Dive Brief:
- A new survey from TIAA-CRFF shows that 49% of tenured faculty members 50 or older say they would like to and expect to work past the ‘normal retirement age’ of 67.
- In many cases, that’s because they haven’t considered what they might do next and don’t expect to find fulfillment outside of their comfortable positions in academia.
- WGBH reports that “reluctant retirees,” as they’re called, can cause problems for universities looking to cut costs — especially if these tenured faculty members continue to work in low-demand areas of the institution.
Dive Insight:
Now that tenured faculty members cannot be asked to retire, working right until one dies is not altogether uncommon. These faculty members have high salaries, a great deal of flexibility, and, in many cases, a love of their work. According to the TIAA-CREF survey, 35% of faculty members expect to retire by 67 and another 16% would like to retire on time but expect to need to work longer for financial reasons.
To manage faculty retirement patterns, TIAA-CREF researchers recommend engaging faculty in financial planning as well as psychosocial realms to prepare them for retirement and make sure they recognize their options outside of full-time work.