Financial Advice: Get Ready for Retirement Early in Your Career

[NRSKarenRN, BSN, RN]

from nursing spectrum:

get ready for retirement

katherine r. roberts, rn

masthead date march 08, 2004

we all know we nurses are getting older-our average age hovers around the 45-year mark. but are we wiser? when it comes to looking out for our own interests as we inch toward retirement, perhaps not.

our golden years could end up rather jaundiced if we're not prepared for a financially sound future. certified financial planners say retirees typically need 80% to 100% of their preretirement income to support themselves into their older years. employer-sponsored and other retirement plans help workers in all kinds of professions hit that mark; but many nurses, perhaps unwittingly, lose the opportunity to take advantage of such plans. nurses who frequently change employers to catch the next big sign-on bonus, for example, can sabotage their retirement planning-and their future source of income.

full story: http://community.nursingspectrum.com/magazinearticles/article.cfm?aid=11558

[Havin' A Party!, ASN, RN]

Thanks!

Always good to be thinking ahead.

[Tweety, BSN, RN]

I'm putting away 12% of my income and after 12 years with this employer I have about enough money to be retired for three years comfortably. Doesn't make me feel good. Hopefully though in the next 20 years it will grow.

It's tough to find a balance between enjoying today and saving for the future, and paying bills, etc.

It amazes me though that many people aren't doing a thing to prepare for the future.

[llg, PhD, RN]

Thanks for sharing that article. I know so many nurses who ignored their financial health when they were young and are now suffering for it.

llg