The healthcare retirement boom is in full swing as millions upon millions of Baby Boomers are starting to exit the industry. In fact, it’s estimated that a whopping 10,000 Baby Boomers will exit the workforce every day for at least the next decade before slowing down.
That’s a lot of Baby Boomers going through healthcare retirement, putting loads of pressure on HR departments across the country. So, to help, we made this small, bite-sized guide for those looking to retire from the healthcare field and the HR managers who will help them along the way.
Before we jump in, though, with so many Baby Boomers leaving the workforce, you're going to need to know how to fill all those positions properly. Here's a free workforce planning template to help:
Healthcare Retirement: What Should Baby Boomers Know?
Quick! Think of the most important thing about retirement? Go ahead, we’ll wait.
At first glance, this is an easy one, right? It’s money, of course. Well, yes and no. You see, the problem is that we are told from the moment we start our careers that we need to save for retirement. It’s ingrained in us, especially Baby Boomers.
Baby Boomers have potentially been saving for their retirements for decades now, meaning that most of them have the funds needed for a proper retirement. Given the types of jobs in the industry, healthcare retirement plans usually focus on the financial side of things by offering their employees 401ks and services like TIAA Cref, which is great . . . but there’s something missing.
Think about it a sec. You have all the money you need, but socially and emotionally, are you ready to stop going into work every day? This is where a little known thing called retirement lifestyle planning comes in, and it’s important to all industries, including healthcare retirement prospects.
The Reluctant Retiree: Why Healthcare Retirement Plans Need Retirement Lifestyle Planning
Let’s do a thought experiment. As a healthcare professional, you’re used to seeing patients and other staff members every day at work. You’re used to long hours and sometimes - depending on your job - intense situations. You have a fulfilling role that allows you to help other people every day. It’s a job, and it’s a passion. After work, you may grab dinner or a drink with coworkers, blow off some steam, and get ready to do it all again the next day.
Now, after doing this for possibly decades, you finally have the funds you need to retire. Great! You say to yourself, looking forward to beaches, vacations, and sleeping in past dawn. But are you really ready to give up that lifestyle? After all, you’ve been doing it forever.
Once the honeymoon stage of retirement, especially healthcare retirement, ends, it can be a shock to system to realize that you don’t have a structured day, friends to grab lunch with or a day filled with purpose.
This is why for healthcare retirement, you need to work with your HR manager to build a perfect plan to transition out of the workforce and into the next stage of life.
If plans aren’t in place, those who are supposed to retire simply don’t, causing organizational stagnation. This means that you won’t have a healthy turnover rate that fosters new leadership and ideas. You won’t be able to retain talent or develop new leaders, which is something HR departments can’t let happen.
HR Managers and Retirement Lifestyle Planning
HR departments need retirement lifestyle planning built into their retirement packages that ensure their retirees will be happy and fulfilled in the next stage of their lives.
This is important for two reasons: one is that it’s the right thing to do. After all, some employees have been with the company for decades. Why not show them you care? Secondly, it cuts down on reluctant retirees, which - as we mentioned above - keeps new ideas pumping into your organization.
The best way for an HR department to implement a retirement lifestyle plan, especially for healthcare retirement packages that may already cover health insurance costs after retirement and other financial burdens that other plans don’t, is to use outside vendors. This is where we come in. Careerminds uses one-on-one coaching and a technologically-driven approach to retirement lifestyle planning, meaning we can take on clients everywhere in the US and work with employees until they’re ready to make the change.
How Does Careerminds Impact Healthcare Retirement?
Glad you asked. We help retirees figure out ways to structure their days and find a meaningful approach to the next stage of their careers. This means working with them to see if they want to start up a hobby, spend more time with family, get a part-time job, volunteer, and many other options that they may not even be considering.
Healthcare retirement is a bit different than the rest because retirees have typically worked extremely close with their coworkers, building social bonds that are unbreakable, which is why we try to find ways for the employee to still participate in some work events (think: picnics, get togethers, etc.) if that’s something your company culture would allow.
We also help retirees with a possible job search in case they want to use their newfound spare time to pursue a career they’ve always wanted it. In short, we coach retirees in a way that opens there eyes to all of the unseen things about retirement and all of the options available to them. It can be tough to go it alone, which is why we’re here.
For more information about how we can help with your retirement lifestyle plan, check here: