Retirement

Mulan · Mar 23, 2008

As much as you are legally allowed to. Max it out.

Mollypita · Mar 23, 2008

It depends on your age and how much the match is. I'm 35 and my employer matches 6%, so that's how much I contribute. By age 40 (or sooner if possible) I'll increase it. It's very important since we all know that SS will be broke by the time most of us retire! Even if you're in your 20s, it's a smart thing to do.

P_RN, ADN, RN · Mar 23, 2008

Why do you assume nurses have no retirement?

Otessa, BSN, RN · Mar 24, 2008

I have put 15% of every check in a 401K or 403 b for the past 10 years. I also invest in mutual funds and a Roth IRA. Also have 3 months of bill money in savings(emergency fund).

Hope to retire at 60

There are still places that have pensions. I worked at a hospital for 10 1/2 years before I moved-they had a 403 b AND a pension plan-I will get this small amount of money when I retire someday.

Otessa, BSN, RN · Mar 24, 2008

Oh, and there is a max amount you can put into a 403b (401k) pre-tax. (with hubby and I both working it helps us stay out of that too high tax bracket-reduces taxable income ) I believe it is something like $15,000 per year depending on your age.

Altra, BSN, RN · Mar 24, 2008

Can you clarify, "nurses have no retirement" ?

BiologyNerd · Mar 24, 2008

Like a teacher, they are guaranteed a nice retirement.... nurses are not, you have to handle your money in a 401k or ROTH Ira, etc.

BiologyNerd · Mar 24, 2008

I can contribute 6% and they will match it 3%. I make $2,025 a month after taxes... so what exactly can I contribute each month (how do you figure that out)? I'm guessing $121.50? So with the match it would be like putting in $182.25 a month (thats not good is it?)

Sunflowerinsc, ADN, RN · Mar 24, 2008

Like a teacher, they are guaranteed a nice retirement.... nurses are not, you have to handle your money in a 401k or ROTH Ira, etc.

The not-for-profit hospital I worked at for the past 22 years has a retirement for nurses. Also 403 which they do not match since it is a not for profit. The sooner you start using the 403 (and NEVER) take out of it ,the better prepared for retirement. And it is pre tax so that also helps a lot.

Mulan · Mar 24, 2008

as far as I know, you can also contribute to an IRA, I would max that out also

GizmosMom · Mar 24, 2008

I'm thinking that "nurses have no retirement" could also be phrased as "most people today have no defined benefit retirement plan." Examples of those people who most likely do have defined benefit plans include government workers (think VA hospitals for nurses) and military (nurses). Other groups who probably do are teachers and I think police and firefighters. For many people today, if you don't fund your retirement yourself (examples being a 401(k), 403(b), IRA), you won't have anything but Social Security and maybe a lucky lottery ticket to live on