Many baby boomer faculty members plan to delay their retirement, new research shows.
Fidelity Investments discloses this finding in a summary of results from its Higher Education Faculty study. The report examines the behaviors and attitudes of baby boomer (ages 49-67) faculty members at higher education institutions.
The research finds that 74 percent of boomers plan to delay retirement past the age of 65, or never retire. When asked the reasons for this delay, they not only cited professional reasons (81 percent), but also economic concerns (69 percent), suggesting a need for more financial guidance.
Among boomer faculty members who attribute their delayed retirement to economic reasons, 55 percent are unsure they have enough retirement savings. Additionally, 42 percent want to maximize Social Security payments and 42 percent believe they will need continued health insurance.