Economics and the Role of the Retiree
Economics and the Role of the Retiree Paper
May 31, 2015
HCS/557 Social and Cultural Aspects Aging
Professor Andrea Wright-Valdez
Economics and the Role of the Retiree The present economic influence in the United States has forced the role seniors and those in younger age groups to make modifications to their retirement strategy. For the nurse’s in this country with the economic status currently and current retirement plans, they may need to make an alterations in their retirement plan allowing for the potential of increased income. In this paper we will discuss the different phases of retirement and how those phases would effect a nurse’s retirement plan. It is critical for to start preparing for retirement early, this will maximize retirement income and at what age they will be able to retire. Currently seniors are cautious about their retirement, but due to economics and poor planning some seniors will not be financially thriving and lack financial security.
Phases of Retirement Like many professionals nurses us the traditional gradual steps to plan for their retirement. There are five phases that related to retirement and the plan a nurse puts into place could be altered based on how long they live and economic factors, such as inflation. Phase one is the accumulation phase in which the individual is saving for retirement needs, they person may use one or more types of savings to be able to achieve their goals. Using 401k, IRA’s and even Annuities are some of the options available. The “new normal” requires retirement savings rates for most Americans to exceed 10 percent (Krooks, 2011). The next phase is called pre-retirement and this process begins around the age of 50. It is during this time frame that the nurse would review monies already set aside and re-evaluating their retirement needs continuously. For individuals who worked for companies that have a benefit specialist who can offer assistance from
May 31, 2015
HCS/557 Social and Cultural Aspects Aging
Professor Andrea Wright-Valdez
Economics and the Role of the Retiree The present economic influence in the United States has forced the role seniors and those in younger age groups to make modifications to their retirement strategy. For the nurse’s in this country with the economic status currently and current retirement plans, they may need to make an alterations in their retirement plan allowing for the potential of increased income. In this paper we will discuss the different phases of retirement and how those phases would effect a nurse’s retirement plan. It is critical for to start preparing for retirement early, this will maximize retirement income and at what age they will be able to retire. Currently seniors are cautious about their retirement, but due to economics and poor planning some seniors will not be financially thriving and lack financial security.
Phases of Retirement Like many professionals nurses us the traditional gradual steps to plan for their retirement. There are five phases that related to retirement and the plan a nurse puts into place could be altered based on how long they live and economic factors, such as inflation. Phase one is the accumulation phase in which the individual is saving for retirement needs, they person may use one or more types of savings to be able to achieve their goals. Using 401k, IRA’s and even Annuities are some of the options available. The “new normal” requires retirement savings rates for most Americans to exceed 10 percent (Krooks, 2011). The next phase is called pre-retirement and this process begins around the age of 50. It is during this time frame that the nurse would review monies already set aside and re-evaluating their retirement needs continuously. For individuals who worked for companies that have a benefit specialist who can offer assistance from
References: Krooks, B. (2011, February 16). The Five Phases of Retirement Planning. Forbes. Retrieved on May 31, 2015 from http://www.forbes.com/sites/bernardkrooks/2011/02/16/the-five-phases-of-retirement-planning/. Allgeyer, K. (2015). Leaving the Bedside: Job Options for New Paths in Nursing. Working Nurses. Retrieved on May 31, 2015 from http://www.workingnurse.com/articles/leaving-the-bedside-job-options-for-new-paths-in-nursing. Davidson, L. (2012, July 25). What Young People Need To Know About Retirement. Forbes. Retrieved on May 31, 2015 from http://www.forbes.com/sites/financialfinesse/2012/07/25/what-young-people-need-to-know-about-retirement/. Goldstein, C. (2015). Top 5 careers for an early retirement. Market Watch. Retrieved on May 31, 2015 from http://www.marketwatch.com/story/top-5-careers-if-you-want-to-retire-early-2013-10-15. Coombes, A. (2013, October 24). Youth beats middle age in retirement planning. Market Watch. Retrieved on May 31, 2015 from http://www.marketwatch.com/story/youth-beats-middle-age-in-retirement-planning-2013-10-24.