What Nurses, Doctors And Other Medical Practitioners Must Do Before Retirements.
Retirement is a monumental transition in a person’s life most Expecially in the life of Nurses, Doctors, Pharmacist, Laboratory Scientist, CHEW, Radiologist, And other Allied Health Practitioners and it shouldn’t be taken lightly.
Every aspect of life is affected by the decision to retire, including relationships, health and wellness, and of course finances. Nurses in particular are looking forward to share their hopes and fears about retirement with their spouse, and looking for ways to stay active in place of their careers.
“The key to a happy retirement is in the planning done during the years leading up to retirement,” Howard Pressman.
A visit to a financial planner is clearly one thing Health workers overlook before they retire.
But there are a number of other things that Nurses, Doctors, Pharmacist, Laboratory Scientist, CHEW, Radiologist, And other Allied Health Practitioners tend to forget to do before retirement, and as a result, some have to suffer the consequences.
Here are some Vital things to put in place Before retirement.
Eliminate or Clear off your debt.
Eliminating debt payments gives you more money to spend on retirement expenses. If possible, pay off all your debts and do not create new ones. Some Nurses or Doctors, before the month Ends they are already owing as if that is not enough, Some of us are on Corporative loans to build our Houses, Get a car, or land… Most times paying back these loans is Herculean and frustrating Most Expecially when our spouse is not supporting.
Paying off these loans will save you from Embarrassment and Depression when you retire so you don’t get a Knock on your door by 6am as a debtor.
Debt is a killer if you’re on a fixed income and you must do all it takes to get out of it before you retire even if it means taking up Extra Job.
Income after retirement will drop and perhaps by a significant amount. If you’re unable to repay those debts now before you retire, what chance will you have after you retire?
Do whatever it takes within the law to repay any debts before you retire.
Nurses Ready to take Decision to plan for Retirement
Diversification of Income is Essential before Retirement.
No matter how long you have been at a company or Hospital as a Nurse, Doctor or where you are in your career, losing your job is always a possibility with full-time employment. Whether it’s because of industry changes, market downturns, COVID-19, or a disagreement with your boss, the impact still can be devastating. How can you protect yourself financially? One way is to diversify your sources of income. Retirement is a Must for Everyone if you agree with me.
This is why I wrote How To Set Up A Pharmacy Business In Nigeria And Cost 2020
And many more articles you can Read for direction on what to invest on.
Estimate How Much Retirement Income You’ll Have and Make Necessary Adjustments
While we all look forward to not having to show up for work, let’s face it, we will miss the huge Alert. That’s why it’s vital to estimate how much income you’ll have in retirement.
The common sources of retirement income include pensions, retirement savings plans general savings accounts, passive income sources (rental properties, etc.), part-time work, and self-employed income.
How Many Nurses even have Passive income ?? It’s Disheartening… Because most times, Salaries is from hand to mouth..
You’ll need to estimate how much income you can expect from each source.
Will you have any pension benefits coming your way? If so, you’ll need to contact the pension administrator to find out how much you’ll receive and what you’ll need to do to begin receiving benefits.
Next you’ll want to estimate how much your retirement and savings accounts can provide each year.
In Lagos State today, you are not entitled to Your Monuments until after 3years of Retirement… So the question is, what will be your sources of income for this three years…?
If you have any passive income sources, you’ll want to add them to your income estimate. Many people have rental properties, side Job, Investment like Health care facility and Shops.. hobby income, or even blogs that throw off regular monthly income.
Even if you don’t have any passive income now, you may want to be planning on creating some now not when you have retire.
You may choose to work part-time. Many work because they need the income. Others work to stay active. To estimate how much you might earn, you’ll probably need to do a little research to check on job availability and what level of wages you can expect.
You’ll want to total all these sources to know how much income you’ll have in retirement. Failure to take the time to calculate your expected income can leave you in a position where you don’t have enough money for the lifestyle you want.
Prepare for Lifestyle Changes.
Retiring is one of those big events in your life. I can imagine Nurses gathering in the Nurses house to celebrate an out going Nurse.. And just like you made plans prior to your marriage or the birth of your first baby, you need to make plans now before you retire. You’ll face decisions on where to live, whether to work part-time, how to spend your time, etc. You may have been thinking about these questions for quite awhile, but now is the time to begin to finalize your plans.
Where do you want to live? Do you plan to go back to your hometown where you barely have friends or you wish to remain in town you are used to…?
Review Your Retirement/Insurance Plan
Every adult should have a will, power of attorney, and appropriate medical directives. It’s especially important as you age. With the lifestyle changes you’ll experience in retirement, it’s a natural time to review your end-of-life planning. Make sure you get competent advice when creating your documents. You don’t want your heirs to find out that the will you prepared isn’t valid. Or you don’t want anyone to be fighting in your absent..
Write a Book or a Publication
As a Nurse that have spent more than 30 years in active service, you don’t just retire and start selling bed sheet or bra… Some Nurses such as ADNS, CNS, DNS, DDNE, DNE, retire and settle for a patient medicine shop.. really…🙄🙄 What happens to all the Years of Experience? The right thing to do to create a fulfilment is to write a book about your experience in private or Government practice.
These Book will serve as a guide to young Nurses or Doctors. Expecially if you are a Peadiatric or Opthalmic Nurse… What a truck load of experience will that book be….
If you can’t write a book, Write a publication and Published it even if that is the least you could do… Humanity will never forget your Knowledge and contribution.
Take a Vacation outside Nigeria
Sorry ma or sir, if you haven’t taken a vacation outside your country, you don’t have that right to retire..🤣🤣🤣 If you are in Nigeria, Please visit Accra Ghana or Cotonu or any African country if you can’t travel to UK or USA. Travelling is part of learning and Exposure and trust me it brings exposure… Your grandchild will need those stories too…
Enjoy Your Retirement
We all have dreams about what retirement will look like. Whether you’ve taken the steps to make that dream a reality or not, there are some things that you can do now that will put a happier retirement within reach. Hope you enjoy this publication?
Please let me know your thoughts about this and if you have any questions please drop it at the comment sessions.
Osagie Merry RN.
Half Human Half Oracle.
Healthprenuership Coach, Intimacy Expert.