Nurses work day and night to make life comfortable for their patients and to make sure that that once they leave the hospital they can go back to their daily routine.
But are nurses taking steps to take care of their own life and make sure that their are in good (financial) shape when they stop working.
Many nurse work at hospitals or large clinics and have great benefits through their employer. They may have a 401(k) or 403(b) plan with matching and feel that by taking part in this retirement plan they are developing a financial plan.
We have though seen many retirement statements from nurses and in most situations the nurses are not fully aware of how their retirement money is being invested and they do not have a good feel for how much they are saving vs what they actually should be saving on order to get to a comfortable retirement.
We often talk to them about diversification of their portfolio as well as asset allocation and risk tolerance and in most situations nobody has ever had that discussion with them.
Having a retirement plan at work and contributing to it on a monthly basis is no equivalent to having a plan for the future.
Retirement income planning, social security benefits, long term care planning, college planning and many other factors have to be addressed and that’s why creating a full financial plan is essential. On top of that they investment allocation has to be discussed and addressed so that their is a clear understanding of how the money is invested and a clear understanding of how a fully diversified portfolio can help a nurse reach their end goals.
On top of that ongoing coaching should be available through seminars, phone calls, one on one meetings and through online resources.
If you want an independent review of your plans let us help