Local financial advisor shares insights on strengthening retirement savings despite rising costs

-
1:09
Whitnall Park
-
3:16
Chainsaw carving transforms Wauwatosa firefighter into ’Jaker...
-
4:49
Saluting 76th Street as a vital route with unique stops across...
-
5:02
Pancreatic cancer survivor rides his motorcycle from Wisconsin...
-
3:19
Taco Fest at Franksville Craft Beer Garden and more in our Community...
-
6:05
Color Our World Summer Reading Program and more at Racine Public...
-
4:00
Racine’s Madi Long Competes for Galaxy Crown While Giving...
-
6:35
Margarita Fest and more with the Racine Zoo!
-
4:39
Reviews of ’Jurassic World Rebirth’ and ’Deep Cover’
-
3:05
The Chicago Sky’s Wisconsin connection
-
3:05
Lower heat, humidity this week along with a few precip chances
-
1:13
2 dead after 2 separate drowning incidents in Lake Delavan
MILWAUKEE (CBS 58) -- A recent survey says that people are outliving their assets, but how can people better line-up the value of their retirement assets?
Brad Allen, a financial advisor with Drake and Associates, joined us on Thursday, July 6 to offer key steps for effective financial planning.
One of the steps Allen highlighted is revisiting a budget, especially if it has not been adjusted to account for the higher cost of living. Also, maximizing retirement contributions is crucial, according to Allen; in 2023, $22,500 can be contributed to a 401(k), with an additional $7,500 for individuals over age 50.
He also emphasized the importance of a diversified investment portfolio and creating a retirement plan that includes income and tax planning as well as strategies for Social Security and long-term care.
Those who find the retirement planning process overwhelming, more information can be found at DrakeAndAssociates.net.