According to data collected by the American Nursing Association, 45 percent of the registered nurse workforce is age 50 or older. In Florida, Texas, and several other states, nearly half of the RN workforce is expected to retire in the next fifteen years. However, an article published by the American Journal of Nursing earlier this year, revealed that 71 percent of nurses don’t feel like they’ve saved enough for retirement and 59 percent don’t even know how to begin the retirement planning process.
One of the main complaints from nurses reaching retirement age is their lack of knowledge about financial planning. A survey of 200 nurses age 45 and older conducted by Blakeley and Ribeiro found that 37 Percent of nurses has done little or no retirement planning, 39 percent had done some, and 24 percent had done a great deal. Those with little or no planning reported competing priorities and lack of training as their main reasons for not being retirement ready. Because many nurses don’t feel prepared for retirement, they’re working an average of 2.5 years longer than ever before.
Whether you’re decades away from retirement or planning to retire in the near future, it’s important that you’re prepared. There are many resources available to help nurses understand common financial practices, such as borrowing, saving, and investing. Take advantage of the financial educational sessions offered at nursing conferences and career events. The Women’s Institute for a Secure Retirement (WISER) and the Center for American nurses have put together a toolkit to help nurses become more financial savvy.
A little financial planning goes a long way when it comes to being ready for retirement at the end of your career.
If you’re a qualified nurse looking for opportunities in the healthcare industry, let the experienced team at BOS Medical Staffing help. Our healthcare and medical employment agencies in Georgia give you access to jobs at top facilities both locally and across the nation. Contact us today to fast track your job search.