Check out the timestamps below to help you navigate through the many topics we discussed.
On This Episode:
One of the things you find out about CRNAs as they approach retirement is that their bank account might be ready for retirement but they might not be. Many people don’t consider the consequences of walking away from that daily routine of being at the hospital and interacting with colleagues, and not being prepared for that can leave you with a lack of fulfillment in retirement.
That’s why it’s so 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 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 what you’ll want to fill that extra time with. We recommend doing that even 10-15 years prior to retiring so that 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 people that want to continue working in some capacity, which is where the 1099 route can really be beneficial. CRNAs devote so much time and energy to their careers and working occasionally can help ease the transition into retirement and allow them to maintain that connection to their profession.
The other thing you need to keep in mind is that it’s not improbable to think that retirement could last 30-40 years. If you leave work at 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 that 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 long retirement. So no matter what your bank account says, make sure you’re ready to walk away from work before you make that decision.
Here are some of the things you’ll learn on this show:
- Most CRNAs fall in one of two camps when they retire. [5:50]
- Has COVID caused more burnout among CRNAs? [7:41]
- Why it’s so important to develop a plan for the next stage of life. [11:29]
- You have to be prepared for a retirement that could last for 40 years. [18:09]
- What is the sweet spot for retirement? [24:28]
- The important takeaways from this discussion. [31:35]
Contact CRNA Financial Planning here: https://www.crnafinancialplanning.com/
Check out the interview at the top of the page and use the timestamps to help you navigate through the many topics we discussed.
So many people don’t consider the consequence of just walking away from getting up every morning and socializing. Being at the hospital. Being in the OR. Although a lot of you guys are there by yourself sitting on a stool giving anesthesia, you still have colleagues around it still keeps your mind going, and so forth. And you have a routine. Once you give up that routine, you’ve got to be prepared. And unfortunately, a lot of people aren’t.
–Jeremy Stanley, CFP®