Retirement tips with Kelly Branltey

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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.