When can a nurse retire?

Nursing Students General Students

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I don't know much about retirement but I was just curious as too how many years the average nurse usually works until they are able to retire.

Thanks.

Specializes in Geriatrics/Oncology/Psych/College Health.

Nurses are notoriously bad about planning for retirement as we tend to job-hop. The answer to your question is really the same as for any other profession - you retire when you can afford to :). Truly I'm not being flip. Many facilities do not have pensions plans or aren't places you can envision staying at long enough to benefit from. You'll need to save and plan for your retirement with probably minimal expectation of assistance from your employer, except in rare circumstances.

Specializes in Nursing Professional Development.

As Nurse Ratched said, it really is up to the individual nurse -- and most nurses do not do a very good job of saving for retirement. Many take time off during their career and/or work part time for a while in order to fulfill their desires for a family. Others simply live a lifestyle beyond what they can afford and never get around to saving. Each individual's story is different.

The retirement programs of most employers is similar to that of most other professions. If you work full time for many years, you will probably be eligible for some decent retirement benefits. But if you don't work full time ... or you switch jobs ... etc., you will receive fewer/lesser benefits. Many nurses do not work full time for many years -- and many who do work full time choose to refuse those benefits in exchange for more cash paid up front.

So ... the moral of the story is to do what you are currently trying to do. Investigate all of your options thoroughly and think them through. Then make the decisions that will be best for you. Understand that when you choose to work fewer hours ... or take a break to raise kids ... or choose not to contribute the maximum amount allowed in your employer's retirement plan ... etc. ... that you are effecting the amount of money you will have available for retirement -- and that someday, your retirement will be very important to you.

I see so many young nurses driving expensive cars, buying nice houses, wearing expensive clothers, taking vacations, etc. and NOT contributing much to their retirement savings and I worry about them. While most nurses make an OK living, it is not enough to live a luxurious living and also save a lot for retirement. We have to make some tough choices -- spend it all now ... or save some for later.

Good luck. It will be interesting to read what other people say in this thread.

llg

Make sure you max out your 401K and IRA contributions.

Whenever you leave a job take your money with you! Don't leave your old employer in charge of your funds. This is what rollover accounts are for.

If they weren't good enough to keep working for they certainly aren't good enough to hold on to your hard earned retirement money. :roll

If a person is really lazy and all they do is max out an IRA contributions it may be enough to save them from financial disaster in their golden years.

as soon as you can afford to...

dave

Llg,

I agree. so many people live for today and don't think about saving. There is nothing wrong with living in a nice home and enjoying you money. The problem is many of us are "enjoying" ourselves into the poor house.

I've found it best to take my savings out first. After I pay my tithe I put aside my savings and investment money. Then I pay my bills. I have the savings and investment money automatically taken from my paycheck and bank accounts. HOORAY FOR PRE-TAX MONEY!!!

During my early college days I knew little about money and got into serious debt. I was able to turn things around in later years. Now at 32, through study and education, I find I have a knack for financial matters. I have even worked in the financial service field as a broker.

Invest in your own future. That is the most important lesson any person at any age should learn.

Specializes in Nursing Professional Development.

I agree. so many people live for today and don't think about saving. There is nothing wrong with living in a nice home and enjoying you money. The problem is many of us are "enjoying" ourselves into the poor house.

Great post. I hope some of our younger readers take it to heart. ... Though I get a sense that some of the people in their late teens and 20's are more financially responsible than some of those in the 30's and 40's. Perhaps they have seen the mistakes that their parents and/or older siblings have made and are learning from them. I certainly hope so! It would be great if they could avoid having to learn everything the hard way.

I was lucky in that my parents always stressed the "Pay yourself first" strategy and provided me with good role models. I max out my retirement plan, max out my Roth IRA, save a little extra for a rainy day, and pay all my bills. Then and only then do I look at how much is left (AFTER all the bills are paid) to determine what "fun stuff" I can afford. It seems a lot of people buy the fun stuff first ... and then try to pay the bills ... and then will save a little IF AND ONLY IF there is anything left. That's backwards.

