Won a million, but can can you retire?

By Keith Boles - bio | email feedback

JONESBORO, AR (KAIT) --Wednesday night was the first night that Arkansans could play the Powerball lottery. Anyone who bought a ticket could win millions or a million. But could you retire on a million?

Now I can't speak for everybody,but winning a million dollars is a pretty big deal to me.

"I don't even remember what really happened. I was just so overwhelmed, everything was in kind of a blur."

Taryn hit it big in Tunica. A large check in hand, she was faced with mny difficult decisions.

"I had no idea and if it hadn't been for my parents I don't know what would have happened. It was my money and I could do what I want to but they did stand behind me and point me in the right direction."

What if you get the big check, you will need good help in dealing with all the cash. I recommend a financial consultant like Brian Erwin from Ameriprise. He told me there are numerous factors to consider.

Erwin, "The income tax implications, of the money as well as your overall goods, income needs, risk tolerance."

Getting good advice from qualified people is important because you will no doubt get lots of "Helpful" suggestions as to how to spend your money.

Taryn, "I had banks, I had accountants, I had all kinds of people calling wanting to manage my money, wanting me to put my money in their bank."

Using good financial managers, Taryn paid off debts, brought property and invested in her retirement...Oh and one little luxury item.

"I won that money on a Friday night. Saturday I went and got me a Lexus SUV."

But the question still remains. Can you retire on less than a million?

Erwin, "There's really no cookie cutter approach on determining can I retire or not. A lot of factors go into it."

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