Here are some reasons why you can’t retire!
As a nurse you put in long hours at the hospital and you take great care of your patients.
On a daily basis you fulfill a need in society and provide tremendous value for people that are under your care.
Having been a nurse for decades you start thinking about retiring and you need to figure out how you can replace your paychecks with income from a combination of your retirement accounts, social security and any other income producing assets.
As you approach the final years of working there are question that may start looming and if you are not sure exactly how to plan and answer those questions you may be entering into an uncomfortable financial phase of your life.
You don’t know exactly how long your savings will last.
One of the major concerns that people in retirement have is whether or not their overall savings will be able to give them income for their entire life.
The concern is that people are living longer and with new advances in medicine and health care longevity becomes a real concern in regards to having saved enough.
Some nurses that are entering retirement may think that income during this new phase in life doesn’t have to increase over time and that having a fixed income schedule is all they need.
But very often they get surprised when they realize how inflation doesn’t stop just because they have entered the retirement phase.
Food, travel, entertainment etc. will continue to get more and more expensive during retirement so not only is a longevity financial plan needed but also a plan that allows for “pay” increases over time.
You’re probably not quite ready to retire if you believe that there is specific number you need to have in retirement savings.
Instead of working towards a specific number start looking towards other factors such as your life expectancy, your health and unforeseen expenses and ways to build a more structured income plan that will last a lifetime or two.
You do not understand how social security works.
You are eligible to start receiving your Social Security benefits once you reach age 62 or you can defer it as late as age 70.
Making a decision to wait until age 70 may very often seem appealing as the benefit is much higher than at age 62 or age 66.
What you have to do is work with a financial coach and build a plan that takes into effect all your other assets and analyzes the most efficient way to take your social security.
You’re probable not quite ready to retire if you are thinking that your Social Security benefits will just happen and that you do not have to plan on how to take those benefits.
Spend some time understanding how the Social Security system really works work with a planner to make sure that you make the overall best financial decision around social security.
You do not have a plan with your partner.
As a couple your retirement should be a new exiting phase in your life together but if you haven’t built out a combined financial plan surprises may come up.
There will be many decisions to make together such as how to spend money, how to take income, how to create s survivor ship plan so that surviving partner can continue same lifestyle.
Decisions around what you would want to spend your time on in retirement will also be an important topic.
Do you want to travel a lot or do you prefer staying at home spending time in your local community?
You’re probably not quite ready to retire if you and your partner have not put together a dream scenario of how retirement should look.
That includes what you want to do and how your finances fit together.
Written by CreativeNurse Team
2017-34754 Exp. 10/17