Where do you fit as a nurse investor?
A majority of nurses report that their retirement planning stops with their employer based plan and that they are contributing 5% or less to their plan. Although a bit outdated, having taken place in 2008, the Nurse Investment Education Survey received responses from 900 nurses revealing that only 5.9% of nurse respondents felt very knowledgeable about financial investing. So you're in good company by being here.
What is really important from this survey is that of the nurse respondents over 50 years of age, 85% were working full time. Of these, only 44% had awareness about how much they would need in retirement and only 34% of nurses reported feeling confident that they would have a financially secure future. 37% of surveyed nurses in this group had less than $50,000 saved and the median number of years reported to the time of retirement was only 11.
60% of nurses who responded to the survey were already retired and they said that they wished they had received better retirement planning advice/education, and had begun to save earlier for retirement. Nearly 37% of retired nurses were continuing to work for pay in retirement.
Important point! If the thought popped into your head just now that $50,000 saved is not going to last very long in retirement- perhaps a year and a bit, you are right! $50,000 is very likely less than 1 year of any nurse’s annual expenses. In fact, for 70% of the survey respondents, it is $25,000 less than their annual salary of $75,000 on average. Considering nearly 77% of survey respondents believed they would live at least 16 years after retiring. So let’s get to work.
Nurses, I’m talking to you. Investing may not be a language you’re comfortable speaking just yet, but it’s going to be very soon! Investing is one of the simplest and most rewarding things I’ve ever learned to do. I’m here to make this process easy for you which is exactly why I'm inviting you to join me in the next (totally free) Nurse Investing Challenge! By using the tools I’m sharing with you, you are going to feel confident in your ability to grow rich, just as I have done. And it’s going to happen quickly!
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