As the U.S. economy has continued to improve, so have nurses’ retirement savings, according to a new report.
Fidelity Investments discloses this finding in its third “Nurses Retirement Study.” Conducted by Versta Research, the online survey polled a national sample of 536 practicing nurses.
The report reveals that one-quarter (26 percent) of nurses with a workplace retirement savings plan have now accumulated more than $100,000 in assets, up from 18 percent in 2011 when the economy was still recovering from the financial crisis.
However, for those participating in their workplace plans, savings rates are still less than optimal, especially among younger generations. Nearly two-thirds of nurses (62 percent) acknowledge they are not saving enough for retirement. Gen Y (born 1979-1995) and Gen X (born 1965-1978) nurses are saving a median of 5 percent and 6 percent respectively.