One of the things we find out about CRNAs approaching retirement is that while they may be prepared financially, they may not be ready mentally to take a step back. Many CRNAs don’t consider the emotional consequences of walking away from their daily routine at the hospital and interacting with colleagues, but not being prepared for life after anesthesia can leave you with a lack of fulfillment in retirement.
It’s important to not only plan financially for retirement, but also prepare emotionally and mentally for this significant life change. Being in a position where you are a high-income earner can help you achieve financial independence, but we want to make sure you can fully enjoy the retirement you’ve worked so hard for.
The key to a successful retirement is to start exploring and discovering how you’ll want to fill your extra time. We recommend exploring your options 10-15 years prior to retiring, so you can build the plan into the work you’re doing each day. These plans could include part-time work, travel, hobbies, and passions, but you want to have something that’s meaningful to you and keeps you active.
We see plenty of CRNAs who want to continue working in some capacity, which is where the 1099 route can be beneficial. CRNAs devote extensive amounts of time and energy to their careers, so working occasionally can help ease the transition into retirement and allow you to maintain a connection to your profession and colleagues.
The other thing you need to keep in mind is that it’s not improbable to think that retirement could last 30 to 40 years. If you leave work at age 60 and live to age 100, that means you have four decades to cover financially, physically, and emotionally. That’s not something you can just try to figure out as you go. Be purposeful and thoughtful about your retirement, so you’ll be able to enjoy it to the fullest.
Retirement planning is a multifaceted process that goes beyond finances, and we want to make sure CRNAs are investing the time and effort in discovering who they are outside of their profession. It’s the key to sustaining a happy and successful retirement. So, no matter what your bank account says, make sure you’re ready to walk away from work before you make that decision.
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With decades of experience working exclusively with CRNAs, CRNA Financial Planning® has the knowledge to help you save more of your hard-earned money and plan for life after anesthesia. Schedule an introductory phone call to discuss your current situation and needs. You can also call our office at 855.304.3748 or email us at email@example.com.
The opinions voiced in this material are for general information only and are not intended to provide specific financial or tax advice or recommendations for any individual. Investment Advice offered through Private Advisor Group LLC, a Registered Investment Advisor