Fresh perspective for success in healthcare

What Nurses Need to Know About Retirement

The work of giving care can be grueling. And nobody knows that better than nurses. Let’s be honest, at the end of a long day being on your feet and tending to the needs of others, the last thing you want to think about is complicated retirement planning.

A recent study found that 56 percent of nurses say they lack confidence in making financial decisions, which is startling. But that’s why you’re reading this—because you’re ready to get serious about your retirement. So kudos to you!

Here are a few things you can start doing right now to make sure your money is doing exactly what you want it to. Pour yourself a glass of wine or have a cup of your favorite tea, and get started.

Write down your goals.

Look at your savings. Look at any retirement accounts you have already. Now, get ready for the hardest calculation of this whole project.

That’s right. It’s time to figure out how much money you need to have saved by the time you retire.

Your goal is to have about 10 times your salary saved by the time you’re 67. So if you make $75,000 a year, your goal is going to be about …$750,000. So okay. You have a number. Now let’s figure out how to get there.

Take an assessment test.

I know, I know. Eyerolls forever. But one of these quizzes can actually help get you oriented around what it is you need to accomplish.

Take baby steps. 

The idea of saving for the last 20 or 30 years of your life can be overwhelming. Don’t be intimidated: You don’t need to come up with thousands of dollars this minute to get yourself going. Whether you’ve got $40,000 saved or $4 saved, increasing the amount you save by just 2 or 3 percent will help you get things moving.

Talk to your employer or HR person.

Are you taking full advantage of your benefits? Lots of healthcare institutions offer their employers a match on their savings or at least a consult with a financial planner who can look at your particular situation and help you make a sane and realistic plan.

Know when to quit.

Do you know what age you plan to work until? That will have an effect on your Social Security benefits, so knowing if you plan to stop working at 65, 68, or 70 will inform your savings goals. Remember, too, that the later you start to take your Social Security benefits, the higher your monthly payouts will be.

When you know what you are and where you need to be, you can start to chart your course. Don’t be afraid to dive in to your finances and to dig until you find the answers to your questions. When it comes to retirement planning, knowledge is power.

And frankly, sometimes, it takes money to make more money. Maybe it’s time to take your career to the next level with continuing education. Or maybe a debt consolidation loan could free you up to save more for retirement. If you’re interested in learning how a fast easy loan for nurses could help you stress less about your finances, check out Bankers Healthcare Group—the nation’s leading provider of financing for healthcare professionals.