Retirement Planning and Confidence Among Tenured and Tenure-Track Faculty
How prepared for retirement are college and university faculty, and what influences their level of confidence?
This study examines the retirement planning, saving and investing behavior of tenured and tenure-track faculty, including their self-reported retirement readiness, use of financial advice, confidence in Social Security and Medicare, and preparedness to pay for medical expenses in retirement. The findings suggest most faculty are taking important steps to prepare for retirement, but their likely expenses in retirement might be higher than they envision.
The researchers surveyed 1,201 tenured and tenure-track faculty in the fall of 2014. Some questions were developed from the framework of the annual Retirement Confidence Survey sponsored by the Employee Benefit Research Institute and Mathew Greenwald & Associates.