Faculty perspectives of retirement planning at selected doctoral -granting institutions of higher education

This study investigated the diverse retirement planning needs of university faculty at different stages in their careers. The results of this study are intended for university human resource departments to better aid faculty in preparing for a financially secure retirement.;The human resource department managers at the two universities involved in this study, were asked in a face-to-face interview what retirement planning services they provided for faculty. Following the interviews, a random sample of 180 full-time faculty members from each institution were sent a survey instrument following the Dillman (1978) protocols, to determine their beliefs of what the institution should be doing to assist them in retirement planning. The survey instrument also asked respondents to comment on their institution's current efforts to assist faculty in retirement planning. Differences were noted between what the institution was actually doing and what the faculty members believe the institution should be doing to assist faculty in retirement planning.;With the cooperation of the participating institutions, the faculty selected to receive the surveys were stratified into three groups according to age. By age-stratifying the faculty, some interesting results became apparent during the analysis. The study also included the results of surveys sent to 30 recently retired faculty from each of the institutions; these individuals were able to provide some unique insights into retirement that only someone who is retired can offer.;The analysis of the study provided some expected and unexpected results. Faculty indicated having difficulty locating answers to specific questions. They also identified the topics of risk tolerance; supplementing university retirement plans; constructing a financial safety net, and estate planning as some of the areas that universities need to improve. The unexpected results stemmed from the differences between genders in their perception of what the university is, and should be doing to assist faculty in retirement planning.