Retirement tips with Kelly Branltey
Financial Planner Kelly Brantley joined us to talk about the best ways to plan successfully for retirement.
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.