Older nurses-what's your advice on working towards retirement?

Libby1987 · Apr 18, 2015

I think it depends largely on your survivor's benefits. My dad's was very modest and mom lost half when we lost him.

If you do it, commit the extra money to retirement otherwise it will be too easy to absorb it for other non tangible expenses.

allnurses Guide · Apr 18, 2015

A financial advisor would be far better able to evaluate where you are in the case of retirement than anyone here. See one and get your lifestyle quantified, investments tallied and survivor benefits of both your husband's pension (if there is one) and life insurance policies as well as what your projected social security income might be, if you live in the USA. It is good you are thinking about it and may have merit to return full time, but someone more qualified is going to be able to give you a sound picture of where you are, where you want to be at that time and what it will take to get there. Good luck!

icuRNmaggie, BSN, RN · Apr 18, 2015

Seeing a financial planner is a great help.

I would suggest becoming vested in a job with a traditional pension, which is called a Defined Benefit Retirement plan.

This could be a county, state or federal position, such as working for the VA, in corrections or State psychiatric facility.

Some unionized hospitals also have the Defined Benefit Retirement plan in the contract, in addition to the 403b.

Atl-Murse · Apr 18, 2015

How much you make is kinda important, but how much you spend is even more important . Working part and spending full time = broke retirement plan

joanna73, BSN, RN · Apr 19, 2015

Definitely speak with a financial planner. There are various retirement planning calculators online that you might also find helpful.

icuRNmaggie, BSN, RN · Apr 19, 2015

The government jobs also match as high as 100% of the first 8% of your annual income that you allocate in the 401k plan. That is an automatic 100% return on your investment.

Compare that to the hospital 403b plan.

Some employers will not match your contribution for two years and even then it is only 25% of the first 4%.

mhy12784 · Apr 19, 2015

One key detail is how old you want to work until

For example the difference between retiring at the minimum age to college social security vs max (I think like 70.5?) is HUGE. If youre willing to wait until the max age to collect social security your monthly social security check will be SIGNIFICANTLY larger. And the extra 7~ years or so of not withdrawing from your retirement accounts (since youd still be working till 70 or whatever) means much more money available when you retire.

So I guess a key question is how long do you want/plan on working ?

Jules A, MSN · Apr 19, 2015

And the extra 7~ years or so of not withdrawing from your retirement accounts (since youd still be working till 70 or whatever) means much more money available when you retire.

If there are even any social security funds left when I reach retirement age I'm grabbing whatever they offer as soon as they allow me to get it. I think the rationale to wait and continue working is for those who can't afford to retire earlier. I would bet the odds are that the average person will croak before they collect enough to make up for the 8 years of no social security income and I'm not buying that 70-80yo will be as good as 60-70yo for enjoying retirement. My personal strategy is to work as many hours as I possibly can, usually 45-50 a week, continue investing in real estate and saving money so I will be able to comfortably retire at 62. And yes I'm tired but I choose to make hay while the sun is shining and if it hurts to work now in my 50s I can't imagine how bad it would feel in my 60s.

The only thing about state and federal jobs, in addition to the fact that very few still offer a true pension, is that they often pay significantly less than civilian jobs and I prefer to make more money and invest it the way I want.

OP, good thinking to get on this sooner rather than later and I agree seeking the guidance of a financial adviser is best.

OCNRN63, RN · Apr 19, 2015

Agree with all of the above regarding getting a consult with a financial advisor. If your husband has a good retirement fund and part time works out best for you and your family, what makes you feel like you need to work FT? That sounds to me like you have some doubts about your marriage in the long term.

If that's not the case, then can you put most, if not all of your part time income into your retirement fund?

Anna S, RN · Apr 19, 2015

Make sure you have a signed "Right of Survivorship" to your husband's retirement.

People often assume any benefits automatically go to them if a spouse passes away, and this is not always the case.

I have a friend whose husband was retired from the Post Office. He had great retirement income. He died unexpectedly, and she got none of it- because she did not have a signed Right of Survivorship.

Ruby Vee, BSN · Apr 19, 2015

Ok so I worked full time for 6 yrs then stayed home with my kids for nine years, and have been working part time for the past 8 yrs. We're getting by financially just fine with no big debts. My husband has a decent retirement but I have very little. I'm wondering,however, if I should return to full time now. Part time works great for my family. I'd like to stay part time forever if I could. However, there's a part of me saying I need to work full time to fully protect myself. I do know that when I do work full time hours occasionally I'm exhausted. Is that something you get used to or just live with? Is there anyone that's been there done that who could give me advice?

Financial planning. Figure out when you'd like to retire and how you'd like to live in retirement. Then you'll know how much you need to retire.

Working full time is exhausting -- you kind of get more used to it and you learn to live with it. It's doable.

I'm not sure what your gut is telling you about working full time to fully protect yourself, but listen to it. I've seen too many women relying on their husband's retirement to support them in their "golden years" and it isn't until after he dies until they realize that the pension is there for his lifetime only. Or he has a midlife crisis and leaves, taking the retirement accounts with him. Best case, you get half and that's not really enough to live on. My mother never saved beyond the minimum for her retirement, relying on Dad's life insurance policy to live on. When he died, she found out it'd been raiding that bank for years, taking out money and spending it on other women. There was less than $5000 left.

Going back to work full time after my cancer treatment was truly difficult, and there were times when I'd come home after my (8 hour) day and go immediately to bed. But it got easier as I built up stamina. And I feel good knowing that my retirement is approaching and I'll have enough money.