Retirement is supposed to be a time of freedom, reflection, and financial peace but for many, it’s anything but. As financial anxieties continue to rise, a pressing question has emerged: Are Marylanders saving enough for retirement to enjoy their later years without financial stress? With life expectancies growing and the cost of living increasing, traditional retirement timelines and strategies are no longer guaranteed pathways to comfort.
Retirement Anxiety Is Growing
Are Marylanders saving enough for retirement? It’s a question that has begun to trouble residents across the state as they assess rising housing costs, health care expenses, and longer lifespans. While many dream of traveling, volunteering, or spending more time with family, these goals remain out of reach for those without adequate savings or protection.
According to a 2025 Northwestern Mutual study, Americans believe they’ll need about $1.26 million to retire comfortably. The reality? The average American is far from that target. AARP reports that 1 in 5 adults over 50 has no retirement savings, and less than half of Americans have a financial plan in place for retirement.
Here in Maryland, the situation reflects national trends. From Baltimore to Bethesda, many residents are delaying retirement or continuing to work part-time because they simply can’t afford to stop.
How Much Should You Be Saving?
Determining how much you should save depends on your lifestyle, retirement goals, and future needs. Fidelity offers a general benchmark:
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1x your salary saved by age 30
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3x by 40
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6x by 50
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8x by 60
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10x by 67
But for many Marylanders, even reaching half those targets feels daunting.
Whether you’re just starting to save or playing catch-up, having a plan is crucial. Are Marylanders saving enough for retirement? Not always but with guidance from a financial advisor and a tailored estate plan, the gap can be closed.
Don’t Just Save – Protect
Saving is only half the battle. Your retirement assets are vulnerable to lawsuits, long-term care costs, and creditors if not properly protected. Fortunately, many retirement accounts, including 401(k)s and pensions, offer creditor protection under federal law. But not all accounts or situations are equal:
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ERISA-qualified plans are protected from most creditors.
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IRAs are protected up to $1,711,975 (as of 2025) in bankruptcy but may be vulnerable outside of it.
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Inherited IRAs often lack these protections unless proactive legal planning is in place.
To safeguard your assets and what you leave behind, it’s wise to incorporate estate planning strategies, like naming a trust as your IRA beneficiary. A properly drafted trust can shield assets from lawsuits, divorce, and financial mismanagement by heirs.
Estate Planning for Retirement Peace of Mind
An integrated estate plan helps preserve your wealth not just for your benefit, but for the benefit of future generations. Protecting your retirement accounts with tools like trusts, up-to-date beneficiary forms, and asset protection strategies ensures your savings remain secure and aligned with your wishes.
Remember: Are Marylanders saving enough for retirement isn’t just a numbers question. It’s a planning question. Saving, investing, and protecting your assets should all be part of the conversation.
Start Planning Today
At HWK Law Group, we help Marylanders build personalized strategies to secure their retirement and protect their legacies. Whether you’re worried about outliving your savings, qualifying for long-term care without draining your nest egg, or ensuring your children inherit wisely, we’re here to help.
Don’t let uncertainty define your future. Contact HWK Law Group today to review your retirement and estate planning strategy—and take control of your next chapter.