What about retirement?

dee78 · Jul 5, 2008

Retirement is whatever you want it to be. You can put however much or little you want into your 401k. Different employers have different "matching". My current employer will match 100% up to 3%, then only .50% for another 2%. I have 6% deducted from my paycheck every week. My dad is the financial planner for a major health system in TN. According to him, my company's matching is very high.

It also depends on how soon you start investing in your retirement. If you start as soon as you get out of school and are vested in the company, then you will have more money in there when you retire. If you start later in life, you would want to invest more of your salary each year so that you will have enough to survive on after retirement.

I hope this helps, I'm not an investment expert but this is what I've learned from my dad. You should speak to a financial planner about your concerns.

CracklinRose · Jul 5, 2008

Excellent question....I have been wondering about this myself...this will be my second career and was unsure how the health system did retirement plans....I am under the imression each Hospital varies.

llg, PhD, RN · Jul 5, 2008

Yes. It's up to each individual to assess their needs and save/invest their money for retirement accordingly. If you save a significant portion of your income for retirement, their should plenty of money there where when you need it. If you don't save, then you will be poor.

It really is that simple.

You need to learn about the choices your employer offers and those that are available elsewhere. Then make the savings and investment choices that are right for you.

Personally, I am 53 years old. While I have always saved for my retirement (except for the 7 years that I was in graduate school), I feel I need a little more saved up to retire comfortably. So, I am putting the maximum amount I am allowed into my 403B plan and try to also contribute to a Roth IRA. It means I have less cash now to buy "fun stuff" for myself now ... but I expect to be able to semi-retire at age 62 and be quite comfortable in my old age.

Bicster · Jul 5, 2008

I've always waned to go into nursing ever since I was little. Does anyone else find the retirement plan for a nurse (401K) to not be sufficient?

You are in control of your retirement. 15 percent (at least) of your yearly income should be devoted to retirement.

If your employer offers a 401k, fine, max out however much they will match.

After that you need to start an IRA.

If there is anything left from the 15 percent after the 401k and IRA look into some growth stock mutual funds.

Remember, you can write off what you invest into your retirement, it is the gift that keeps on giving.

Nightingale11 · Jul 5, 2008

The hospital that im looking at will match whatever you put in by half. But they will only do 15000 a year. Which means youd have to put in 30,000, not likely at all lol.

llg, PhD, RN · Jul 5, 2008

The hospital that im looking at will match whatever you put in by half. But they will only do 15000 a year. Which means youd have to put in 30,000, not likely at all lol.

That's actually much better than average. Many hospitals (like mine) put a cap on their contributions at 3% or 4% of your salary. So even if you do live frugally and are willing to contribute more than 6-8%, they stop matching after the first 3-4%.

As I now contribute about 20% of my salary, I'd be making a small fortune in matching contributions if I worked at your hospital.

PoetryInMotion · Jul 6, 2008

I'm a little behind the curve on retirement. I thought I would do 20yrs in the military and save a little on the side. I did 11yrs and now I'm trying to play catch up:banghead:

I plan to invest $1400 a month (after tax investment) after I complete school, just to be on the safe side. That would be on top of whatever my future employer allows me to invest and matches.

I guess I need to sit down with a professional and make sure that will be enough.