You’ve been taking care of people for years. Now, let us take care of you by helping you create a plan for transitioning into retirement.
You’re a nurse. Your job—your purpose or your calling—is caring for others.
All careers, though, even the ones we love, end in retirement. And with a nursing career, there might be things you need to consider: challenges and opportunities not faced by people outside healthcare. Plus, retirement can be complicated, in the best of circumstances: long-term care, Social Security maximization, Medicare (Parts A, B, C, and D), and life insurance policies, to name a few. Don’t worry. We’re here to help.
Here are two more things to consider. First, people are living longer. That’s great news, but you want to make sure you don’t outlive your money. According to USC-Leonard Davis’s School of Gerontology, the over-65 demographic grew from 8% to 12% of the total population between 1950 and 2000. That number will rise to 20 percent by 2050 and is likely to continue rising. That’s because of improvements in health care services and investment in medical research.*
Second, things could cost more in retirement, because pricing indexes are not fixed. Prices in 2018 are 112.26% higher than prices 30 years ago in 1988. The dollar has experienced an average inflation rate of 2.54% since that time. In other words, $100,000 in 1988 is equivalent in purchasing power to $212,262.89 in 2018, a difference of $112,262.89 over 30 years.† For most people, planning out—and executing—a retirement income strategy is difficult. It’s a lot to think about. Luckily, we’ve got your back. No two retirement income plans are alike, just as no two careers or life paths are alike. Whatever you need, though, we’re here to help you find a way to make your retirement goals a reality.
What questions do you need to answer?
How do I rollover my 401(k) and 403(b)?
What is my target retirement date?
How much will I need to live my preferred lifestyle during retirement?
How do I create a retirement income strategy that incorporates all of my anticipated sources of retirement income?
Get a retirement checkup.
What are the parts of a healthy strategy? Once you know where you’re going, you can start making a “retirement treatment plan.”
For nurses, retirement income planning can have added complications, if they work for a tax-exempt organization. This can also include other hospital employees, public school employees, professors, government employees, doctors, or other nonprofit employees.
So, when you start making your plan, it’s fine to use a percentage of your current income as a benchmark, but it’s also worth going through all of your current expenses. Your next step is to assess how prepared you are to meet your needs over time as your transition to retirement.
What sources of retirement income might be available to you?
Defined Benefit Pensions, Social Security and 403(b) accounts.
Savings: IRAs, CDs.
Earnings: full or part-time jobs.
Other assets: real estate and equity in your house.
There’s no way to predict how long you’ll actually live, but with life expectancies on the rise, it’s probably best to assume you’ll live longer than you think. And, you may even run the risk of outliving your savings and other income sources, so it’s best to plan ahead.