Are You Saving Enough to Truly Enjoy Retirement?

Concerned About Retirement? Here’s What You Can Do Now

Retirement should be a time to enjoy the results of your hard work—not a source of stress or uncertainty. Unfortunately, many Americans are unsure if they will have enough saved to retire comfortably.

Here are five steps you can take today to start building a more secure future:

1. Understand How Much You’ll Need
A recent study shows Americans believe they need $1.26 million to retire comfortably. Your actual number depends on your lifestyle, location, and desired retirement age. Start by estimating your annual retirement expenses.

2. Follow a Savings Timeline
Use this general guideline to track your progress:
• Save 1x your salary by age 30
• 3x by age 40
• 6x by age 50
• 8x by age 60
• 10x by age 67 (full retirement age for most people)

3. Protect Your Retirement Accounts
Some accounts, like 401(k)s and certain pensions, offer strong creditor protection. Others, like IRAs and inherited accounts, may not. A sound legal plan can help preserve what you’ve worked so hard to build.

4. Keep Beneficiaries Up to Date
Beneficiary forms override your will. Outdated or missing forms can lead to delays, disputes, or assets passing to the wrong person. Review these forms regularly and after any major life changes.

5. Consider a Retirement Trust
Naming a properly structured trust as the beneficiary of your retirement account can help protect those funds from lawsuits, divorce, or financial mismanagement by heirs. This requires careful legal drafting to meet IRS rules.

At Andrea L. Jakob, PA, we help clients throughout South Florida create integrated plans that support retirement goals, asset protection, and legacy planning.

If you’d like to review your current plan or start building one, contact us today.