The national inflation rate was 2.9% year-over-year in August. The higher-than-desired inflation rate was primarily due to stubborn services prices, especially shelter prices, rather than goods prices, which include the volatile food and energy categories. Other goods were up just 1.5% showing the year-over-year impact of tariffs was likely limited, although the category did increase 0.4% in the month of August showing a possible acceleration in goods inflation may be starting.
A report by Fidelity shows that the number of people with a 401(k) balance of $1 million or more reached an all-time high of 595,000. The average age of a 401(k) millionaire is 59 years old, and the average amount of time participating in the plan is 25 years. This shows that the 401(k) can be a valuable retirement savings tool, especially for those who start early and continue to contribute consistently for many years.
In 2017, the TCJA expanded the qualified use of 529 Educational Savings Plans to include certain K-12 expenses up to a limit of $10,000 per student. The OBBB Act, passed this year, expanded the ability to use 529 plans in two ways. The annual limit that can be used for K-12 education was doubled from $10,000 to $20,000. The expenses that are allowed as qualified educational expenses were also expanded to include many ancillary items and services that may be incurred.
Plus, a look at the Planned Solutions Incorporated Office Bulletin Board -
We are now taking registrations for our annual charity golf tournament.
The Harlan D. Wood and Debbie Druivenga Memorial Cancer Charity Golf TournamentDate: Friday, October 10, 2025Location: Rancho Murieta Country Club – North Course7000 Alameda DriveRancho Murieta, CA 95683Time: 1:00pm shotgun start (boxed lunch included), 5:30pm reception
To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast), please e-mail Katie@PlannedSolutions.com
Chase Armer's book- Financial Planning Insights is now available at: https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279
Planned Solutions, Inc.ADDRESS: 1130 Iron Point Road, Suite 170 Folsom, CA 95630 PHONE: (916) 361-0100 or (800) 750-2111E-MAIL: Shannon@PlannedSolutions.com FAX: (916) 361-0191WEBSITE:www.PlannedSolutions.com