Planned Solutions

In this episode of the Planned Solutions Incorporated Podcast, The US inflation rate declined slightly in January as goods prices continued to decline but services prices climbed. This will likely cause the inflation focus to shift from goods to services going forward as service prices will need to decline for inflation to return to its longer-term average. Within the services category, the cost of shelter is significant given the large percentage of household spending that goes to paying for shelter. Also, The Secure Act 2.0 made several changes to retirement plan catch-up contributions, including increasing the amount of the catch-up contribution for some savers. The amount of the catch-up allowed for IRAs will increase with inflation after 2024. In addition, in 2025 the catch-up will be increased by $10,000, or 1.5 times the normal catch-up amount, for those aged 60-63 saving in an employer-sponsored retirement account. And, Reverse mortgages have become more and more popular over the years as many home