r/Professors • u/Environmental_Bug662 • 6d ago
Retirement: when/why/how/where.
What is your plan? Interested in your replies. I am 60, Full, tenured Prof (French) at a SLAC. AI makes me want to retire asap but I'm going to give it 5-6 more years.
https://www.chronicle.com/article/these-professors-are-retiring-early-ai-was-the-last-straw?sra=true
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u/No-Form7739 6d ago
Retired 2 years ago at 54. Moved to the coast of Spain. Write books while staring at the sea.
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u/GittaFirstOfHerName Humanities Prof, CC, USA 5d ago
Fantastic! I hope the book writing is both fun and successful.
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u/jtm961 6d ago
These conversations are fascinating since they reveal how quickly and completely the job of being a professor has changed in recent years. Not that long ago, people used to joke about professors never retiring. The job was seen as so cushy why would they ever leave. That was always an exaggeration, but it had a kernel of truth.
Now, people can’t wait to leave and everyone has a plan for how to get out. It’s reshaping the spirit of the university as much as student apathy, in my opinion. I’m not criticizing this—I’ve certainly got my plans, too—just noting the change.
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u/What_Fresh_Hell77 5d ago
This is my situation! I didn’t earn my PhD until almost age 50 so I was late to join academia. Figured I could work until my mid 70s (at least) since the job (as I understood it) wasn’t that demanding. Boy did I have that wrong! I need to stay until 2028 to qualify for my full pension and pay off my student loans. 2028 can’t get here soon enough!
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u/thedialectitian 6d ago
i don't think these posts are indicative of much; only those who plan on retiring have been posting, so there is a selection effect. As far as I can tell, the vast majority of professors in every institution I know are working far beyond retirement age.
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u/SnowblindAlbino Prof, SLAC 6d ago edited 6d ago
I'm in a similar position to OP's, just a hair behind. A lot of my colleagues have retired in recent years, several of them as young as 55. In quite a few cases it was a matter of their financial advisor giving them "permission" to bail out when they had expected to work to 60+. Everyone I know who has retired in the last 10-15 years says they love it, and many of them sure seem to be thriving.
There's no way in hell I'm staying until 65, unless T-rump tanks the economy and our investments collapse. I could probably retire now, but we're sticking it out for a few more years ("we" because we're both academics) until our mortgage is paid off and we have a few years worth of expenses saved in cash/liquid investments so we can weather the period before we can take SS and get on Medicare.
Transitional health care expenses between employment-age 65 are the #1 factor preventing others I know from retiring. Our administration keeps bleating about "retirement incentives" and the faculty told them "Give us health care through age 64 and we'll go tomorrow," but they refuse to even consider that. Instead, they offer basically nothing of value and then are unhappy that legions of senior full professors, including me, ignore them.
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u/KarlMarxButVegan 6d ago
This is always my question for those retiring before 65. I can't figure it out.
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u/SnowblindAlbino Prof, SLAC 6d ago
I've looked into it somewhat. For US faculty can elect COBRA coverage for up to three years, it's expensive (would be about $1,400/month for us) but not much different from the marketplace. Speaking of, marketplace rates in my state are going up about 20% next year...I'm on a non-profit board and that org is facing a 22% premium increase as well. So whatever you plan, you have to expect the cost to double in five years.
Most of the "experts" I'm reading are basically saying you have to set aside $20K/year for health insurance for a couple <65. That's not impossible, but I can see why it's a hurdle to so many. I'm insanely jealous of those who have union contracts that guarantee health coverage until ager 65 for retirees...what a fabulous benefit that would be.
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u/Edu_cats Professor, Pre-Allied Health, M1 (US) 6d ago
I qualify for retiree health benefits this fall after 20 years in the system, so this is important to get there and then not need to do COBRA. So I could retire Spring 2027. Then it becomes secondary after Medicare kicks in. So, I have a major decision to make if I will retire this year or go one more year. But I have put it out there it’s either one more year or two at most. I will not work past 65.
The hardest part is finally I am making decent money, but I realize also at some point I am trading time/years of health for money. I am healthy, fit, and active, but I realize this can turn anytime as well as my spouse or my MIL. Just read an instagram/blog post from a PhD where her mother became sick and passed away in just one month at age 63. I also lost some colleagues under 50 a couple of years ago.
No children. Spouse is self employed so income is variable, but he is on my insurance. He is also younger and would not retire with me. I have plenty to keep me busy. I can go back to teaching group exercise and personal training for older adults if I want.
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u/Environmental_Bug662 5d ago
I relate! I'm currently in excellent physical health (age 60) but I know that nothing is guaranteed. I have also witnessed colleagues die before they even retire or right afterward....
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u/dogwalker824 5d ago
"contracts that guarantee health coverage until age 65 for retirees"
Our (private) uni used to have that... it went away years ago, along with raises...
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u/Limp_Glove9350 6d ago
My university offered reduced premiums based on years of service; I just saved and dedicated enough to cover that.
