Nurses Need Care, Too
Make Financial Wellness a Priority
Retirement Planning for Nurses
Your career is important. It’s devoted to providing care to others every day. It’s vital that you also take care of yourself so you can continue to help people as a patient advocate. This includes addressing your personal financial wellness.
That's where we come in. We help prioritize your financial well-being while you continue to work hard as a nursing professional.
Our services
Income
Transitioning into retirement means shifting from your regular paycheck to creating a reliable income stream from your savings and benefits. Given the physically and emotionally taxing nature of nursing, it’s important to plan for a potentially longer retirement period. This includes:
- Optimizing Social Security
- Planning for inflation and longevity (help ensure you won’t run out of money)
- Deciding your right pension option (lump sum or monthly income)
- Knowing how much income you’ll need, where that income will come from and how long you can expect it to last
- Making your income as tax-efficient as possible
Investments
As a nurse, your investment plan should be tailored to fit your unique needs and circumstances. To ensure you're comfortable with both your growth potential and exposure to risk after a demanding career, we’ll help you achieve:
- An understanding of how your portfolio will react to market swings
- Proper portfolio balance between growth and preservation
- A straightforward strategy that’s easy to understand
- The ability to adjust as your circumstances change
Taxes
Taxes don’t go away in retirement. A long-term tax planning strategy can help decrease tax liability and increase your spendable income. Considering the unique challenges nurses face, some key strategies for crafting a long-term tax planning strategy include:
- Implementing a tax-efficient income strategy
- Increasing portfolio tax diversification by having a mix of tax-deferred and tax-free money
- Looking at ways to help decrease the tax liability for your beneficiaries
Health Care/Medicare
Navigating health care costs is critical to retirement planning, especially after a physically demanding nursing career. Understanding your payment options for health care and how they integrate with your overall retirement plan is essential. Here's what to consider:
- Developing a plan to pay for health care if you want to retire before you’re eligible for Medicare
- Understanding Medicare Parts A and B plus supplemental plans
- Determining which Medicare plan will best suit your individual needs (our financial professionals will help you)
Insurance products are offered through the insurance business Generations Retirement Group, LLC. Generations Retirement Group, LLC is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Adviser. AEWM does not offer insurance products. The insurance products offered by Generations Retirement Group, LLC are not subject to Investment Advisor requirements.
Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. Investing involves risk, including the potential loss of principal. Generations Retirement Group, LLC is not affiliated with or endorsed by the U.S. Government or any governmental agency.
Legacy Planning/Legal Documents
As a nurse, ensuring an efficient transfer of your wealth to loved ones, beneficiaries and charities is crucial to your retirement planning. We’ll address legacy planning with your unique career demands in mind by:
- Properly structuring all beneficiary designations on your accounts
- Determining which legal documents (wills, trusts, powers of attorney, health care proxies, etc.) to activate
- Helping protect assets from a potential long-term care event or nursing home stay
- Incorporating tax-saving strategies for your loved ones
At Generations Retirement Group, our in-house legal affiliate can help you in numerous areas — from developing tax-wise strategies for beneficiaries and verifying that accounts include proper beneficiary designations to creating prudent long-term care plans and deciding which legal documents to implement.