WRITTEN BY DAN SMITH Preparing to Retire The key, as you might guess, is saving as much and as often as you can. T HE U.S. DEPARTMENT OF LABOR estimates that just 40% of Americans have a clue how much income they will need in retirement and that only 30% of private industry workers participate in a defined contribution plan like 401(k). Americans spend about 20 years in retirement and many outlive their incomes. 6 / Retire-VA.com / RETIRE-VA 2021