Planned Solutions

In this episode of the Planned Solutions Incorporated Podcast, The official inflation rate ticked down to 3.2%, the same level as the July report, and the lowest inflation rate in several years. All the major categories, including food, energy, and shelter declined over the past twelve months creating hope that inflation will now continue its downward trend that started over a year ago. This is also positive news for the Federal Reserve which now may be able to hold interest rates steady next meeting. Also, The Social Security Administration announced good news for people collecting benefits and bad news for some people still paying into the system. The good news is that the Social Security benefit will increase by 3.2% in 2024. The bad news is that the wage limit which is subject to Social Security taxes on earned income will increase by 5.24% in 2024. Plus, In the past, the Free Application for Federal Student Aid (FAFSA) used a parent or guardian’s gross wage income to determine a student’s eligibility f