MONROE, La. (KNOE) – Financial Planner Kelly Brantley joined us to talk about the best ways to plan successfully for retirement.
Courtesy: KNOE 8 News
First and foremost, Brantley encourages us to think of retirement as a number, not an age. Other tips she recommends:
-After your debt is paid and you have a 3-6 month emergency fund, you should put 15% into their 401K
-If you change employers, you should take time to roll that 401K over into an IRA.
-It’s not a good idea to cash out your 401K, because the government is going to charge you a penalty of 10% plus your tax rate, which could end up being 30 to 40% of your retirement.
-You should only cash out your 401K to avoid bankruptcy or a foreclosure from happening on your home.