Finances after fifty – yes, you have more buying power than any other generation alive. But here is what credit card companies and other lenders don’t want you to take seriously. In reality, this might be catch up time for many.
But who feels like dealing with it? When you’re short on time and energy, what brain-dead-simple retirement solution can you put into place FAST?
And where should you begin?
- First, decide to get serious about it. Start with what you know. Use the Nursing Process.
- Assess. Inventory your assets and debts. Include how much time and money you might have to pay to help your elderly parents. Remember Dave Ramsey’s asset calculator which is free for your use.
- Diagnose. How bad/good is it?
- Plan. Set a financial goal and a time frame in which to reach it. Remember that you might live longer than you expect.
- Tweak things in your life to: make more money, spend less, and save/invest more.
- Do you still need that big home and new car? Can you save more if you downsize and get rid of your monthly interest-charging bills?
- Tell your family you will be cutting way back on holiday gift spending.
- Prepay your funeral expenses. You certainly don’t want your grief-stricken, vulnerable loved ones to pay extra to a hungry salesmen at the funeral home – especially if you haven’t made your wishes known. (I wrote another article, called “What Motivates a Nurse to Prepay Final Expenses”, in May of last year, that you can check out if you want more detail on that.)
- Decide if you should work extra shifts or take a second job for a year or two? Is there a hobby you love that has earning potential? Many Boomers are moving into business.
- Evaluate. Calculate your progress so far. (Like Dr. Phil says – “How’s that working out for you?”)
- Start over with another assessment.
Here is a great basic starting point: The Charles Schwab Guide to Finances After Fifty: Answers to Your Most Important Money Questions .
Many nurses have scoped out the other, less strenuous, jobs at their hospital and learned how to fill those positions when the time is right. Why Retire?: Career Strategies for Third-Age Nurses .
There are so many productive ways to keep busy and find meaning after retirement. Portfolio Life: The New Path to Work, Purpose, and Passion After 50 .
Many Boomer nurses dream of creating their own business after they retire from the hospital. Boomers into Business: How Anyone Over 50 Can Turn What They Know into Dough Before and After Retirement .
So, any person can do this – even if they feel brain-dead sometimes. Here is a way to make it more interactive: Quicken Financial Planner, QuickPlan Edition .
So you see? Boomer nurses’ retirement planning is so simple! Just do what you’ve been doing it all of your nursing career – using the Nursing Process.
What do you love? Go for it! Let your excitement for a bright new future come alive!