[brian]

Hooray for Nurses

One of the noblest professions might also be the smartest.

Not only did I miss a friend's birthday last month, I also missed National Nurses Week.

Nurses deserve a week honoring them -- after all, can you think of many more noble professions? I certainly can't. And here's another reason to salute nurses: They're rather smart about retirement.

You may know that there's a general shortage of nurses across America, and that this is leading to decent wages for those in the profession and often a considerable amount of overtime, too. But there's more! According to our friends at Fidelity Investments:

• Some 95% of nurses surveyed have access to a retirement plan (such as a 401(k)) at work and 90% of them participate in it. In the general working population, only about 75% of workers participate. Nurses, on average, contribute about 9% of their salary to these accounts, a relatively hefty percentage compared to the average American worker's 7%.
• Nurses have an average balance of $64,000 in their employer-based retirement plans. Compare this with the general population, where 53% of all workers have less than $25,000 socked away for retirement, and 65% have less than $50,000. Some 44% of nurses adjust their asset allocation annually or more frequently. That's quite impressive.
• More than half of nurses surveyed are using extra income from extra shifts to pay down their debt.

Read the Full Story here:
http://www.msnbc.msn.com/id/19350790/

[llg]

Finally ... some good news about our profession for a change!

Keep up the good work, everybody.

[Tweety]

Nice to know I'm a bit above average with my plan. I still have to work 20 or more years, but I'm getting there.

I agree llg, it's nice to get some props about our "nobelest of professions".

[Quickbeam]

Everyone I know in nursing can tell a horror story about someone they worked with.....spent 35 years with one hospital just to find out their pension was 100$ a month because the hospital only put aside 1/2% of their salary.


I think people are asking more questions, taking less for granted and are using savings vehicles. Also, we're in a profession that can wear you out so I think many of us are cautious.

I think people not only need to save for retirement but also plan out an exit strategy for their career so as to not be trapped if they can no longer lift/haul/turn.

[teeituptom]

Ive done fairly well planning for retirement. Even better though planning for my wife should I kick off before her.

[icuwant2rn]

I definitely invest in our 401(k)! Not just because our company matches my contribution, but also because I have my doubts about SS being there when I retire.

[aberrn]

Have invested heavily in the last 18 yrs.[started late]
Gald to see I am way above national average for savings.

If I ever precept a new nurse,I tell them to start a 401k with whichever hospital they are with..."If you never listen to another word I say,start saving,at least enough to get the company match".

One proudly told me "I've started saving 10% it's adding up nicely"

[SharonH, RN]

Great news! On a daily basis, I meet people who make the choice between paying their rent, eating or buying their meds. Medications always loses. I want to do more than survive in my retirement, I want to thrive. I am glad to see that so many of my colleagues 'gets it'.


On the flip side, at a savings and investment board that I frequent, one of the board members posted that her aunt who is a nurse advised her NOT to save for retirement or accumulate a large nest egg because once you are old and sick it will all go to the nursing home that she is apparently planning to enter. Her plan is to be taken care via Medicare and Medicaid. The poor dear......

[kenny b]

Originally Posted by aberrn

If I ever precept a new nurse,I tell them to start a 401k with whichever hospital they are with..."If you never listen to another word I say,start saving,at least enough to get the company match".

That's a really great thing you're doing aberrn! Encouraging those who might not think about saving has a very real impact on their lives.

I'm always concerned that the money will be so devalued by the national debt that all the savings will have gone for naught. There are ways around that though. I always encourage those who are just starting out to take a hard look at the ROTH first because I figure the tax rates will be astronomical by the time they retire (because of the debt, entitlement programs, etc.)

[llg]

I figure that no matter what happens politically or economically ---- the people with money will always be better off than the people without money. So, I plan on being one of the people with my own money.