Inflation pushes up wages and prices, but the exact rate is impossible to predict. For the majority of nurses, now in their 40s, retirement may still seem like a distant goal, but it isn't. We baby boomers grew up with atomic bomb drills, the Cold War, and the Vietnam War. Well, it has. Like it or not, we are now adults, and we have to deal with the realities of our retirement years.
Women face even greater challenges.
Women are more likely to have a break in their wage-earning years in order to be the principal family caregiver. Experts note that even a few years out of the labor market may dramatically reduce the benefits due during retirement. Furthermore, women save less for retirement than men do. Many nurses mistakenly assume that Social Security, Medicare, and other government benefits will provide for their needs and maintain their lifestyle during retirement. People who retire early can expect less.