Early Retirement in Academia Making the Decision

Still Working After Age 70: Older Professors in Academe

“…Economic factors generally play a critical role in the decision to continue working or to retire. Professors are not exempt from these considerations, and have identi ed economic insecurity as a reason for continuing to work or at least to delay retirement for several years (Durbin, Gross, & Borgatta, 1984;Lozier & Dooris, 1991;Montgomery, 1989;Patton, 1977). Lozier and Dooris (1991) projected faculty retirements from 101 institutions until the year 2003, and found that overall nancial status and eligibility for full retirement bene ts were the most salient reasons for faculty choosing to retire.…”

“…Lozier and Dooris (1991) projected faculty retirements from 101 institutions until the year 2003, and found that overall nancial status and eligibility for full retirement bene ts were the most salient reasons for faculty choosing to retire. Studies of incentive early retirement also indicate that the size of the retirement annuity, whether pensions reward earlier or later retirement, and a relatively small decline from preretirement income are predictors of whether or not faculty will choose to retire (Durbin et al, 1984;Lozier & Dooris, 1991;Monahan & Green, 1987;Patton, 1977). Some institutions that have altered retirement pension formulas through such special retirement incentive plans have experienced major and sometimes unexpected losses of experienced older faculty.…”

Why Retire Early?

“…Since financially viable schemes were rarely available employees were encouraged to work on as long as it was feasible (Corson & McConnell, 1956;Steiner & Dorfman, 1957;Shanas et al, 1968). The emphasis switched in later studies towards financial motivations, as a result of newly developed options (Boskin, 1977;Katona et al, 1969;Parnes & Nestle, 1981;Patton, 1977;Pollman, 1971;Prothero & Beach, 1984;Reno, 1971). While generally pension eligibility and post-retirement income were the variables investigated, Barfield and Morgan (1969) investigated economic factors in more detail, including the supportive effects of economic assets, savings, having fewer dependents, and a positive financial outlook.…”

Mid-Career Change Options in Academe: Experience and Possibilities

“…By enticing certain academics to retire earlier than originally planned, academe's ranks can be opened to new faculty members, especially women and minorities who have needed skills. Furthermore, analyses of academics who retired early, both those who retired without inducements [31] and those who were financially induced to retire early [17], indicate they are satisfied with their decisions. Furthermore, analyses of academics who retired early, both those who retired without inducements [31] and those who were financially induced to retire early [17], indicate they are satisfied with their decisions.…”