Planning for retirement
Did you know that many nurses are not actively preparing financially for retirement through employer programs or long-term investment options? Probably part of the reason is that statistics show many nurses are women and women are less likely to invest in retirement plans than their male counterparts. Fortunately, it is never too late for nurses to assess their financial situation and prepare for retirement. The first step is to assess what options are available to you (covered in detail in this section) It is recommended that you discuss your situation with a trained financial advisor to ensure you will have enough money to live on in your retirement, especially if you need to develop a more aggressive savings plan. With proper advice, you will get a sense of how long you have until you can retire, as well as the best way to approach a financial retirement plan. A few points you will need to consider:
- How much annual income will you need in retirement? Even factoring in Canada Pension Plan, and current savings you may not have enough. Investigate what is available to you from the government and your employer.
- How long you might live in retirement? Retirement can last 20 or 30 years.
- How you may need to pay for long-term care?
- How will taxes affect your retirement income?
It is important for nurses to take an active role in their retirement plan and investments. For more information about preparing financially for retirement, check out these links.