Nearly three-quarters of baby boomer professors, or 74 percent, plan to work past 65, and a subset said they plan to never retire at all, according to a survey just issued by Fidelity Investments, a Boston-based financial services firm.
One Fidelity speciality is workplace retirement plans in general, including retirement plans in the not-for-profit higher education market. Fidelity commissioned a firm called Versta Research. The national survey included 608 employees who work at colleges or universities. One demographic that the survey focused on was faculty members between the ages of 49 and 67.
Those faculty members cited a variety of reasons for delaying retirement.
“Of those who say they will delay retirement for economic reasons, 55 percent are unsure they have enough retirement savings, 42 percent want to maximize Social Security payments, and 42 percent believe they will need continued health insurance,” Fidelity said in a press release.
But many said they plan to continue to work for professional reasons --- 64 percent said they love their work too much to give it up.
“Making the decision to retire is difficult for any baby boomer, but it can be even more complex for faculty who are deeply dedicated to education, and the students and institutions they serve,” John Ragnoni, executive vice president of tax-exempt retirement services of Fidelity Investments, said in a statement. “We understand that financial security is an important factor for faculty contemplating retirement, and that personal and professional considerations will also weigh heavily as they decide when they will retire.”