Retirement Readiness
Retirement Readiness
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Retirement readiness is a new term used to define the state in which an individual is well-prepared for planned or unexpected
There is currently a major gap in programming and research related to the impact of one-size fits all retirement for healthcare workers. In the past decade there has been a shift to acknowledge that the current retirement planning and resources for healthcare workers pose a major crisis (Morrissey & Johnson, 2017).
The information in this tab is educational material to gain a better understanding of financial literacy concepts to increase retirement readiness. Information provided in this tab is for educational purposes only and should not be taken as financial advice, personal due diligence should be taken before making any financial decisions.
The Power of Financial Discipline
The Power of Financial Discipline
Budgeting and saving can be detrimental to achieving financial goals, it can:
prepare you for the future - known and unknown
be a catalyst in debt reduction
increase ability to make short and long term financial goals
part of preparation for retirement
accumulation of an emergency fund
increase peace of mind
Creating a Financial Plan
Creating a Financial Plan
A comprehensive financial plan plots how to reach personal and professional goals within the context of actual income and expenses. With a clear line of sight into your financial status, you can look for opportunities to trim unnecessary expenses and redirect money toward your goals.
There are four main components of a good financial plan: a budget, savings plan, dept repayment plan, and investment plan.
(Horvath, n.d.; Khan Academy, 2023)
A budget is a plan showing how much money you earn, spend, and save.
A budget is a plan showing how much money you earn, spend, and save.
helps to track income and spending
identify wants and needs to balance spending and savings
Spending Plan Worksheet - use this fillable worksheet to record your cash flow for the month, then use the information to help you plan next month
Savings plan is a plan that shows how much money you save each month for short, long, and medium goals.
Savings plan is a plan that shows how much money you save each month for short, long, and medium goals.
helps prioritize goals and allocate income to certain funds
Dept repayment plan is a plan that shows how much money you pay each month to reduce your debts.
Dept repayment plan is a plan that shows how much money you pay each month to reduce your debts.
figure out how much you owe - write down each creditor to help visualize a plan
focus on one debt at a time (starting with debts accruing the highest interest rate)
Investment plan is a plan that shows how much money you invest each month to grow your wealth and achieve your long-term goals, it can help you get the maximum value from your hard-earned savings
Investment plan is a plan that shows how much money you invest each month to grow your wealth and achieve your long-term goals, it can help you get the maximum value from your hard-earned savings
generate incomes
reduces tax liability
helps to generate financial freedom
increase financial security for individuals and families
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