In this episode of the Planned Solutions Incorporated Podcast, The annual inflation rate ticked up to 3.7% in August which is a 0.5% increase from the 3.2% in July and up 0.7% from the 3.0% reading in June. The primary cause of the increase in prices in August was that energy deflation appeared to be subsiding while shelter prices declined but at too slow of a rate to offset the monthly increase in energy prices. In total, the inflation report is a mixed bag with some positive signs for the future but also some areas that should raise some concern that inflation may be more stubborn than expected.

Also, The Personal Residence Exemption allows a taxpayer to exclude up to $250,000 of gain on the sale of their personal residence. A married couple may combine their exemptions to exclude a total of $500,000 in gain. However, there are several requirements that must be met to benefit from this generous tax provision. In addition, in limited cases, a taxpayer may qualify for a partial exemption even if the requirements are not met.

As well, At its core, Social Security benefits are fairly straightforward for workers who pay into the system and meet the requirements to claim retirement benefits. However, there are several additional provisions that may impact the benefits that spouses or dependents may be eligible to claim on a worker’s record. Therefore, it is important to explore the different options and claiming strategies before filing for Social Security benefits.

Plus a look at the Planned Solutions Incorporated Office Bulletin Board- This is an update/correction to our previous newsletter:

Workers aged 50 and over earning more than $145,000 now have two more years to continue making pre-tax Catch-Up Contributions to their 401k type plans.

Prior to the latest IRS announcement, The Secure Act 2.0 mandated everyone Aged 50 and over to have Catch-Up Contributions directed to a ROTH post-tax account effective January 2024 for higher earners. This created not only an administrative burden at the plan level but also could have created adverse tax implications for each participant.

This two-year delay allows plans and participants to make the necessary adjustments so that they can comply with the new rules and also engage in tax planning strategies.

It is official, We recently sent out the registration forms for our annual charity golf tournament. We are busy ordering the giveaways for the tournament and gathering donations for the silent

auction. We hope you will be able to attend (either golf or attend the dinner) or donate to a cancer charity to support our efforts.

The Planned Solutions Cancer Memorial Charity Golf Tournament

Date: October 13, 2023

Location: Rancho Murieta Country Club – North Course

7000 Alameda Drive

Rancho Murieta, CA 95683

Time: 1:00 pm shotgun start, 5:30 pm dinner

All profits go to cancer research and education. You can help by attending the tournament or

donating. Not golfing? Bring friends and attend the dinner.

Chase Armer's book- Financial Planning Insights is now available at:

https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279?ref_=ast_author_mpb

To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail [email protected]

The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action.

Planned Solutions, Inc.