In this paper we will discuss the different phases of retirement and how those phases would effect a nurse’s detriment plan. It is critical for to start preparing for retirement early, this will maximize retirement income and at what age they will be able to retire. Currently seniors are cautious about their retirement, but due to economics and poor planning some seniors will not be financially thriving and lack financial security. By scrubs 961 Like many professionals nurses us the traditional gradual steps to plan for their retirement.
There are five phases that related to retirement and the plan a nurse puts into place could be altered based on how long they live and economic factors, such as inflation. Phase one is the accumulation phase in which the individual is saving for retirement needs, they person may use one or more types of savings to be able to achieve their goals. Using kick, Aria’s and even Annuities are some of the options available. The “new normal” requires retirement savings rates for most Americans to exceed 10 percent (Crooks, 2011). The next phase is called pre-retirement and this process begins around the age of 50.
It is during this time frame that the nurse would review monies already set aside and re-evaluating their retirement needs continuously. For individuals who worked or companies that have a benefit specialist who can offer assistance from transferring 401 k balances from another Job into a Roth AIR. It is also during this time that the nurse would review what benefits they will need to provide for their healthcare needs such as, health insurance a secondary plan for Medicare and long term care benefits. Phases 3 through 5 represent the day of retirement and later.
Early retirement is a good time to discuss with family and ensure that they are aware of your plan. Evaluating finances to ensure that the plan put in place is still meeting expectations. Phase 4 is mid-retirement and it during this time that the aging nurse would plan for a change in health, communicating with family and friends the plan for the “what if’s”. Phase 5 would begin with when the person develops a significant health problem requiring long-term care could wipe out any monies saved for retirement, potentially leaving the person relying on social security for monthly income.
Economic influences will have an effect on how and when a nurse will be able to retire. Like other professionals the nurse may need to work longer to meet their retirement goals. A nurse’s health and mental status will determine how much longer beyond the age of 65 they will be able to perform their nursing duties. As cost of living continues to increase in the United States so will the need to increase savings to meet that inflation rate. Redefining expectations of retirement might need to be redefined.
Alternatives to Traditional Retirement For nurses they have many alternatives to retire and many today are finding opportunities that allow them to skillfully control their financial future. This allows for them to be more adventurous, trying things they dreamed of doing and expanding their routine. Going the route of freelancers and independent contractors, nurses are able to set limits on hours worked and vary their Jobs to meet their personal and family needs (Alger, 2015).
Nurses have the endless possibilities for continuing to be in the workforce. There are many Jobs that can be done remotely from the nurse’s home, such as case management, telepathy and manning a phone line. For those who are interested in care teams providing care to other countries. Or they could stay with their old positions but decrease hours or it could be a combination of any of these opportunities. For the predicted health care provider shortage, nurses staying in the workforce longer in any format would benefits our country and our communities.
Younger Adults and Retirement Younger generations think they have plenty of time to plan and retirement seems too far in the distance future. But the earlier they begin saving for retirement, the more financially stable they will be at retirement age. Saving a little over a longer time accruing interest over the persons working years would develop into a nice retirement nest egg. Youth today will need to work harder at saving, in comparison o their grandparents and even their parents, due to economic factors and because social security and pensions lack reliability.
If an individual is lucky enough to find a position where the employer offers a pension plan, younger individuals change Jobs more frequently making it less likely that they will qualify for pension benefits. In fact, 70% of Generation Y employees left their first Job within only 2 years, not long enough to vest in many pension plans or even to get the employer’s 401 (k) match (Davidson, 2012). How Will Retirement Affect Career Selection of Younger Generations Career selection for the younger generation is important, making the right choice makes income available for retirement savings.
Careers in technology, healthcare, and public services such as fire fighter or police officer all offer the means for retirement savings. But it is may not be about the career, as much as the actually practice of saving in a 401 k or Roth AIR. But regardless of your occupation, it’s important to remember that the key to a successful retirement is careful financial planning. You can usually make it happen with proper budgeting and disciplined avian. Or, you can Just live vicariously through this article and new the folks who opted to pursue these professions (Goldstein, 2015).
So without the practice of saving for retirement, a career in any area will not make a difference. It is said that those currently in their ass’s are doing a far better Job of saving for retirement, more so than any other age group and have a plan in place for their retirement needs. Also, 30-something’ retirement plans were likelier to include a retirement-expense budget and estimated health costs (Comes, 2013). . Conclusion For the nurses who have spent their careers caring for the people of this country they have many options when it comes to retirement.