Nursing Notes

October 19, 2011

Nurses Worried About Retirement Prospects

Filed under: Uncategorized — Shirley @ 6:28 am

As nurses, we rarely take the time to take care of ourselves.  We go into nursing to care for others, so being outwardly focused is inevitable.  However, the truth is that we must first take care of ourselves in order to be able to care for others.    This article is a prime example of a way that nurses need to be taking care of themselves.

Please click over to the original site at Nurse Zone and read the rest of this enlightening article.  Be sure to leave them a comment about it and let me know if you found it interesting.

 

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By Jennifer Larson, contributor

October 14, 2011 – A recent survey found that most practicing nurses feel secure about their current jobs, but they don’t feel nearly as secure about their retirement prospects.

The 2011 Fidelity Investments Nurses Study surveyed 408 nurses and found that 7 out of 10 don’t feel prepared for retirement. The 71 percent who feel they’re not saving enough for retirement is a significant increase over the 57 percent who reported that sentiment during a similar Fidelity study in 2007.

They’re worried about how the economic climate, including possible future changes to programs like Medicare, is affecting their retirement prospects.  They’re worried about not being able to save enough money. And some of them even fret that they may never be able to retire.

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Cindy Hounsell, president of Women’s Institute for a Secure Retirement, said, “The longer you can put off using that nest egg, the better off you are.”

Those responses, which were collected in August by Versta Research, were not unexpected by Cindy Hounsell, president of Women’s Institute for a Secure Retirement (WISER).

“I’m not surprised, with this economy and this nursing population that’s older, that more people are unprepared,” she said.

The results were similar to those found in a study conducted a few years ago by WISER in conjunction with the Center for American Nurses, Hounsell said. That study also found that many nurses had not prepared adequately for retirement.

Robert Henderson, president of Lansdowne Wealth Management, LLC, in Mystic, Conn., said there doesn’t seem to have been enough emphasis on personal financial planning in the nursing profession.

“I believe that much of it stems from the fact that the field is predominantly women, many of which have working spouses who are the primary breadwinners,” he said.

Start here, start saving

Nurses should start by sitting down and figuring out where they currently stand financially and how much money they will realistically need for retirement, said Cassandra Chandler, MBA, a certified financial planner and author of The Retirement Game for Nurses. Then, they should account for family members that may need care and financial support.

If you haven’t started a retirement account, contact your employer to get information on signing up for your employer-sponsored plan. According to the Fidelity study, 81 percent of the nurses said they do participate in their workplace savings plan. Experts say that’s a very important way to make sure you’re saving for retirement.

If you work for a for-profit facility, you can start a 401(k) plan, or if you work for a not-for-profit, you can open a 403(b) plan. These are accounts that allow you to save pre-tax dollars. Because the funds accrue over time, experts always recommend getting started as soon as possible.

“Sooner is better than later, and later is better than never,” Chandler said.

However, it’s not enough to just sign up for your employer-sponsored retirement plan, Hounsell cautioned. You have to work long enough to become vested in order to be entitled to the matching funds provided by your employer. And not every plan has the same requirements…[read more]

 

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2 Comments »

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    Pingback by Becoming a Nurse - 3 Things You Need to Know | The Nursing Notes — October 23, 2011 @ 5:31 pm | Reply

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    Pingback by Retirement Transitions – An Initial List — October 23, 2011 @ 8:15 pm | Reply


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