Planned Solutions

In this episode of the Planned Solutions Incorporated Podcast, The rate of inflation declined by two-thirds from a year ago when it peaked at 9.1%. The June inflation rate was just 3.0%, a 1.0% decline from May. The decrease in prices was led by a large drop in energy prices, while food and shelter inflation remained persistently high. However, the average inflation rate for many households that own their home, and therefore are insulated from the increase in shelter prices, is likely below the Federal Reserve’s target of 2.0%. Also, A new rule takes effect in 2024 that will allow unused funds in a 529 college savings plan to be transferred to a Roth IRA in the name of the 529 plan beneficiary. This is a great opportunity for college savers who do not use the funds in a 529 plan to fund college expenses or have funds left over after college. However, there are a number of detailed provisions in the law that must be followed in order to qualify for the transfer. And, This is expected to be the biggest travel