Nurses , How to afford retirement?

[lpnflorida]

During break today. We got to talking about how we as Nurses have not planned well for our hopeful/ eventual retirement someday.

We brought out how we have never organized like the teachers have . They each belong to their state Teachers Associations, or what ever exactly they call it. They put money into the funds offered by their associations, therefore assuring a pension for themselves, when then meet the magical formula of age plus years of service.

As Nurses I would think we would more need a type of national association to have this be effective, as many nurses move from state to state throughout their careers.

How is it as Nurses we have not come up with something like this. For many of us we might be beyond the age where this would be of much help. For our younger generation this might be something to consider, and look at how to make it happen.

While I will have a small pension from my former employer , along with funds I have put into a 401k, and hopefully social security. It is still not like teachers, fireman or policeman have.

I do not have the answer to how this could come about, or if there would even be interest in it. I just thought I would throw it out, and see what others think of it.

[rita359]

Only way to have enough, if that is even possible, is to save save save. Like others said pay yourself first(and be very generous). Social security used to make it possible for one to retire. It won't anymore. Sorry to say but college students need to get jobs to help support themselves instead of depending on dear old parents like two year olds. Cut college expenses you are willing to pay. Good educations are available at community colleges etc. Doesn't have to be ivy league. If student wants more than you want to pay then it should be on them. After all when you get old and need lots of assistance it is more likely that nursing homes will do it than your children. Just look at the multitude of nursing facilities and you will know that is true. The "apron strings" get cut later and later nowadays to the benefit of no one. The children don't really grow up and the parents are tied down longer and longer.

[Virgo_RN, BSN, RN]

I appreciate the thoughts on what people are already doing.The question was however. What we personally do versus such as what teachers ,policemen, firemen have.

Do you realize many of them retire with full pensions some as young as age 50. In addition to so called pensions they have which yes, they put the money in there. Many also contribute to 401 etc.

They are public servants. They work for the government. We nurses tend to work for private businesses. There is the difference. I wonder if any public health nurses on here have pension funds through their employer?

[Quickbeam, BSN, RN]

I am a community health nurse (state gov't) with a very generous pension plan. I do not have to pay for this pension at all; it is a benefit. They have also allowed me to buy back years I worked for other states to improve my final pension.

However, I took a whopping big pay cut when I took this job coming from private employment. My last employer had eliminated their pension and paid us out. I really wanted the benefits of a traditional pension so I took the salary hit.

[Creamsoda, ASN, RN]

Coming from Canada, we are all unionized, so we get our Canada pension plan....which every person gets, which im sure its not much, but as nurses we also get a pension as we are a public service. I pretend like I cant count on that money when I get older, so I save away as much as I can as if I were retireing on what I saved. So whether you have a pension or not, pretend like you dont. When I retire, it will just be an added bonus.

Creamsoda

[Jules A, MSN]

I am a community health nurse (state gov't) with a very generous pension plan. I do not have to pay for this pension at all; it is a benefit. They have also allowed me to buy back years I worked for other states to improve my final pension.

However, I took a whopping big pay cut when I took this job coming from private employment. My last employer had eliminated their pension and paid us out. I really wanted the benefits of a traditional pension so I took the salary hit.

Thanks for adding this because it illustrates that there is no free lunch. We have the option of working for state or federal govt. that offer great benefits/retirement however the wages are often way less than what we can make in the private sector and invest ourselves. Either way we are all responsible for our financial futures, imo.

[Tweety, BSN, RN]

I don't think I've ever met a teacher that didn't retire in their 50's. They start fresh out of college with their state pensions at age 21 and are sitting pretty if they don't move.

Nursing is more like private business and we need to be proactive and save for our own retirement or else. Almost all facilities have 401K's or something similar. I was a late bloomer and my retirement is looking bleek these days. But I fully expect to work until I'm 68 or beyond. With a little luck and some good times my retirement might not be so bleek, so I remain hopeful.

[penelopelp]

I don't like the teaching retirement plan at all. While I was a teacher, money was taken out of my paycheck, and it went to the state teacher retirement fund. I did not pay into Social Security--only the state program. I guess it's a good program if you are always going to stay in the same state and always work for public schools. However, if you move states, you don't have that pension plan to fall back on. On top of that, you haven't paid into Social Security, so you won't get any of that. Our state teacher's retirement fund had huge problems--employees getting rich and buying expensive artwork for their offices, while retired teachers were getting screwed. I would much rather work for private industry who matches my contributions.

[suni, BSN, RN]

I am in the same boat as many of you, I became an RN in 95 and started a 401k with a minimal amount weekly. Now I have 11% of my pay put in but at my age, 54 I am not sure how I will survive retirement. I also started taking out Christmas Club 2 years ago and am trying to buy some CD's with that money.

But we are remodeling the house to make it more energy efficient and everything cost so much now not to mention the cost of gas/oil/electricity/ food.

My spouse did not plan well for retirement but has an IRA and is startting to put more money in each week.

I would like some type of medical insurance when we retire also, we devote ourselves to health care and may not be able to afford it when we not longer work, How Sad!

[Jules A, MSN]

I would like some type of medical insurance when we retire also, we devote ourselves to health care and may not be able to afford it when we not longer work, How Sad!

This is my biggest concern. Financially DH and I could afford to retire in our 50s if it wasn't for health benefits.

[SharonH, RN]

Actually I read an article on either the Vanguard or the Fidelity site that nurses are ahead of the curve when it comes to saving and investing for their retirement so it's not all doom and gloom. I'll try to see if I can find it.

Besides as a profession, I don't think there is a lot we need to do. We don't need for our employers to provide for our retirement if we make the committment to save and invest on our own which is definitely within our reach. And within online access, it is easier now than ever.

I decided to come back and add: I'm not saying that I'm against our employers contributing, that obviously helps. My point is that is if we can certainly have retirements equivalent or better than firefighters and teachers if we plan well. Besides when you are in charge of your own retirement destiny, you are much more secure. Here in GA, the firefighters were fighting with one of the local governments because of plans to change their benefits, etc. They are constantly having to fight to protect it.

And Brian posted the article I was referencing some time ago. Here's the link: https://allnurses.com/forums/f195/nurses-smart-about-retirement-planning-231840.html

[Otessa, BSN, RN]

To be honest I planned from age 22 to withhold a certain percentage of my income every month that also had a partial company match (free money from them) and it is a quite nice tidy sum after 16 years in the biz. I have also done some side investing and saving while living frugally but still enjoying life.

Never planned on having Social Security to be around when I retire anyway..

otessa

[SharonH, RN]

To be honest I planned from age 22 to withhold a certain percentage of my income every month that also had a partial company match (free money from them) and it is a quite nice tidy sum after 16 years in the biz. I have also done some side investing and saving while living frugally but still enjoying life.

Never planned on having Social Security to be around when I retire anyway..

otessa

We must be about the same age because I never planned on SS either. We were told way back when I was in high school that it was unlikely it would be here for us. Now I'm not so sure but with so many baby boomers beginning to retire, it is about to take a serious hit. I wasn't as smart with you to start early, but I'm on the right track now.