Summary
The college and university workforce (faculty, administrators and other staff) was surveyed regarding its retirement planning, saving and investing behavior, and also its confidence across several dimensions of retirement preparations. Higher education employees are more likely than U.S. workers, in general, to be saving for retirement, to have calculated how much they need to accumulate, to expect to work till later ages, to have recently received investment advice from a financial advisor, and to think that they will annuitize assets in retirement. Ninety-five percent of higher education employees have saved for retirement, 90 percent currently participate in a retirement plan sponsored by their college or university and 61 percent have tried to determine how much they need to accumulate to fund a comfortable retirement. Higher education workers also have greater relative confidence in their prospects for a financially secure retirement—26 percent are very confident in their retirement income prospects and an additional 54 percent are somewhat confident.
