4 retirement insights advisors can't ignore for university faculty

Core Insights - Budgetary pressures at American colleges and universities are increasing due to lawsuits, funding changes, and other financial strains, potentially affecting faculty retirement benefits [1] - Research from Fidelity reveals that university professors exhibit distinct financial behaviors and preparedness compared to the general population, providing valuable insights for financial advisors [2] Group 1: Retirement Trends - University professors are increasingly delaying retirement, with nearly half of baby boomers continuing to work beyond age 65, and almost half of recent retirees doing so after age 70 [4] - On average, faculty retirees leave their positions at age 73 after a tenure of approximately 35 years [4] Group 2: Factors Influencing Retirement Decisions - The desire for intellectual freedom and the ability to choose work projects contribute to professors' decisions to remain in their roles longer [5] - The academic calendar's structure, which includes flexible summer and holiday breaks, allows faculty to balance work with personal interests, further influencing their retirement timing [5][6] Group 3: Job Satisfaction - The nature of academic work is described as intellectually rich, which keeps many faculty members engaged and less inclined to retire quickly [6]