Nurses, Retirement, And What You Need To Know
We know the journey can be confusing. If you feel you need assistance at any time during your retirement voyage please don’t hesitate to call or book an appointment with an ePlan Advisor today by clicking the button below.
We understand the challenges that nurses face when it comes to retirement planning because we have many family members, friends and work relationships with nurses.. Nurses are a vital part of the healthcare system, but they often struggle to save for retirement. This is due to a number of factors, including:
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- Low salaries: The median annual salary for registered nurses in the United States was $75,330 in 2020. While this is a good salary, it is not enough to save for retirement on its own. For example, a nurse who wants to retire with an annual income of $50,000 would need to save $1 million. If they start saving at age 25 and contribute 10% of their salary each year, they would need to save $300 per month. This is a significant amount of money, and it can be difficult to save this much when you are also paying for student loans, rent, and other expenses.
- High student loan debt: The average student loan debt for nurses is $35,000. This debt can make it difficult to save for retirement, especially if you are still making monthly payments. For example, a nurse who is paying $500 per month on student loans would have $6,000 less per year to save for retirement. This can make a big difference in the amount of money you have saved by the time you retire.
- High cost of living: The cost of living in many parts of the United States is high, which can make it difficult to save money. For example, a nurse who lives in a city with a high cost of living may be spending $2,000 per month on rent, utilities, and transportation. This leaves less money available to save for retirement.