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Is $1 million in savings enough to retire anymore?

Posted at 10:01 AM, Dec 05, 2019
and last updated 2019-12-05 11:02:01-05

WAUKESHA, Wis — How much should you have in your retirement?

Financial Planner Brad Allen with Drake & Associates in Waukesha suggests by age 35, you should have at least double the amount of your current salary.

"What I recommend is just get the match a lot of companies have matches for 401k's make sure you're putting in enough to get that free money," says Allen.

A new study by GoBankingRates shows how much $1 million in retirement will last by state.

Wisconsin Ranks #25 lasting 23 years, 3 months.

Allan points out the one thing clients often miss when preparing for retirement, "Inflation. the cost of goods goes up every year a little bit and its about 1.5 percent a year. That's the average over the last ten years. But the 105 year average is over 3 percent."

Allan says you should seriously sit down and map out your retirement about 10 to 20 years before you plan to stop working.

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