Nurses save more for retirement

Nurses save more for retirement than other working Americans, according to a study out today from Fidelity Investments.

Because of a nationwide shortage of nurses, many nurses are working more hours and using the extra income to better prepare for retirement, said Fidelity, the Boston mutual funds giant.

Another reason for the high savings rate may be that nurses are more acutely aware of health care costs for retirees than other workers, the study found.

According to Fidelity, 22 percent of nurses surveyed said they are allocating dollars earned from working additional shifts toward retirement savings.

Despite their savings habits, nurses may not be doing enough to prepare for retirement.

"More than half of nurses recognize they are not saving enough for retirement and, not surprisingly, the majority of nurses are concerned bout the cost of retiree healthcare," John Begley, executive vice president of Fidelity Employer Services, said in a statement.
(By Chris Reidy, Globe staff)