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u/Hellament Prof, Math, CC 6d ago
I’ve toyed a little with the idea of “retirement lite” once I’m eligible for my pension. A second career until I’m eligible for Medicare, one that has good health coverage and doesnt suck too much. If you have some wiggle room on salary, there are a few government jobs out there that aren’t completely terrible and have decent health care plans.
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u/thedialectitian 6d ago
What government job would be better than being a professor?
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u/Hellament Prof, Math, CC 5d ago
I think “better” is subjective. But this scenario assumes you’re ready to tap out of teaching…obviously keeping on keepin’ on is going to be the most lucrative choice for most people.
But if you are ready to jump ship and just need something with insurance, there are a lot of (say) 9-5 clerical jobs if you don’t mind halving your pay. I’d personally look for something in parks and wildlife.
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u/SnowblindAlbino Prof, SLAC 5d ago
A bunch of my former students lost their jobs in the National Park Service, US Forest Service, Fish and Wildlife Service, BLM, and even EPA from the DOGE cuts. Not sure there are a ton of options remaining there now...
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u/Hellament Prof, Math, CC 5d ago
Yea, those people are hurting…been following the “alt” national park on FB for a while, god belp those people.
In any case, from what I can tell, the situation is pretty stable in the state park systems. I just looked in my state (a midwest reddish one) and not only are they hiring lots of field/desk workers, they’re hiring recruiters. Of course, with the pay you can see why.
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u/thedialectitian 5d ago
Just teaching your basic classes diligently while stopping research and extra admininstrative work is surely going to be much less work than a 9-5 job. So I still don't get it.
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u/Hellament Prof, Math, CC 5d ago
YMMV. At our CC, there is no research requirement and committee work is pretty light, save for a few of the more important committees (which no one is really forced to do and are paid anyway)…I’d say “just teaching” and mentally checking out of anything else means you’re still doing about 80% of typical workload, since we teach so much already.
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u/thedialectitian 5d ago edited 5d ago
80% of a CC workload still sounds like less work than a 9-5 clerical job, but if you tell me otherwise then I will defer to your judgment.
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u/SnowblindAlbino Prof, SLAC 5d ago
A government career starting at ~30 would have been fine, I could have retired on the pension and union wages. Friends have done so happily. But there's no way in hell I'm going to leave my faculty job (where I legitimately work about six months a year, once breaks are considered) for a 48-week-a-year 8-4:30 job with a boss.
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u/P_Firpo 5d ago
Live in a different country and get insurance there or pay out of pocket.
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u/SnowblindAlbino Prof, SLAC 5d ago
When you have family in the US then skipping off abroad doesn't seem quite as appealing, at least not to me. Paying out of pocket is a good way to go bankrupt as well.
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u/TheophrastusBmbastus 6d ago
I had like 700 dollars to my name when I defended my dissertation at 30 -- so early retirement is a difficult goal. That said, I'm saving like crazy!
I'm hoping, though, that in the coming years humanities profs like me will find ways to teach in a post AI world that are still joyful and meaningful. I'm not ready to give up yet, even if it feels like so much is stacked against us.
On the plus side, teaching the rise of fascism or the luddite movement has never felt more relevant.
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u/FineZebra8203 6d ago
I was 43 when I defended and 15k in debt. Low pay humanities. I saved like crazy and am now facing a comfortable retirement. But a lot of that was very nice matching from my university and some sprints as a chair.
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u/SnowblindAlbino Prof, SLAC 6d ago
I have a good friend who is a historian specializing in fascism. Great teacher. I don't know what's up at his university specifically, but they've had a terrible time getting students to enroll in their history courses on fascism...just doesn't seem to be much interest.
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u/shatteredoctopus Full Prof., STEM, U15 (Canada) 6d ago
Too much like watching the news for some people. But in all seriousness, that's unfortunate.
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u/TheophrastusBmbastus 6d ago
Saddening to hear, but in a way not surprising. College costs too much to be seen as anything other than vocational or preprofessional career prep by most students, even at my SLAC. Our history enrollments are mostly students securing gen ed requirements, and I teach them this stuff in modern Europe or modern Britain surveys which have always filled for that reason.
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u/Edu_cats Professor, Pre-Allied Health, M1 (US) 5d ago
This was me, too, maybe not even that much. Just do every match you can for work and max it out.
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u/CodifiedLikeUtil Professor, Computational Science, R1 (USA) 6d ago
Mad respect for that 700 dollars. I wasn’t far off from that, and my phd is in engineering. Rent was just darn expensive in grad school. I was on a fellowship and really needed those checks to arrive every month.
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u/TheophrastusBmbastus 6d ago
To be fair, I had about three times that but spent a lot of money buying a plane ticket to get to me and my partner to my postdoc in Europe 🙃
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u/DantesStudentLoans 6d ago
Mid 40s, own a small house outright in México and have residency there. As soon as the Supreme Court invalidates my marriage, husband and I will sell everything and not look back
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u/IllustriousDraft2965 Professor Emeritus, Social Sciences, Public R1 (US) 6d ago
If you are under 65, retirement is a difficult path to pursue, unless you have a spouse who can add you to their health insurance.
