Perhaps because their daily work involves so much planning, many college and university presidents under-plan for the retirement phase of their lives.
Summary
While they may know the value of their retirement portfolio, college and university presidents often are less confident about other retirement-related issues, and they may be uncertain about when to retire. This paper, from the Association of Governing Boards of Universities and Colleges with support from the TIAA Institute, describes how presidents plan for retirement, what personal and institutional considerations ought to inform their retirement decisions, and the role an institution's governing board should play.
Key Insights
- Retirement is fundamentally idiosyncratic. While there are some commonalities, the way a president approaches retirement, plans for it, and then steps down is unique to that individual.
- Some retirees said they were caught by surprise when planned retirement income streams did not mesh well with the actual expenses —especially the unexpected expenses—of everyday life after the presidency.
- Retired presidents who felt comfortable financially said they consulted regularly with their financial advisors.
- Presidents considering retirement should think deeply about how they plan to spend their time. They also need to be cautious about how they commit their time, as they will likely get many invitations to serve on boards.
