It can be easily argued that making a difference in people’s lives is the forerunning motivator throughout healthcare and human services professionals’ career trajectories. That being said, advancement, a solid and growing salary, and finding an employer who shares his or her service dedication with patients and clients are not far behind. Unfortunately, it’s common for these career aspects coupled with home and personal life responsibilities and needs to overshadow preparation for retirement.
Like many dedicated professionals across all fields, you may look up after a decade or more and wonder, “is it too late to start a 401k?” The answer is, absolutely not. In fact, it’s never too late, and here’s why.
The early years of your life were most likely highly focused on career establishment. Like you, perhaps, it is not uncommon for many people who lacked a financial mentor early in their lives to have foregone any real planning for the financial future. You may now find yourself in your 30s, 40s or 50s where talk of general retirement savings benchmarks such as putting 15 and 22 percent of salary toward a 401k in your mid 20s and early 30s, respectively, makes you feel like you’ve missed the boat. Actually, nothing could be further from the truth.
You’re still young in your 40s and 50s, which are generally your prime earning years. This means that you potentially have a lot more resources to draw from than when you were younger. Despite the expenses of an established life, every little bit you can do to increase your savings helps. If you can control your spending to the point where you can save even a small portion of your salary instead of increasing your debt, you can make a difference in your retirement fund.
If you don’t start saving until your 40s or 50s, you should plan on working past the traditional retirement cutoff in order to live off a salary rather than your savings up to that point. The good news is that the accumulated experience of healthcare and human services professionals are always in demand. This may allow you to work through a quality staffing agency, which is often the first choice among mid-career and younger professionals in the field.
If you’re making a good income and can’t save for some reason, then you need to talk to a financial advisor about adjusting your budget. Even the IRS is trying to help you save by raising your annual 401(k) contribution by $5,500 if you’re 50 or older.
The point is that by acting now, you can still plan for a comfortable retirement by making a few financial adjustments. Many people have already proved that it is never too late to start a 401k.
As one of the premier healthcare staffing agencies for behavioral health jobs, nurse staffing, therapy jobs, and pharmacy jobs, General Healthcare Resources, Inc. offers a 401k plan through John Hancock.
When you choose John Hancock you are choosing a market leader with a record of success, leadership, and the financial strength you are looking for. John Hancock is one of the largest full-service providers of 401(k) plans across all plan sizes among life insurance companies, mutual fund companies and banks.
GHR employees working at least 1,000 hours per year (approximately 20 hours per week) will become eligible to participate in the 401k retirement program on the first entry date following the first anniversary of their start date. The Plan’s entry dates are January 1st and July 1st. Each eligible employee may choose to contribute between 0% and 15% of their salary (pre-tax) to the program. GHR will match 25% of the first 6% the employee contributes. All employees who participate in the plan are 100% vested after seven years of participation.
For further information, please contact the Human Resources Department at (800) 879-4471.