Are Nurses Prepared for Retirement?

A survey from Fidelity Investments shows more nurses are saving for retirement, but many are still not sure if they will have enough money to retire.

Fidelity commissioned the study, which surveyed 536 practicing nurses this past August. The group found 26 percent of nurses have saved more than $100,000 in their hospital or workplace retirement benefits plan, an increase from 18 percent in 2011.

However, a large portion of nurses, especially younger nurses, don't think they have enough to retire. Fifty-five percent of Generation X nurses (born between 1965 and 1978) and 48 percent of Generation Y nurses (born between 1979 and 1995 and often called millennials) said they are not confident with their retirement savings amount, compared with 35 percent of Baby Boomer nurses.

Here are other key findings from Fidelity's survey:

•    Gen X and Gen Y nurses are saving a median of 5 percent to 6 percent of their salaries for retirement. Baby Boomer nurses are saving 10 percent.

•    Only 39 percent of nurses said they had a defined benefit plan, down from 48 percent in 2011, as hospitals and other providers phrase out DB plans in favor of defined contribution plans.

•    Fifty-three percent of nurses said they are overwhelmed with retirement planning.

More Articles on Hospitals and Benefit Plans:
Dignity Health Nurses to Rally Over Pension Cuts
ProMedica Offers 1,200 Employees Early Retirement
How Hospitals Should Handle Pension and Benefit Plans During Transactions

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