Smart Financial Resources for Florida APRNs

The best time to start retirement planning is as soon as you begin your APRN career. However, it's never too late to begin. APRNs have unique advantages like higher incomes and access to 403(b) and 457(b) plans that can accelerate retirement savings. Even if you're starting later in your career, there are catch-up contribution strategies and tax optimization techniques that can help you make up for lost time.

At minimum, contribute enough to get your full employer match - this is free money. Beyond that, aim to save 15-20% of your gross income for retirement. With APRN salaries, this might mean maxing out both your 403(b) and 457(b) if available. The 457(b) is particularly valuable because it has no early withdrawal penalties, giving you more flexibility for early retirement or career transitions.

This depends on your current tax bracket versus your expected retirement tax bracket. Many APRNs benefit from a mix of both traditional and Roth contributions. Traditional contributions reduce your current taxes (beneficial if you're in a high bracket now), while Roth contributions provide tax-free income in retirement. Living in Florida with no state income tax makes Roth conversions particularly attractive during lower-income years.

Your vested account balances are yours to keep. You'll typically have options to leave the money in your old employer's plan, roll it to your new employer's plan, or roll it to an IRA. Each option has pros and cons depending on investment options, fees, and loan provisions. It's crucial to understand vesting schedules - some employer contributions may not be fully vested if you leave before a certain period.

Disability insurance is crucial for APRNs since your earning ability is your greatest asset. Aim for coverage that replaces 60-70% of your income. Many employers offer group coverage, but individual policies often provide better benefits and portability. For life insurance, a general rule is 8-10 times your annual income if you have dependents. Term life insurance is typically the most cost-effective option for younger APRNs.

Yes! APRNs have several advantages for early retirement: high incomes, access to 457(b) plans (no early withdrawal penalties), and the ability to work PRN or part-time to bridge the gap. The key is aggressive saving during your peak earning years, smart tax planning, and understanding how to access your retirement accounts before age 59½ without penalties. Living in Florida also helps by eliminating state income taxes.

Healthcare costs are one of the biggest retirement expenses. Start by maximizing Health Savings Account (HSA) contributions - it's triple tax-advantaged and becomes a powerful retirement account after age 65. Consider long-term care insurance while you're healthy and employed. Plan for Medicare premiums, supplements, and out-of-pocket costs. As healthcare professionals, APRNs often have better insights into quality care options, which can help with cost management.