Research and project the expected retirement age of the current nursing workforce to assess the average number of working years nurses will spend in the workforce. The issue of adequate retirement income is especially critical for registered nurses, who are disproportionately women. In part, this lower retirement income is due to little or no pension income beyond Social Security benefits. This report addresses the critical retirement income issues for nurses. Women's lower retirement income is due to several factors.
Women generally earn less than men in the workplace.
They spend fewer years in the workplace due to family responsibilities and live longer than men. Female-dominated occupations tend to provide less generous private pension coverage than occupations dominated by male employees. Although none of these sources of income is assured, each is an essential element in replacing pre-retirement income and is integral to the success of adequate income in one's retirement years. Male employees plan to replace at least 60 to 80 percent of pre-retirement income to maintain their lifestyle after retirement. Since women live longer than men, they need even more retirement income.