Losing money being a nurse

CseMgr1, ASN, RN · Dec 29, 2005

ahh "Reagan-omics!" I remember that term from way back in the 80s when I was a kid.

I was newly divorced and a single Mom, when Reagan cut out all deductions for interest on credit card and car payments, then stood up in front of the TV cameras and announced: "Read my lips: NO NEW TAXES!".

If that wasn't a tax increase, I don't know what else it could have been. :madface:

Nella · Dec 29, 2005

In general I don't think nurses are paid what we are worth. If I try to look at it objectively, I think about the actual work nurses do, the conditions we work under, the health risks, the hours etc and believe nurses are not compensated well. We make less then a union guy at a car plant. Way less.

Society does not value what we as nurses do enough to pay us for the work.

That's the problem.

I think it's the same for teachers. I highly value the job teachers do, yet they don't get paid well either.

AS for the other discussion here, about people's lifestyles. I've always been fairly responsible about money. I have no debt right now except my mortage payments and monthly bills. No car loan, no credit card debt, nothing right now. But sooner or later I'll need a new car. The house will need repairs. But I'm single. And what worries me is my retirement. It's hard to be single, afford a home in an ok neighborhood, handle any and all bills that come up and save for retirement. It seems today's world in the US is built on 2 salaries. Just my 2 cents.

MTBanRN · Dec 29, 2005

True, the mess with Delphi has been one big problem after another. Delphi going bankrupt has had a huge affect on lots of employees. Some times it is best to keep quiet about what you do not have but then there are times in which you need to know exactly when to speak up. By this I mean when the time is right to speak up for what you should have do so. Timing is key!!!! As far as NURSES are concerned you should be able to state when you are opposed to something being lowered at someone elses convenience.

MTBanRN · Dec 29, 2005

You know you can penny yourself to death before you find out that you are really being taken advantage of. I agree that today it is almost impossible to be a single person trying to survive. A lot of people as you say want to live in a decent area, especially if they have children. Now the true problem is being misinformed on situations and issues. You, I as well as others in professions such as nursing and teaching deserve to compensated fairly. Not just because of the profession but because if it were BUSH, REAGAN, or some of the others whose salaries were being held back they would have something to say about it as well. You do not find those who are against raising the salaries complaining about their own salaries, why because they make enough. The presidents salary may not be big but the perks are enough that they do not even have to spend their salaries they can just bank them.

gerry79 · Dec 29, 2005

Yes, we are a society of consumers who spend billions on unneeded and often frivolous items. On the flip side there are very responsible people who are beaten down by ever increasing gas prices,out of control health insurance premiums, outrageous utility expenses, and the ever increasing cost of waking up in the morning. There is only so much tightening of the belt that one can do before the cost of living out strips the wage that is earned. If the actual cost of living increase is 10 percent a year, and the yearly wage increase is 3 percent, after a few years the most frugal person will eventually spend more than they earn.

I wonder if we all collectively traded in our SUV's for nice economic cars, bought energy efficient appliances, utilized public transportation and carpooled, would gas prices drop dramatically. If we as a society did everything "right" would the cost of living drastically decline? For some reason I am not convinced that it would. I dont know enough about world econimics to quantify my belief, but greed feeds from greed and the big corporation are fueling the greed furnace in my opinion. We are all to blame for the mess that we are in. Our economic demise as a society is a billion dollar business.

Sheri257 · Dec 29, 2005

Frankly, I think it's naive to expect all those pensions to really materialize in 30 years when I look at retiring. IMO, it would be foolhardy to rely on them. I invest in the 401K up till the limit of what my employer matches because I won't give up free money, then all the rest of my retirement savings is in roth IRAs, CDs, mutual funds, etc. I don't even like 401Ks all that much because you're just defering your tax liability to another day when tax rates may be much, much higher than they are now.

This is an excellent point. I guess you would really have to research it. For example, I would assume that if you work for a government hospital, be it federal, state or county, the pension would, more than likely, be there than, let's say ... a private company that could go bankrupt. Although some pensions are supposed to be insured by the federal Pension Benefit Guarantee Corporation but, that coverage can also be limited.

I'm in my '40s so, I really have to start worrying about retirement. I guess it requires a lot of research to figure out what pensions will be there in the future, versus those that will not.

