of the previously scheduled July 2020 direct distribution of $225 million.
If you own your home, you could be sitting on an important chunk of retirement income. Recent research found that about 80% of older Americans own a home, which accounts for a significant portion of their net worth. While many people focus on their retirement plan(s) and savings for retirement income, that home equity can be an important part of the picture.
News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.