Nobody downloaded yet

Retirement options for nurses - Research Paper Example

Comments (0) Cite this document
Options for Nurses before Retirement Sonia Mirza January 25, 2013. Options for Nurses before Retirement Introduction Nursing is considered as one of the most noble professions of the world, and in the job market it is one of the stable jobs with attractive numerations…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.7% of users find it useful
Retirement options for nurses
Read TextPreview

Extract of sample "Retirement options for nurses"

Download file to see previous pages The nurses enjoy their career, and they love their respectable profession, but most of them look forward to hanging up their scrubs - they opt to retire earlier than usual due to the nature of their job. In most cases, they retire without any retirement plan, and as per the report of the Center for American Nurses, not more than 40 percent of the registered nurses have any retirement plan like 401 (k) offered by the employer or any other long term saving or investment plans (Blakeley & Ribeiro, 2008). It suggests that most of them retire without any financial security. The objective of this paper is to discuss the retirement options for nurses. Retirement Options Generally, nurses don’t look forward to the retirement options as much as their male counterparts from other professions, and the prime reason for this tendency is that nurses are females who hardly take any initiatives for investments. The second reason is that they have scientific background and have no interest for financial management since they are overworked and get so tired that they procrastinate any decision of financial planning or retirement management (Goldberg, 2002). Like other professionals, nurses should also plan their financial security and retirement just from the beginning of their career. They can take the services of financial consultants or retirement consultants for their planning. There are many options available for them. These options have both financial and social aspects and are necessary since they provide them physical or health protection in old age (Glasper, 2011). Financial aspects There are various options available for the nurses which can provide them financial security after retirement. a. Personal savings – They must save 10 to 20 percent of their monthly emoluments for their future b. Recurring Deposits – Recurring deposit of even a small amount becomes a huge sum after a long time, and it helps in old age. c. Pension Plans – Many financial companies offer pension plans which can be availed by the nurses: depositing a small amount per month, they will get a corresponding return per month after they retire (Ho, 2006) d. 401 (k) - Nurses can avail retirement through employer 401 (k) programs e. Besides above mentioned plans, there are many others which can benefit them after retirement; such plans include Govt savings, such as RRSP, IRS, Roth IRA, simple IRA, etc. (Goldberg, 2002) Social aspects Nurses must not forget about the social aspects of their retirement plans. Since they have been committed to their profession, they might have not fulfilled their social commitments properly, and after retirements the society would have more expectations from them (Friis et al., 2007). a. Friends and family – Due to overwork and commitment to their nurses might not have given adequate time to their families and friends, and after retirement their expectations would be high - the nurses can meet them if they have planned their retirement properly (Friedrich et al., 2011) b. Community involvement through volunteering – They also need to plan their retirement adequately if they wish to be involved in community programs through volunteering (Dziadekwich, Andrushko & Klassen, 2012). c. Personal pursuits such as travel, continued education, etc. – Many nurses wish to continue their education after retirement, or go on a long vacation or tour, or prefer to visit places. These personal pursuits can only be achieved if their retirement is properly ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Retirement options for nurses Research Paper Example | Topics and Well Written Essays - 750 words”, n.d.)
Retrieved from
(Retirement Options for Nurses Research Paper Example | Topics and Well Written Essays - 750 Words)
“Retirement Options for Nurses Research Paper Example | Topics and Well Written Essays - 750 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Retirement options for nurses

Retirement Planning

...? One of the long term goals of all people that work for a living is to save money for retirement. Retirement planning can be defined as the process of determining retirement income goals and the actions and decisions necessary to achieve those goals (Investopedia, 2012). Time is a variable that works in favor of young people if they start their retirement planning early in life. Compound interest works favorably when people accumulate wealth over time. I expect to graduate with a bachelor’s degree in business administration with concentration in finance in December of 2012. My plan is to work in the private industry for 40 years to then retire....
3 Pages(750 words)Assignment

Retirement Planning

...? Diversified Retirement Planning School Retirement planning can be complex for some and frightening for others. There are many options between the stock market, bonds, real estate, and commodities with some investments that pay out over time and others that offer cash only upon their sale. Some investments offer tax breaks up front while others do not. The key to proper retirement investing is to diversify properly while making consistent contributions. Diversified Retirement Planning Preparing for retirement is crucial for those who not only wish to support themselves in their old age, but also for those who want to be a blessing to...
4 Pages(1000 words)Essay

