5 Ways To Empower Your Retirement Planning
Updated: Jan 5
Let's face it! Preparing for retirement can be daunting. Nurses have been making more money through a plethora of venues, in the last two years than ever before. That’s great news, if you’re well prepared. But if you are not a wise bread, the handling of money can be stressful, in particular saving it.
Fortunately for our communities, nurses are very smart people in the field of healthcare, but unfortunately for them, they are not known for being as clinically sound in planning for their retirement, which could also contribute to the high stress associated with the profession.
Money and economic problems are a major source of stress. According to the American Psychiatric Association, over 81% of adults, ages 23-43, report money a major form of stress. Developing a plan is necessary for a successful retirement.
Over the past two years since the onset of the Covid-19 pandemic, most Americans report that all aspects of their lives have been altered.
Open A Savings Account
No matter what age you are, it’s important to put money away for retirement or a rainy day. The earlier you save and invest, the more money you’ll have in the future. Opening a savings account and setting it up on auto-pilot is key to successful savings.
Get Help To Get On Track. By age 40 years of age, you should have saved three times your salary. However, many consumers are still scrambling to regain their financial footing.The COVID-19 pandemic created a tale of two economies: those who were able to save, and those who struggled to make ends meet. Get help from a professional to get back on track.
Delete Debt and Clear Finances.
Clearing out your expenses now can mean bigger retirement accounts later. First, reducing your spending can help you put more money toward paying off debt. Debt is the biggest obstacle to early retirement. Look at your monthly budget and try to find a couple places where you can scale back your spending. Redirect that money into your retirement savings.
Health is Wealth. Retirement planning has changed. Retirement conversations have changed; the importance of health as a focus area for better retirement planning is a priority. The notion is that the better health you have, the better your position to set you and your family up for a peaceful retirement. When you retire, you enter a new stage in your life, so plan your health accordingly, by eating right, exercising and doing an annual physical exam.
Start Downsizing Your Expenses
Daily living in retirement is not much cheaper than it is for you now. While many people assume they'll spend less money when they’re older, that’s often not the case. With more free time, you may find yourself hitting the coffee shop more often or traveling more to visit family. The last thing you want in retirement is to be forced to penny-pinch.
Start taking the necessary steps to a great retirement.