Take care,

llg

wow, you really give some sound advice, im still in school, and im thinking about how to secure my future with a career in nursing already. so i thought about burning my self out for a few yours, working two jobs maybe, save money and invest, while working one job, do you have any suggestion or advice for students?

thanks

:bugeyes:

"if you have no confidence in self, you are twice defeated in the race of life. with confidence, you have won even before you have started."

llg,

i agree. so many people live for today and don't think about saving. there is nothing wrong with living in a nice home and enjoying you money. the problem is many of us are "enjoying" ourselves into the poor house.

i've found it best to take my savings out first. after i pay my tithe i put aside my savings and investment money. then i pay my bills. i have the savings and investment money automatically taken from my paycheck and bank accounts. hooray for pre-tax money!!!

during my early college days i knew little about money and got into serious debt. i was able to turn things around in later years. now at 32, through study and education, i find i have a knack for financial matters. i have even worked in the financial service field as a broker.

invest in your own future. that is the most important lesson any person at any age should learn.

IMHO,

1. Get in the habit of putting money away. As a student you probably don't have much, but ever bit counts. At this stage, its not the amounts you put away, but acquiring the habit of saving. When you finally do graduate and are able to save more, it will be an old habit for you.

2. Compound Interest is your best friend and closest ally. Compound interst is what will turn a 10$ a week savings into hundreds of thousands.

3.The earlier you start saving the better. If I had known at 18 what I know at 32... Oh well.... As a young person, start saving. Remember Coumpound Interest?

4. You have no Uncle named Sam. Don't give him an interest free loan. Meaning, folks get excited about tax refunds but they are really just giving the government a chance to use their money without having to pay interest. That same money could be making you money in an IRA (COMPOUND INTERESTagain). Adjust the withholdings from your paycheck to assure you don't owe the government and they don't owe you.

5. Put together an emergency cash fund for hard times. Hard times will come. Having a few hundred dollars to pay for a new tire when yours blows unexpectedly will save you from alot of heartache later on. Emergency funds can be small to start. Rome was not built in a day. Work yourself up to the amounts you feel you need.

6. IF you use a credit cards, try to get the ones that offer you reward points and the best cash back bonus you can get. Pay in full every month. Interest works both ways.

7. After graduation and you get on your feet again, start saving for a home. As a nurse you will be in a unique position. Low nursing wages aside, depending on what part of the country you are in you should be able to afford a decent home. DO NOT buy more home than you can afford. DO NOT buy until you feel you are ready for the responsiblity.

8. If you cannot pay out of pocket, get the best interest rate on your student loans that you can. Education is investing in yourself which is a good thing. Make sure though you are only taking out to cover what you need and not what you want.

9. It is never to late to start saving. Even if you are five years from retirement there is still time to put money away that will make a meanigful difference to your future.

10. For those with college age kids who are stretched to the max and have to make a hard choice between saving for the kids college or saving for your own retirement please remember, there is no such thing as financial aid or scholarships for old age. You kids will be grateful later on when they don't have to worry so much about you.

11. For those who feel its important to give back, give a little of what you earn. Look for prudent and sound places, people and charities to give a little of your money. When a farmer wants a crop of corn, he plants corn seed. From the one seed he does not just get one ear of corn, but a whole stalk. It is the same with those who wisely "sow" with their money. What you give away will always return in abundance. It is the same with everything in life. If you wish to have friends you must sow into others friendship. If you wish to have time you must sow into other meaningful time.

Read as many boosk as you can on finances, savings and investment. Money is not evil, boring, dull or dry. Find the books that speak to your need and situation. In the same way education makes a good nurse, education and research makes a good money manager.

Agape.

Specializes in ER, NICU, NSY and some other stuff.

:rotfl: :rotfl: :rotfl:

I can't even imagine that I will live that long.

Well all of my children all plan on being independently wealthy so maybe at least on of them will take care of dear old mom in her twilight years.

Specializes in Vents, Telemetry, Home Care, Home infusion.

Maximize your empolyers 401/403 b retirement plans.

After 3 years, My company will contribute .50 cents for every dollar I save, placed in account yearly. I started from scratch with $75.00 Q 2week pay auto deduction---comes out PRIOR to tax dollars too. In 5 years account invested in mutual funds has more than $16,000. Almost passed out first year work contribution added.

Only 40% of our staff take advantage of this FREE money. Tell my clerks making $10.00/hr just sock away 1hrs pay per period will have $250.00 saved + work contribution $125.00 = $375 at the end of the year + compound interest. Will push it cose to $400.... little over 2 years will be $1,000. saved etc.

Specializes in Nursing Professional Development.

My employer matches $.50 on the dollar up to a maximum of 4% of your salary. I have "maxed out" my contributions by putting in as much as the government allows. In the 8 years since taking my current job, that account has grown to just over $100,000.00.

If you put the money in their regularly and invest it sensibly, it DOES grow to very large amounts over time. But you have to contribute regularly and take your employer's matching contribution.

llg

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