Prescription drug prices are skyrocketing. Medicare spent an extra $110 billion in recent years because drug prices increased faster than inflation. That money could have bought lots of gas and groceries.
A new AARP Public Policy Institute report, shows that retail prices for a combined set of 754 widely-used brand name, generic, and specialty prescription drugs increased by an average of 4.2% in 2017, well above the general inflation rate of 2.1% for the same period. This marked the 12th year in a row of often substantial drug price increases.
To combat a retirement security crisis, state legislators this year passed a bill establishing the Colorado Secure Savings Plan Board, to examine the feasibility of creating a savings program for employees of small businesses that don’t offer 401(k)s.
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