Looking to save 7 figures for retirement? 4 steps to help you find success

MILWAUKEE -- Who wants to be a millionaire? Probably all of us! Local financial advisor Brad Allen with Drake and Associates joins Real Milwaukee with advice on boosting your 401K balance.

1. Get Your Free Money

2. Automate Contributions

3. Avoid Penalties

4. Resist the Urge to Splurge

While $1 million sounds like a lot of money, planning for retirement is more than just a number. Two big expenses to consider when planning your income needs are healthcare and inflation.

Medicare is designed to cover many of your healthcare costs, but it doesn`t cover everything. A healthy 65-year-old couple retiring today will spend an average of $285,000 on healthcare costs in retirement, and that doesn`t even include long-term care costs.

Inflation will also impact your retirement savings by reducing your purchasing power and impacting your budget. Assuming the long-term average inflation rate, your budget will need to be adjusted by about 3% every year.