:smokin:

fergus51 · Dec 29, 2005

This is an excellent point. I guess you would really have to research it. For example, I would assume that if you work for a government hospital, be it federal, state or county, the pension would, more than likely, be there than, let's say ... a private company that could go bankrupt. Although some pensions are supposed to be insured by the federal Pension Benefit Guarantee Corporation but, that coverage can also be limited.
I'm in my '40s so, I really have to start worrying about retirement. I guess it requires a lot of research to figure out what pensions will be there in the future, versus those that will not.

I used to feel the same way (had more confidence in government guaranteed pensions), but with the way the economy is going and looking at how many people will be retiring in the next 10-30 years, Ijust don't feel that way anymore. Social security is unlikely to be around the way it is now because we just can't afford it, and I suspect many of those pensions will be changed because they just can't be paid.

nunurs05 · Dec 30, 2005

Hellllllo Nurse...where are you working??

jyoung1950 · Dec 30, 2005

I was newly divorced and a single Mom, when Reagan cut out all deductions for interest on credit card and car payments, then stood up in front of the TV cameras and announced: "Read my lips: NO NEW TAXES!".
If that wasn't a tax increase, I don't know what else it could have been.

Cutting out all the deductions etc was not implemented by Reagan all by his little ol' lonesome. Congress makes the changes in the tax code and if I recall correctly, the Democrats were in power in the Congress back then.

Also, the "no new taxes" was not uttered by Reagan; Bush 41 said that during his campaign for the presidency.

Sheri257 · Dec 30, 2005

I used to feel the same way (had more confidence in government guaranteed pensions), but with the way the economy is going and looking at how many people will be retiring in the next 10-30 years, Ijust don't feel that way anymore. Social security is unlikely to be around the way it is now because we just can't afford it, and I suspect many of those pensions will be changed because they just can't be paid.

You also have an excellent point here. I was just reading up on CNA's recent deal with the University of California to secure existing pension and retiree health benefits after the threatened strike last summer.

But here's the catch: UoC hasn't paid anything into the retirement system since 1990. This is why they were trying to cut the retirement benefits to begin with. So ... where is the money going to come from?

Granted, a government agency won't declare bankruptcy and always has access to revenue, like taxes, bond issues, etc. unlike a private company. And, hopefully CNA has enough clout to lobby the legislature, etc. to get the money if necessary. And, I notice, CNA is starting to address pension funding in some of their contracts.

BUT ... the whole thing is pretty scary. Even government pensions are, apparently, underfunded these days.

:cool:

Nella · Dec 30, 2005

I don't drive an SUV. I drive a small car. I don't even drive all that much: I telecommute for my job, which I am more and more thankful for. I save on gas and save thousands of miles on my car, extending it's life ( and delaying my ned for a new car). Because I work from home, I also save on business attire ( my last job I worked in a office setting and it required nice clothing).

I have geothermal heating/cooling and those bills are quite low compared to others. I've kept the thermostat turned down this winter. I'm pretty "green".

Retirement is my big issue. The best plan I had for retirement was when I worked for a teaching hospital affilated with a university. I think it was called a 403, not a 401. They matched more of the funds than any other job I had, included when I worked for a big, for profit company. In 2006 I plan to slam as much $ as I can into retirement funds or try to pay extra on my home. My home is the one thing I feel is also money in the bank for me.

But it is a struggle, I am getting typical raises: 3% yearly.

fergus51 · Dec 30, 2005

You also have an excellent point here. I was just reading up on CNA's recent deal with the University of California to secure existing pension and retiree health benefits after the threatened strike last summer.
But here's the catch: UoC hasn't paid anything into the retirement system since 1990. This is why they were trying to cut the retirement benefits to begin with. So ... where is the money going to come from?
Granted, a government agency won't declare bankruptcy and always has access to revenue, like taxes, bond issues, etc. unlike a private company. And, hopefully CNA has enough clout to lobby the legislature, etc. to get the money if necessary. And, I notice, CNA is starting to address pension funding in some of their contracts.
BUT ... the whole thing is pretty scary. Even government pensions are, apparently, underfunded these days.

It's definitely a concern. I'm lucky that I have a fair number of working years until retirement to save money, but when I talk with some of my peers they either aren't able to or just don't do it. When we all get older, I can seriously see a lot more elderly poverty being an issue.