What is the first thing I should do to save for retirement?

Start by capturing your full employer 401(k) match, because it is free money and an instant return. From there, automate your contributions and aim for around 15 percent of your income each year. Once the saving is on autopilot, turn to the legal side: review your beneficiary forms and your estate plan so your savings are actually protected.

What is the $1,000-a-month rule for retirement?

It is a rough rule of thumb suggesting that for every $1,000 in monthly income you want in retirement, you need roughly $240,000 saved, based on a 5 percent annual withdrawal. It is a quick gut check, not a precise plan. Your real number depends on taxes, healthcare, and long-term care risk, which in Connecticut can be substantial.

Does a revocable trust help with retirement planning?

Yes. A <a href="https://innercirclelegalplanning.com/connecticut-revocable-living-trust">revocable living trust</a> keeps your assets private, lets you stay in control while you are alive, and helps your estate avoid the public probate process. Just remember that in Connecticut it does not avoid probate fees, which are based on your gross taxable estate. For long-term care protection, an irrevocable trust is the better tool.

What happens to my retirement accounts if I die without a plan?

Your 401(k) and IRA pass to whoever is named on the beneficiary form, even if your will says otherwise. If no valid beneficiary is named, the account can land in probate and follow Connecticut's default intestacy rules, which may send it to people you never intended. Keeping those forms current is one of the easiest ways to protect your family.

How does Connecticut estate tax affect retirees?

For 2026, Connecticut taxes estates above a $15 million exemption at a flat 12 percent rate, so most families fall under it. The bigger trap is that Connecticut does not allow spouses to share exemptions. A "leave everything to my spouse" plan can waste one exemption and create a tax bill at the second death, which planning with trusts can prevent.

Do I need a financial advisor or an estate planning attorney?

Most retirees benefit from both, in different lanes. A financial advisor grows and manages your savings. An estate planning attorney protects them, with wills, trusts, powers of attorney, and tax and Medicaid strategy. The two should talk to each other. We routinely coordinate with advisors and CPAs so your plan is one coherent strategy, not two disconnected halves.

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Retirement

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How to Save for Retirement: A Guide for Connecticut Families

You have spent decades earning, raising a family, and paying down the house. Somewhere along the way you started a 401(k), maybe opened an IRA, and told yourself you were "doing the retirement thing." If you are now trying to figure out how to save for retirement in a way that actually holds up, you are asking exactly the right question at exactly the right time.

Bryan Etter

8 min. read

How to Avoid Probate | Inner Circle Legal Planning

Retirement

How to Save for Retirement: A Guide for Connecticut Families