Retirement Financial Planning and the RN

Abstract

This integrative literature review examined the current research on RN retirement. The review identified 3 critical gaps in knowledge: (a) minimal knowledge regarding the economic impact on RN retirement, (b) incomplete information regarding the demographics of RN retirement, and (c) a scarcity of prospective longitudinal RN workforce studies. Future research must address these gaps to better address RN workforce sustainability.

Conceptual Models of Early and Involuntary Retirement among Canadian Registered Nurses and Allied Health Professionals

“…From the nursing retirement literature, we reviewed the three published systematic reviews of RN retirement (Ferreira de Macêdo et al, 2014; Keele & Alpert, 2013; Moseley, Jeffers, & Paterson, 2008) and relevant individual studies published between 2005 and 2015 (Armstrong-Stassen, 2005; Blakely & Ribeiro, 2008; Boumans, de Jong, & Vanderlinden, 2008; Cyr, 2005; Duffield et al, 2015; Friis, Ekholm, Hundrup, Obel, & Grønbæk, 2007; Lagacé, Tougas, Laplante, & Neveu, 2010; Valencia & Raingruber, 2010). Nursing-specific reviews included a total of 91 studies.…”

“…Socio-demographic factors linked to early retirement included degree of financial security (Cyr, 2005;Keele & Alpert, 2013), marital status (Boumans et al, 2008;Ferreira de Macêdo et al, 2014;Friis et al, 2007), household income (Friis et al, 2007), change in work situation (e.g., job elimination) (Boumans et al, 2008), sex (Boumans et al, 2008), ethnicity (Juliá et al, 1995), opportunity to change profession (Ferreira de Macêdo et al, 2014), and eligibility to retire (Blakely & Ribeiro, 2008). Lifestyle and health factors linked to early retirement were health status -physical and/or mental (Boumans et al, 2008;Cyr, 2005;Ferreira de Macêdo et al, 2014;Friis et al, 2007;McDonald & Donahue, 2011;van den Berg et al, 2010;van Rijn et al, 2014), weight status (Friis et al, 2007), work setting (Friis et al, 2007), work schedule (shift, evening etc.)…”

“…From the nursing retirement literature, we reviewed the three published systematic reviews of RN retirement (Ferreira de Macêdo et al, 2014;Keele & Alpert, 2013;Moseley, Jeffers, & Paterson, 2008) and relevant individual studies published between 2005 and 2015 (Armstrong…”

“…Retirement among RNs and AHPs, whether early or “on time”, has received relatively little attention in the literature. Three literature reviews have explored retirement among RNs (Ferreira de Macêdo, Pires de Pires, & Calvalcante, 2014; Moseley, Jeffers, & Paterson, 2008; Keele & Alpert, 2013) and, between 2005 and 2015, eight individual studies have done so (see Supplementary File 1 for study characteristics). Research on retirement among AHPs has been minimal, with only five studies located in the literature; four of the five studies explore retirement within a specific allied health profession (i.e., dietetics, pharmacy, social work) (details in Supplementary File 2).…”

Insights from Nurse Leaders to Optimize Retaining Late Career Nurses

“…However, the older nursing workforce (55 and older) are the most vulnerable to declining health status, cognitive functioning and physical and mental strain due to increased patient acuity, heavy workload, greater impact of workplace injuries, constant change and adverse outcomes associated with shift work (Bell 2013;Clendon and Walker 2013;Keller and Burns 2010;Spiva 2011;). Collectively, these vulnerabilities present a risk for earlier retirement and a loss of the most experienced nursing personnel (Collins-McNeil et al 2012;Keele and Alpert 2013;O'Brien-Pallas et al 2003).…”