Retirement options for nurses Research Paper Example | Topics and Well Written Essays - 750 words

Retirement options for nurses - Research Paper ExampleThe nurses enjoy their career, and they sleep together 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 loneliness plan, and as per the report of the Center for American Nurses, not more than 40 percent of the registered nurses have any solitude 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 pecuniary security. The objective of this paper is to discuss the retirement options for nurses. Retirement Options Generally, nurses dont 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 th at they have scientific background and have no amuse for financial management since they are overworked and get so tired that they procrastinate any decision of financial planning or retirement management (Goldberg, 2002). akin 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. at that place 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 later on retirement. a. Personal savings They mustiness save 10 to 20 percent of their monthly emoluments for their future b. Recurring Deposits Recurring deposit of even a small amount becomes a broad sum after a long tim e, 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) kindly 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 familiarity 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 up - 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 respect 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