As nurses are earning more than ever before, they’re also working past retirement age. Here we explore why nurses are facing a financially shaky future and how they can change their course.

There are more than 4 million working nurses in the United States today. That’s almost twice the amount of lawyers and doctors combined. On the front line of patient care, nurses are expected to be compassionate, strong, smart and in control every second they’re on the clock. Lives depend on their abilities.

But what happens when it’s time to retire? Who is watching out for their well-being and security?

The answer is not black and white. While many nurses have access to retirement products through their employers – like 401ks and pensions, they don’t always have the time to understand them.

An eye-opening report by Fidelity showed that 56 percent of 356 nurses surveyed claimed they lacked confidence when it came to investing their money because they didn’t have the time to learn about it.

Although it seems like a no-brainer to make time for your future financial security, this is easier said than done.

Imagine, for a moment, going on your twelfth straight day of working 10-hour shifts. You have to be alert and on your feet. You’re dealing with sick, hurt and suffering people. You get home late, eat whatever’s around, go to bed and repeat. By the time you have a day off, your laundry is piled up, you have unanswered mail and your spouse barely recognizes you. The last thing you want to do is pore over a bunch of numbers that won’t matter to you for a few more years. This is the life of so many nurses.

The big problem with this, however, is that nurses are pushing back retirement at a higher rate than ever before. Today, 74 percent of nurses are working at age 62 and 24 percent are still working at 69. The median age for retirement, according to a recent Gallup poll, is 66.

Compound the problem of busy schedules with other problems, like divorce – the divorce rate for nurses is 33 percent – and it creates a dismal picture for a financially secure future.

How Can Nurses Secure Their Future?

The future does not have to be so bleak. Nurses can enjoy a fulfilling, financially secure retirement – but they must take an active role in their investments and savings.

Four Key Steps In Smart Retirement Planning:

1. SET RETIREMENT GOALS

Before you do anything, figure out when you would LIKE to retire and how you want to spend your retirement. You have worked hard, you deserve a secure retirement at an age that suits you. In order to get this, you need a strategy – which begins with a goal.

Once you have your retirement age settled and how you want to spend your retirement – i.e. do you want to travel, shop and spend money or will you be happy living more modestly, go on to step #2.

1. MAKE TIME TO REVIEW AND UNDERSTAND RETIREMENT OPTIONS

This might mean setting up a 401k through your employer or digging deeper into what you already have saved – which brings us to number 2.

2. TALK TO A RETIREMENT INCOME PROFESSIONAL

Get professional feedback on where you are with your retirement savings and next steps for meeting your goal (your retirement age).

3. SCHEDULE A YEARLY CHECK-UP

Just like you get your annual medical check-up, you need to get a retirement check-up. Meet with your retirement income professional every 12 months to make sure you’re on the right trajectory to hit your target.

As you near retirement age, you want to reduce exposure to risk and secure your nest egg. A retirement income advisor will make sure this is happening. A bad one won’t even notice if it is or isn’t – meaning, your investments are on autopilot. Be proactive and stay on top of your retirement savings.

¹http://kff.org/other/state-indicator/total-registered-nurses/?currentTimeframe=0
²https://www.bls.gov/ooh/healthcare/registered-nurses.htm#tab-5
³https://www.fidelity.com/about-fidelity/individual-investing/more-than-half-of-nurses-lack-confidence-in-making-financial-decisions
⁴http://www.bmj.com/content/350/bmj.h706