Worried about retirement

Nurses General Nursing

Published

I've worked for 24 years at the same hospital, so I built quite a reasonable pension, but still. I'm divorced so I'll have to pay everything myself. So when do I retire? Any other women inhere with the same issues?

God, if the economy had stayed high, I could've retired last year. Wish Clinton was back. I bought his book yesterday on his book tour diary site. He says if you can't make it to a book signing event, you can send the book to his library and get it signed. Now that's a good guy.

i had thought that i would retire at age 65 and that my social security amount would be based on my last five or ten years of highest earnings. wrong! i will have to work until the age of 66 and will get less than expected :crying2: (several years not too long ago, i worked only 8-12 hours per week).

for your/our information -

the original social security act of 1935 set the minimum age for receiving full retirement benefits at 65.

the 1983 amendments phased in a gradual increase in the age for collecting full social security retirement benefits.

retirement benefits are not figured on the last five years of earnings. 'retirement benefits are calculated on earnings during a lifetime of work under the social security system. for most current and future retirees, we will average your 35 highest years of earnings. if you have less than 35 years of earnings, we do average in years of zero earnings to bring the number of years to 35.'

if you start your retirement benefits before your 'full retirement age' your benefits will be lower. :o

find your full retirement age at http://www.socialsecurity.gov/retirechartred.htm

:chair:

Specializes in CCU (Coronary Care); Clinical Research.

So what is the best way to put money away for retirement...I have to admit, I am soooo bad with my knowledge in this area...since I am young, I have alot of time...but like all of you, I am sure that I will be working into my 60s-70s...I've got a long way to go...Currently, I am putting about about 8% (I actually can't remember now...) percent of each paycheck into a 403B and my employer is matching up to 6%...so I have that...I started when I was 23...Social security will probably be quite different by the time I can use it (or the age limit will be >70...)...Any other ideas that have worked for anyone out there??

Specializes in ED, Cardiac Medicine, Retail Health.

I have it all figured out! I will work at a LTC facility until I am 80, move in and work for room and board for my wife and I.

Specializes in Nursing Professional Development.
So what is the best way to put money away for retirement...I have to admit, I am soooo bad with my knowledge in this area...since I am young, I have alot of time...but like all of you, I am sure that I will be working into my 60s-70s...I've got a long way to go...Currently, I am putting about about 8% (I actually can't remember now...) percent of each paycheck into a 403B and my employer is matching up to 6%...so I have that...I started when I was 23...Social security will probably be quite different by the time I can use it (or the age limit will be >70...)...Any other ideas that have worked for anyone out there??

While I am a nurse -- and not a professional financial advisor -- I have tried to educate myself about these things over the years so that I would take good care of myself. It seems to me that you are doing a wonderful job. You are doing what all the financial advisors say that you should do -- put aside some money in a tax deferred plan (e.g. 403B) and take full advantage of the opportunity to get a matching contribution from your employer. That's terrific. Good for you! Keep it up and you will be fine.

llg

chris at lucas!!

i definitely think you should get a financial advisor, or write to susie in the oprah magazine. i'm being quite serious. women definitely need to know how to protect themselves in this still dominated male world.

leslie

Retirement?? What the hell is THAT??

I think it's something that people who work for 20 years or more for the same company get--if you don't work in health care:)

Unfortunately after working in clinics, dr's offices, etc. for many years-with no benefits , I am only now working for an HMO that offers retirement.

Let's see( counting on fingers --only 21 years to go) wooohooo!

Specializes in ER.

Reminder to everyone to hit the exclamation point in the lower right hand corner of the screen if you feel you have been personally attcked, and the moderators can deal with it. Often if you reply the situation escalates and spreads to other threads and PM's

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Thanks everyone- carry on..

Reminder to everyone to hit the exclamation point in the lower right hand corner of the screen if you feel you have been personally attcked, and the moderators can deal with it. Often if you reply the situation escalates and spreads to other threads and PM's

Also a big reminder that personal attacks are banned per the terms of service!

Both types of posts can result in changes to the privildges on your account.

Thanks everyone- carry on..

Who has been attacked?

P.S. Where's the exclamation point?

as for Clinton, HELLO! That is a marketing trick to get you to buy the book. That guy could not recall anything while he was president and now, suddenly, his memory has been restored. Amazing feat.

It's a miracle especially when you don't know what "it" is. :coollook:

Don't forget that you can live very cheaply in Mexico! :chuckle

I've worked for 24 years at the same hospital, so I built quite a reasonable pension, but still. I'm divorced so I'll have to pay everything myself. So when do I retire? Any other women inhere with the same issues?

God, if the economy had stayed high, I could've retired last year. Wish Clinton was back. I bought his book yesterday on his book tour diary site. He says if you can't make it to a book signing event, you can send the book to his library and get it signed. Now that's a good Oh yeah Clinton was wonderful, I really miss the largest tax increase in US History he got passed! He didn't leave out Seniors either, they got the same treatment. Also, he provided us with all that titillating amusement. His inaction and fear controversal leadership initiatives is what lead Osama to believe we are a bunch of saps, afraid to defend ourselves. He was almost as bad as Carter just not as boring. :rotfl:

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