Retirement Planning

...for investors to compile a diversified portfolio. Diversification can help investors lower their overall portfolio risk. The money market is another option for investors that are looking to save money towards retirement age. The money market is a financial market in which funds are borrowed or lend for short periods as distinguished from the capital market for long term funds (Teweles, et al., 1992). The best and most common money market instrument is treasury bills. Treasury bills are 90 day loans that the federal government sells to investors. The best attribute of a treasury bill is that it is a risk free investment. The federal government has never defaulted on its obligations. The federal government...
4 Pages(1000 words)Assignment

Retirement Age

...? Retirement Age Retirement Age In most developed counties such as America and UK, where have been increased rates of aging population and decreasing birth rates; in fact, this has resulted to an increased in the retirement age aimed at reducing the high costs of pension benefits (Woodifield, 2013). For instance, Britain had initially made proposals to increase the pensionable age to sixty-six by 2026 and sixty-seven by 2036 (Woodifield, 2013). However, they have made changes to set the retirement age at 66 by 2020 and 67 for the duration between 2026 and 2028 (Woodifield, 2013). Nevertheless, this paper will focus on expressing my stance on the issues regarding retirement age, whereby I will determine the most appropriate age... at which a...
3 Pages(750 words)Essay

Retirement Planning

...Running Head: Retirement Planning Retirement Planning In APA Style By Aruna Nemani Academia The need for retirement planning, the various options available for retirement planning, tax exemptions that can be availed by investing in these options, the maximum contribution limitations, the minimum age qualified for redemption of amounts from these accounts, other individual retirement accounts, annuities, and other investment opportunities. Introduction Man’s life is full of uncertainty. Today’s earnings do not give any guarantee of tomorrows benefits unless they are planned and saved in an orderly manner....
5 Pages(1250 words)Essay

Retirement Planning

...1) Report and then analyze your results of “How much will you need for retirement? Planning for retirement and starting to implement a savings plan as early as possible in our careers is paramount in order to be able to achieve your retirement goals. Starting the implementation as young as possible allows the individual to minimize the financial impact of your savings plan into your budget, while allowing the power of compounding interest to do all the work for you in order to achieve a comfortable retirement without financial worries. There are a lot of individual factors that one must take in consideration while planning for retirement. One must...
4 Pages(1000 words)Essay

Retirement Issues

...are gone; no more beating the clock and the much awaited freedom to move according to the will, without risking financial solvency. Retirement life might be considered as the time for reaping of the hard sown seeds during the working life. Retirement a word that excites and scare people all at the same time. The thought of retiring brings on excitement because at retirement age people expects to be able to collect their social security, cash in their 401K, look at their savings and be content,relocate to a resort style area where they can own their own home, travel at will, have the option to volunteer just to keep busy, and just relax for the rest of...
15 Pages(3750 words)Essay


...of service, and the goes ahead to vest it for employee. In the first part of this assignment you estimated the total retirement portfolio you needed for retirement. Why is that an important thing to do? =It is important to do this because you need to determine the amount of income that will sustain you after retirement. What is likely to happen if you grossly overestimate that amount? =If you grossly over estimate the amount it means that when you die some amount will still be in your account which will go for waste. What is likely to happen if you grossly underestimate that amount? = If you grossly underestimate it means that you will have nothing left if you live longer. Usually,...
5 Pages(1250 words)Essay


...Retirement Retirement Assignment Question Two Solutions to number two Here we use 47 as the number of years since there was no raise in the first year. End Salary = ($Start Salary) x (1+ i) t = 54,000*(1+5/100)47 = 54,000 (1.05)47 Ending salary =$ 534,922.44 As a percentage of ending salary we have 534,922.44/54,000*100 = 990.60% Therefore, the standard of living has increased by 890.60% The desired income ranges from 534,922.44*70/100 to 534,922.44 = $ 374,445.71 to $ 534,922.44 How large will your portfolio have to be (when you retire) to provide your desired standard of living? This problem asks how much money you must accumulate (PVA) by the time you retire or are...
5 Pages(1250 words)Essay


...Retirement al Affiliation) The following is an illustration of the five stages of retirement: The initial stage isimagination lasting for averagely ten years before retirement. At this stage, individuals are engaged in caring for either children or parents (Schieber, 2012). The last five years, just before retirement, is the anticipation stage, where individuals contemplate on what to do, while on retirement (Schieber, 2012). The availability of guidance to the pre-retirees at this stage is wanting. The liberation stage is marked by the first day of retirement. Also referred to as the honeymoon stage, it lasts for about a year (Schieber,...
2 Pages(500 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic Retirement options for nurses for FREE!

Contact Us