Many employees usually end up retiring with no money to invest in other forms of businesses. This phenomenon leads them to fast poverty and poor living standards. Numerous researches show that the lack of education on financial matters as well as poor pension plans by the employees fuels this problem. A great percentage of retired workers realize the need to save for retirement. Retiree education is a strategy that will play a significant role in imparting knowledge of pension plans and financial matters among employees. The purpose of educating retirees is to acquaint them with the knowledge on how to maintain a desirable standard of living. The crop-up of many employee-funded pensions all over the world makes institutes the need of saving (Gitman, Joehnk & Billingsley, 2013).
Retiree education in nurses gives them the chance to realize their rights to keep the funds in retirement, investment, and savings accounts. The outcome of the project is that retirees get the knowledge of their pension plan, the amount of money needed for retirement, the significance of compound interest, and many other noteworthy things. Workers make sound decisions on spending and savings from the knowledge on financial matters and retirement. Concisely, there is an increased level of economic literacy among retirees. This helps to increase the living standards of their families and entire surroundings. In case of illnesses, retired patients get good medication because of dedicational pensions (Mooney, 2012).
The project is consistent with the role of nursing in today’s society because nurses need to be acquainted with education on the fundamentals of saving and investing before retiring. This is imperative because it cushions them from financial setbacks after retirement (Organisation for Economic Co-operation and Development, 2012).
Most patient retirees are usually under the strain of paying healthcare benefits, especially the increasing cost of drugs. As workers live longer and new drugs get introduced, retirees and their dependants increase. Patients have the right to medical and nursing services without any form of discrimination concerning color, race, religion, sex, sexual preference, or source of payment. They also have the right to education on medication and effecting their payment.
In conclusion, this editorial has touched on the outcome of educating retirees. It has specifically touched on education, financial management, and patient’s rights about retirement. Some of the benefits discussed include better financial management, improved living standards, and economic lifestyle among others. Concisely, retiree education is very important in the society.
- Gitman, L. J., Joehnk, M. D., & Billingsley, R. S. (2013). Personal financial planning. Mason, OH: South-Western Cengage Learning.
- Mooney, L. A. (2012). Understanding social problems. Toronto: Nelson Education.
- Organisation for Economic Co-operation and Development. (2009). Pensions at a glance 2009: Retirement-income systems in OECD countries. Paris: OECD.