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

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.