Some 65 percent of tenured senior faculty members plan to put off retirement for various reasons, according to a new study from the TIAA-CREF Institute. But the reasons behind that figure might not be what you think. Just 16 percent of respondents said they’d like to retire by the “normal” retirement age of 67 but expected to work longer for financial reasons. A much bigger proportion of respondents -- 49 percent -- said they’d want to work past age 67 by choice.
Those findings are similar to what was observed in a similar 2013 TIAA-CREF study on faculty retirement: that faculty members were putting off retirement, but not just for financial reasons in a still-bumpy economy. Some of those choices are based on “unconfirmed assumptions,” according to the report -- either that faculty members won’t have enough money to retire or that they won’t find viable work alternatives. Female faculty members are more likely than their male colleagues to expect to retire by normal retirement age. Paul J. Yakoboski, a senior economist who co-authored the report, said universities should talk to faculty members about both the financial and psychosocial aspects of retirement so that they can make informed choices. The full report is available here.