guest12/23/15
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Thank you all for contributing to the discussion.
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If you are able to save (403b, personal investments, ect.)20% of your gross income you should be able to have nice retirement. Of course you should eliminate your short term as well as have 6-9 months of liquid savings before you really start putting more in the 403b which you are not really able to tap in before certain age unless you want to pay the penalty and taxes.
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Sorry to hear. The future of the benefits for healthcare employees does not look as good as it used to be.
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That is a bummer that new employees did not have the option. I agree that pension would be a better because you cannot outlive the money compare to 401k. Unless you create your own pension.
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Hi, I am doing a research to find how many more hospitals still provide defined benefit plan for nurses. What I mean by that is that when you retire you will be getting retirement check for rest of your life. In general many hospitals do have 401 (k) or 403 (b) for their nurses but not pension which is the defined benefit plan. Here in Hawaii, the pension is going away do to the high cost of running it for the hospitals. In general, the benefits are getting smaller than hey used to be. Thank you
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That would be a good choice. The federal reserve just raised the rates today to 0.25% which will effect the mortgage interest as well. There might be an end to the low interest environment, but who knows.
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If you will become a travel nurse and the company does offer 401k you will be able to keep contributing regardless in which state you are in because your employer is in your home state.You will not be able to Roll over unless they allow in-service withdrawal (might have to keep some money in your 401k). The maximum you can put in it is $18,000 (2016 limits) which will be tax deferred until you will start withdrawing the money. Just remember that you will not be able to touch the money till 59 1/2 or you will pay 10% tax penalty on the money you want to withdraw. There are some exception such as rule 72t,economic hardship, buying a first house but all this strategies have a specific guidance to follow the IRAs rule book. Hopefully this will help.
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Its great to see that many of are well educated in finances. There are many nurses who need help with it. Great post.