Planning for the Future: Important Financial Decisions for Nurses in 2017
Nursing is an extremely demanding career. From nursing school to long hours at the office, anyone that works in the nursing industry needs to make sure that they are protecting themselves financially. As 2017 gets underway, nurses should spend a moment thinking about whether or not they are on the right track toward financial security. Here are the top financial moves nurses should be making in the new year.
1. Start Saving for Retirement
As crushing as that student debt can feel, nurses also need to start saving for retirement, even if they are still relatively new to their careers. Shaving a little off the top every month can really add up when it comes to saving for the future. Even if a nurse is under pressure to pay off their student debt, they still need to be focused on the years to come.
.2 Estimate the Right Amount to Save
In order to properly save for the future, nurses need to figure out how much they’ll need to survive later on in life. Nurses should sit down and determine at what age they plan on throwing in their scrubs, how much social security they can expect to receive, as well as how much they plan on leaving for their children. Numbers don’t lie. It’s best to figure things out mathematically instead of flying blind.
3. Talk to a Financial Planning Professional
Many hospitals and physicians’ offices offer their employees access to financial planning resources and professionals. Even if a nurse spends 15 minutes with a financial planning professional during their lunch break, it can make a huge difference. With such a busy work schedule, nurses often feel confused or overwhelmed when it comes to financial planning. A little professional advice can go a long way.
4. Take Stock of Monthly Finances
Prepping for the future is always about routine. Setting up a monthly budget is a great way to jumpstart a responsible retirement savings plan. Nurses should add up all of their monthly expenses as well as their monthly earnings. If a nurse doesn’t have enough income to put a little extra off to the side every month, they need to rethink their lifestyle. Balancing monthly expenses with preparation for the future is an important part of financial protection.
5. Purchase Life Insurance
Nurses should also strongly consider purchasing a life insurance policy sooner rather than later. Nurses and other medical professionals work extremely long hours and are exposed to life-threatening illnesses on a daily basis. If the unexpected were to happen, nursing professionals could leave their loved ones penniless. Nurses can find life insurance policies tailor-made for their careers in the medical industry at LifeInsure.com. Similarly, disability insurance is a must-have for nurses who need to stay afloat if a paycheck isn’t coming in.