Are You a Nurse Considering Retirement?

Taking vacations, spending time with your loved ones, and relaxing into a life without setting your alarm clock are a few perks of retiring. If you are a nurse and approaching the age of 65—or even younger—you have probably already started thinking about when it’s time to retire.

Things like social security payments and eligibility for Medicare are some things to keep in mind when thinking about retiring as a nurse. Also, you should make sure you can live comfortably on your retirement savings—we will get to that later.

Ultimately, there are many factors to consider before retiring as a nurse. Retiring may initially feel overwhelming. After all, what does one do with all that free time?

To help you through the process, we have put together common questions, concerns, and top tips to guide nurses considering retirement.

What is the ideal nurse retirement age?

Deciding whether or not to retire as a nurse is a big decision.

The average nurse is 46 years old, and the median age for American retirees is 62. However, this isn’t a golden standard. Some nurses manage to retire earlier, while others may choose to work well into their seventies.

So, at what age do most nurses retire?

It depends. The main factors that affect whether or not a nurse will retire early are:

Economic stability
Overall job satisfaction
Health status
Investment strategy

Let’s break these concepts down one by one.

Economic stability: Am I financially ready to retire as a nurse?

Deciding whether or not you are financially ready to retire as a nurse depends on your personal savings, retirement accounts, investments, and pensions.

Not sure how to know what is enough?

You can apply the Safe Withdrawal Rate (SWR) method. According to Investopedia, this rule states, “You can “safely spend 3% to 4% of the total balance each year in your retirement fund at the time of your retirement, adjusted annually for inflation.”

This method is considered a conservative withdrawal strategy that ensures you won’t use up all your retirement funds too quickly.

Other financial factors include any pensions you may have and the social security benefits you are likely to receive.

Not sure how to know what that amount will be?

Take these points into consideration:

As of May 2023, the national average monthly Social Security payment is $1,963.48.
The average social security payment is generally based on “the 35 highest-paid inflation-adjusted years.” In layman's terms, it pulls from your highest earning years (35) over the course of your employment history.
Anyone—nurses included— who worked less than 35 years may receive lower social security benefits.

Overall job satisfaction: Am I happy as a nurse?

You know that feeling you get when you are energized and inspired to go to work?

While this may not be the case every day—hello, hitting the snooze button on repeat—overall job satisfaction plays a significant role in job performance.

Nursing is a hard profession. Today, facilities around the U.S. have less staff coverage, and some nurses are feeling burned out. But those are statistics, not necessarily representative of how you feel about your job now. Ask yourself if you are happy working as a nurse.

If you are feeling sluggish or experiencing compassion fatigue, it may suggest that retirement is needed to prioritize self-care.

Health status: Am I healthy enough to keep working?

Advancing age can bring many promising things, like the ability to slow down and enjoy the present moment. Health plays an important factor in deciding whether you should retire as a nurse or not.

Without health, there is no wealth–as the saying goes.

Getting older may affect your health in different ways. Some of which could be signs that it’s time to retire. One report showed that older nurses were more likely to report medication errors than younger nurses.

If you find yourself physically or mentally struggling at work and expect it has something to do with a health-related issue or advancing age, retirement could be a viable option to preserve the well-being of both you and your patients.

Investment strategy: Do I have a plan?

Having a plan that includes all financial aspects, like retirement savings, supplemental income, and whether or not you will have access to healthcare, can ensure a smoother transition into retirement.

An investment strategy will keep the guesswork to a minimum. It should give you a more focused idea of what to plan for when you retire. This means there will be no surprises—unless you want there to be—when it comes to spending money.

Here are some tips that will help make your passage from working to retirement easier:

Start early

Planning for retirement earlier is better. The sooner you start saving, the more comfortable you will feel economically when you do. Aim to save 10 to 20 percent of your monthly income as soon as you can start.

Estimate your expenses

Ask yourself these questions:

How often do you plan to travel?
How much do you spend on monthly living expenses, such as utilities, groceries, house repairs, and your lawn?
Do you have any pending debts such as a mortgage, student loan, car loan, or large credit card balance?
Will you be covered by Medicare, or will you pay for private insurance?

This list can go on, but these questions give you an idea of common after-retirement expenses to plan for.

Estimate your income

Ask yourself where you will “earn” money after you retire from your job. This money can come out of your personal investment fund, employee pension, or a part-time job, as well as Social Security, which provides income to adults as early as 62 years and older.

You are entitled to full benefits only when you reach your full retirement age—70 years—so make sure you review your unique benefits package.

Invest your earnings

Keep tabs on how your money is being invested through 401(k) plans and individual retirement accounts (IRAs). These accounts offer a retirement savings plan with certain tax advantages and are crucial for securing financial stability after you retire as a nurse.

Consider working part-time

If you want a break from full-time nursing but still would like a supplemental income, you could try per diem nursing. This type of nursing gives you the flexibility to pick up high-paying nursing shifts based on when you want to work.

Nurse retirement gift ideas

What do you say to a nurse who is retiring? Giving a nurse a gift is a great way to show that you appreciate all the dedicated work and service that a nurse gives.

Some great gifts are:

Chocolates
Bath salts
Massages
Trips
Gift certificates to their favorite restaurant
A cozy throw
A pair of slippers

Or, a favorite, a nurse retirement shirt that says, “Retirement under new management; see my grandchildren for details.”

What do I do in my free time?

Nurses may retire because they have reached an age where they simply feel comfortable enough to do so. Others may retire because they want to spend more time with family and friends. Some may keep working because they don’t know what to do with their free time.

If you are considering retirement, here are a few ideas that may help you ease into the transition of not working as a full-time nurse anymore:

Spend time with friends and family.
Go on weekend trips or extended vacations.
Pick up a new hobby you never had time for, like gardening, salsa dancing, or learning a new language.
Volunteer at a local organization for a cause that you believe in.
Pick up a side job that you enjoy, such as dog-sitting, house-sitting, or even the occasional per-diem nursing shift.

Deciding what to do in your free time once you retire as a nurse may feel like a job all in itself. That’s why it’s important to plan both the financial aspects of your nursing retirement and the recreational part.

You can start by making a list of activities and hobbies that interest you.

I’m ready to retire as a nurse

How do you feel? Are you ready to retire as a nurse?

Either way, it’s okay to start planning early. Remember the SWR method for your retirement savings. Check when and if you will receive social security benefits or if you will have other sources of income, such as a pension or part-time job.

Make sure to also carve out a plan for what you will do with your free time. Spending more time with family, traveling, and picking up a new hobby are all fantastic ways to enjoy your new freedom.

Are you retired or thinking about it but still looking for supplemental income?

Pick up as many or as few per diem shifts with Nursa at a local facility near you.

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