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

RatherBHiking, BSN, RN · Apr 20, 2015

Thank you for all the advice! I wasn't sure where to even begin so this helps a lot. I do know if something happens to my husband the rest of his retirement will go to me. He set it up that way years ago. I just need to find out exactly how many years that would last. I'm not worried about our relationship or him dipping into anything, I just don't want to be poor or a burden to my kids if he dies before me which statistics show there's a good chance of that happening. As hard as it is for me to work full time (I have some health issues that cause joint pain and fatigue), I'd rather work full time now then later if need be. Like someone else said, as tired and sore as we are now it's only going to get worse. I'm just want to be prepared now for all the contingencies of the future. Thanks!

joanna73, BSN, RN · Apr 20, 2015

Definitely it depends on the lifestyle you want, as well as where you plan to live.

I am selling everything and moving to Asia within the next 15-17 years, so 60 at the very latest. I'll teach English or start a small business and live much cheaper than I would in North America. I cannot stand winter, so the climate is a major factor in my decision.

sistrmoon, BSN, RN · Apr 20, 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%.

My current hospital doesn't match at all. Every other company I've ever worked for has matched at least 3%. That 8% sounds nice.

Jules A, MSN · Apr 20, 2015

Definitely it depends on the lifestyle you want, as well as where you plan to live.
I am selling everything and moving to Asia within the next 15-17 years, so 60 at the very latest. I'll teach English or start a small business and live much cheaper than I would in North America. I cannot stand winter, so the climate is a major factor in my decision.

For anyone with similar plans check to make sure the country you are planning to relocate to doesn't have age restrictions on immigration.

Mulan · Apr 20, 2015

No way would I work full time if I didn't have to.

Open an IRA and put the maximum amount allowed in per year.

RNperdiem, RN · Apr 21, 2015

I second Mulan. I fund my own IRA every month.

My husband puts away the maximum 11% into his retirement fund at work. We have college savings plans for the kids and maintain savings for emergencies.

If you are doing fine with part time work, why the pressure to change? Social expectations? Boredom at home? As a part-timer you may have the option to pick up extra shifts if you are saving up for a financial goal, but are not locked into a full time schedule.

RatherBHiking, BSN, RN · Apr 21, 2015

I have a great schedule where I work 4 hrs 5 days a week. I'm in a school system so I get their great retirement plan. However, the pay is low so if I went full time it would be more up to the salary of working part time in a hospital. I don't want to work per diem shifts on the weekends or I'd rarely get a day completely off. We're making it fine but we have very little savings and another one starting college in a few years so that's where our extra money will go for the next few years-not retirement.

calivianya, BSN, RN · Apr 21, 2015

I would say check this guy out: mrmoneymustache.com. He is my new obsession; gives great money management/retirement advice. I have decided to incorporate some of his principles into my life. He and his wife planned out their finances well enough that he retired in his 30s.