Local financial expert says becoming a millionaire retiree is possible

MILWAUKEE (CBS 58) -- Those dreaming of retiring with a million dollars in the bank may have a path towards reaching that goal. Brad Allen, a financial expert from Drake and Associates, joined us on Thursday, May 25 to discuss details.

This advice comes right after National Be a Millionaire Day on May 20. While that may be a day with a fun title, it also carries a serious message: with the rising cost of living, a million dollars is what most individuals might need to retire comfortably.

How can people work towards that million-dollar goal? Allen gave a few tips.

First, take any free money from your job. If they match your retirement savings, be sure to max it out. Second, save money automatically from each paycheck. Third, find other ways to make money, like investing in real estate. Lastly, start saving early to take advantage of compound interest, which lets your money grow faster.