Your roadmap to financial security and a confident retirement
Free Comprehensive Guide
Published by RetireNurse Wealth Management, LLC
As a nurse, you've dedicated your career to caring for others. Your work involves irregular hours, physical demands, and emotional stress that most professionals never experience. These unique aspects of nursing create specific financial challenges that require specialized retirement planning strategies.
This comprehensive guide addresses the retirement planning needs specific to nursing professionals. Whether you're a new graduate or approaching retirement, this guide will help you navigate the complexities of building financial security while managing the demands of your nursing career.
Nurses face unique financial challenges that require specialized planning strategies. Generic retirement advice often doesn't account for the realities of nursing careers.
Shift work, overtime, and on-call schedules make it difficult to maintain consistent saving habits and financial planning routines.
The physical nature of nursing can lead to earlier retirement due to injury or burnout, shortening your earning years.
Many nurses carry significant student loan debt, which can delay retirement savings and financial planning goals.
Hospital and healthcare system benefits can be complex, with multiple retirement plan options that are difficult to navigate.
These challenges don't make retirement impossible for nurses, but they do require specialized strategies and earlier planning to ensure financial security. The key is understanding these unique factors and building a plan that addresses them directly.
If you have a High Deductible Health Plan (HDHP), an HSA offers the ultimate tax advantage:
Contributions reduce taxable income
Investments grow without taxes
For qualified medical expenses
2024 HSA Limits:
Individual: $4,150 | Family: $8,300 (plus $1,000 catch-up if 55+)
After maximizing tax-advantaged accounts, consider taxable investment accounts for:
Many nurses are eligible for pension plans through their employer or state retirement system. Understanding your plan is crucial for retirement planning.
Reduced benefits (75% of full benefit)
100% of calculated benefit
132% of full benefit (8% per year delay)
Healthcare costs are often the largest expense in retirement. Plan for:
Important:
Average healthcare costs in retirement can exceed $300,000 per person. Plan accordingly!
Savings Rate Goal: 10-15% of gross income
Savings Rate Goal: 15-20% of gross income
Savings Rate Goal: 20-25% of gross income
Savings Rate Goal: 25%+ of gross income
Use this comprehensive checklist to assess your retirement readiness. Check off each item as you complete it.
Book your free 20-minute initial consultation to discuss your specific situation.
We'll analyze your current financial situation and retirement goals.
Receive a tailored retirement plan designed specifically for your nursing career.
Contact RetireNurse Wealth Management today
RetireNurse Wealth Management, LLC | Licensed Fiduciary Advisors
Serving Nurses Nationwide | Securities offered through registered
representatives
Print this guide or save it as a PDF for easy reference. Share it with fellow nurses who could benefit from specialized retirement planning advice.
© 2024 RetireNurse Wealth Management, LLC. All rights reserved.