Ready to Retire?

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Ready to Retire?

Most nurses expect to work longer due to the recession

By Elizabeth Hanink, RN, BSN, PHN
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Are you preparing for retirement? Although more than eight out of 10 nurses report participating in their employers’ retirement savings plan and at a rate of about nine percent of salary, most nurses — 71 percent — still feel that they are not saving enough for a comfortable retirement. That number is a huge increase over the 54 percent who felt unprepared in 2007. All this while 81 percent of nurses tell surveyors that they feel secure in their jobs and with their financial future. The security seems to come from plans to work longer.

Blame the Recession
Nearly half the nurses surveyed report that their retirement plans had changed due to the current economic volatility. Almost a quarter report that they now plan to work for longer than previously planned and nearly as many report they plan to work in retirement when they had not previously planned to do so.

Four in 10 nurses now believe they will never completely retire, and of these, 79 percent say it’s because they will not have the financial resources to meet basic living expenses. A full 28 percent feel they will struggle in retirement, as opposed to only 18 percent who felt the same way in 2007.

Professional Pride

Despite these grim findings, almost half of the nurses surveyed feel that they are better-prepared financially and emotionally than workers in other professions. And the great majority reported job satisfaction despite constant change, loss of workers and longer hours.

The recent survey was conducted by an independent research company for Fidelity Investments, the largest provider of retirement services to the healthcare industry.

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