Two-thirds of tenured faculty members age 50 or older plan to work past the age of 67, a survey by the TIAA-CREF Institute has found.
A report on the survey, “Understanding the Faculty Retirement (Non)Decision: Results From the Faculty Career and Retirement Survey,” says that 49 percent of the faculty members surveyed said they wanted to work past 67, while 16 percent said they wanted to retire then but don’t expect to. The report also notes that 60 percent to 90 percent of those surveyed have not thought seriously about what to do in retirement.
The report recommends that institutions aim for “a fully informed decision by the individual resulting from an evaluation of the alternatives. This may or may not result in an accelerated time frame for retiring, but it is a prerequisite for one.”