Chris Rhyne Financial Management

Did you know that if one child doesn't need the funds, 529 plans allow for easy transfer to another family member. Keep the benefits within the family and maximize your investment! #FamilyPlan #EducationFlexibility

Happy Valentine’s Day! Love is not just a feeling but an action—show it through kind gestures, thoughtful words, and sincere moments. Remember, it's the little things that count! Spread love and happiness today and every day. #ValentinesDay #SpreadLove #CelebrateTogether

What does it mean to be financially independent? In its simplest form, financial independence is the liberty to live as you want, free of financial limitations that would otherwise influence life decisions. Though the definition is different for everyone, for most financial independence means having enough money to live without working for a paycheck.

Did you know your Social Security benefits are determined by a few factors? The average amount you earned during your working years is one of them – the more you earn, the higher your benefit payment. Your payout also depends on your life expectancy, age when you retire, and the age you choose to start taking benefits. The longer you wait to retire and/or start collecting benefits, the higher your monthly payment. The earliest you can start collecting is age 62, and the latest is age 70.

“Will the income I’ll receive from my 401(k) negatively affect the amount of my Social Security benefits?” In short, no. Your Social Security income is determined by your total lifetime earnings and the age you choose to begin receiving benefits. Have additional questions? Give a call at 704-240-3637.

Did you know Roth IRAs are funded with after-tax dollars, which means the original owner can make tax-free and penalty-free withdrawals of earnings if the 5-year holding requirement is met that they occur after age 59 ½?! #ROTHIRA #taxfree

Did you know? Contributions to 529 plans grow tax-free, and withdrawals for qualified education expenses are also tax-free. Save on taxes while saving for college! #TaxBenefits #SmartSavings

Are you looking ahead to the exciting day when you can retire and enjoy more leisure time? Not so fast – first, you have some important decisions to make when you’re ready to roll your 401(k) assets out of your company’s plan. Namely, your eligibility, expected income tax bracket, and how to handle any employer stock. Chris Rhyne Financial Management can help! Contact our office today if you’re considering retiring and wondering how to manage your financial transition!

When do penalties for IRA withdrawal end? Once you hit the magical age of 59½, you've unlocked a special privilege: you can start making withdrawals from your retirement plans, possibly without paying a pesky 10% federal income tax penalty. It's like finding a hidden treasure chest! This rule applies to all you savvy folks who have made saving for retirement a priority.

Get ready to celebrate everyone's favorite cheesy delight on February 9th—National Pizza Day! Whether you love a classic Margherita, a spicy pepperoni, or a veggie-loaded slice. Gather your friends and family to enjoy some delicious pizza and create unforgettable memories.