I recently retired from a state university. I was a member of my states nursing association and the AACN. Now so many organizations want me to join to protect my pension. Should I stay in the union and join the State Universities Annuitants Association? Should I maintain liability insurance and, if so, for how long? It’s so confusing and the cost is an issue.
Dear Donna replies:
Regarding your liability insurance, contact your current provider and ask what they recommend. There is something called “tail insurance” you can get to cover you for any issues that may come up from past practice. How long you need it usually depends on what the statute of limitations for lawsuits is in your state (or wherever you practiced). Again, your malpractice insurer can help you with this.
Regarding your pension, this is something you need to discuss with a financial adviser or accountant. I can’t advise you without knowing all the particulars. If you’re a new retiree, you should consult a financial adviser anyway. Financial advisers typically do not charge for their services. Also, some accountants will offer a free initial consultation. Find these professionals by asking around or contacting a local business organization, such as an area chamber of commerce or local chapter of the National Association of Women Business Owners (www.nawbo.org) for a referral.
Get some advice from the experts, rather than trying to figure this out on your own.