A Sizeable Chunk Of Healthcare Workforce Decides To Continue To Work Past 67 Years of Age

Approximately half of all employees in the healthcare sector decided to continue to work into the late 60s and beyond, revealed a survey report released by the TIAA Institute, Manhattan, on October 21, 2020.

Healthcare professionals steeling for postretirement-age labor includes physicians, surgeons, registered nurses, and even other professionals in the medical field, administrative and office staff, as well as non-medical professionals.

That encompasses almost everyone on the medical provider side of this industry.

TIAA Institute derived these findings after drawing replies from more than 1200 individuals during May and June 2020. Analysts weighed their responses depending on the data collected from the U.S Bureau of Labor Statistics.

There is possibly a complete overlap between the survey respondents strengthening themselves for an extended period of time in trenches (45%), individuals with a dark financial outlook (46%), and professionals not feeling financially comfortable (38%).

The shaken security and this uncertain feeling most certainly stress the pandemic and the crisis, according to a news release by the TIAA. The report, according to Paul Yakoboski, Senior Economist of TIAA Institute, reads, “Few segments experienced an increase in their work hours, whereas others experienced layoffs, salary reductions, and furloughs. Although much attention is paid to the emotional and mental wellbeing of frontline medical professionals and workers during the pandemic, we have to pay attention to their financial health too, which is taking a toll on the obviously critical medical industry as well as its employees.”

The survey reports the following:

  • Approximately 75% of the respondent healthcare workers saved some of their earnings towards emergency savings before Covid-19, and one-third of them has to use a part of the same.
  • 35% of healthcare workers have lost the confidence of having adequate funds to meet their medical expenses post-retirement, whereas 62% are least confident about paying their needs for long-term medical care if required.
  • 29% of healthcare workers reported that they lack confidence about saving a sufficient amount of money for retirement, and another 26% opine that they are not confident that they could invest the retirement savings efficiently.
  • 27% of healthcare workers whose financial condition worsened believe that there would be further deterioration of their financial health over the coming years.

The report further outlines the financial priorities of healthcare workers in retirement:

  • 71% of healthcare workers rated that they are “not outliving their financial assets, “which is higher side of financial priority, 63% cited that they want to “ensure the financial security of the surviving partner (spouse)”, 62% wanted to “maintain their standard of living,” and 59% want “an income that does not fall with the decreasing trend in the market.”

Yakoboski added, “A low-cost annuity could address the top financial priorities of healthcare workers to manage their personal finances through retirement. Nevertheless, only 22% believe that they can annuitize their retirement funds; 54% are still unsure. These findings further emphasize the need for more education related to annuities and the way it could be the cornerstone of a secure and confident retirement.”

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