In about 6 weeks, there will be a newly minted RN among us – my daughter. As she prepares to enter the workforce, I have been counseling her and her fellow graduates on what to do with their first ever adult pay. My first piece of advice to them is: put 10% directly into their 403(b) accounts. If they start now, they will become regular savers throughout their working lives. Because most of them are in their late 20’s or early 30’s, 10% is enough for them to be contributing to their retirement. For others, this may not be enough.
My daughter has some classmates that are changing careers or starting out in nursing after taking care of their families. These graduates are in their late 30’s and early 40’s. For these classmates, 10% savings into their retirement accounts may not be enough. Time may not be on their side due to the late start.
Financial planning is especially necessary for those who are finding their work passion late in life.