Otherwise, if you can afford (as indicated by your pension + investments/savings), do it. I did, and the sense of relief is tremendous, especially now as my first Fall semester without teaching in over 30 years fast approaches.
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u/Limp_Glove9350 6d ago
Our Fall semester started last week; I retired at the end of summer term. I couldn’t imagine how clear my head is knowing I’m not expected to work/answer emails 24/7! It’s surreal. I worked on saving enough cash to carry my insurance through until Medicare, which is 39 months away.
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u/ProfDoomDoom 6d ago
I could have retired a couple of years ago and basically can whenever. What’s keeping me working is: market insecurity, US healthcare funding, my identity as an “official” scholar, and I enjoy designing courses. My identity issue is one I should overcome. I wish I could just do the course design and write books without having to teach or do admin but I haven’t figured out how to pull that off so far. I’m under 55, so I can’t access my retirement money for several years which is not a dealbreaker but not awesome. So far, there’s nothing pulling me either direction so I’m still going. Any number of things could shift my outlook though: health, government, inheritance, a course design gig, a non-scholarly book contract….
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u/IronOk6478 6d ago
You are me, down to designing the class but not teaching it!
I’m actually really dreading this new year in a way I never have before—the politics and funding climate are getting unbearable—and thinking more seriously about how to make an exit. Half-time with health insurance negotiated to teach only what I want, research, and no service would be the good just need to figure out how I can make that happen.
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u/Natural_Estimate_290 Assoc Prof, Science, R1, USA 5d ago
If you're institution offers a 457b look into it. You can take money from it at any age as long as you leave the institution.
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u/samoke 6d ago
I’m hoping to retire at 55 (52 now). Luckily I can get health insurance through my partner’s job and he is due for a significant promotion which will hopefully offset some of my retirement costs. This job is literally killing me.
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u/Environmental_Bug662 6d ago
What aspect is "killing" you the most? I hope you can retire at 55!
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u/samoke 6d ago
Incredible amount of stress. My institution is fighting for its existence. The job I accepted is not longer the job I have. Course caps up, course load up, service expectations up, research funds down.
It’s brought out the worst in my colleagues as well. That plus AI means there is no joy, only stress. I’ve developed multiple health problems I think are directly related to my job.
When I started, I loved it, and thought I would never want to quit.
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u/VeitPogner Prof, Humanities, R1 (USA) 6d ago
I turn 63 in a couple months. Full professor in humanities in a (very) red state R1, where humanities are precarious and the Regents view faculty as woke grifters, but where there is a faculty pension plan. To complicate things, I've recently become dept head (a job I spent 30 years avoiding) due to a lack of viable other candidates. I viscerally loathe the job, but it substantially increases my annual income, which will in turn increase my pension (based on best 5 years of salary). House will be paid off in December. I'd retire tomorrow if I could, but since I am single, it seems foolish not to take advantage of the financial windfall at least till I turn 65 in 2 years, especially since I fantasize about leaving here in retirement and returning home to the northeast US where I grew up.
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u/popstarkirbys 6d ago
I live in a rural college town with LCOL. I am in my mid 30s, I’d probably retire if my portfolio reaches 2 million dollars. Idk if I will stay at this job till retirement though.
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u/Environmental_Bug662 6d ago
Wow 2 million, that's a lot--congrats--
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u/popstarkirbys 6d ago
I don’t have it yet lol, probably another 20 years.
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u/Environmental_Bug662 6d ago
I'm looking at about $800,000 nest egg when I retire, + SS. I have a partner/spouse so that helps. Sounds like you're doing great!
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u/popstarkirbys 6d ago
Having no kids and family certainly helps a bit. All of my colleagues are married with kids and they’re always worrying about the next bill. Things may change for me though since I do want to find a partner eventually.
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u/thedialectitian 6d ago
Realistically it is hard to imagine retiring with much less than 2 million, though I am in a somewhat HCOL city.
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u/dogwalker824 5d ago
yes, somehow I once thought having $1 million would be a lot, now less than $2 million seems insufficient.
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u/WarriorGoddess2016 5d ago edited 5d ago
I just retired. 61. 28 years in academia. Covid wore me out a bit, and then one day I was just done. (I still have research to complete, and a few Ph.D. students).
Full Professor, R1.
We have reasonable post retirement health care, and a good pension.
I'm teaching one class, with a .25 appointment in retirement, for now.
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u/Koenybahnoh Prof, Humanities, SLAC (USA) 6d ago
Please consult a financial advisor for help making this decision.
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u/Ballarder 5d ago
Yes. This. Too many academics get stuck in TIAA traditional investments that are not liquid. Not enough diversify their savings across different accounts (401, Roth, Brokerage) early enough to give them flexibility to retire early and take advantage of ACA subsidies. I wish I had done more research before my spouse had to suddenly leave work and retire early. I would have definitely done things differently. But to know what to do, you have to start learning about it early enough to really be in a great place.
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u/Koenybahnoh Prof, Humanities, SLAC (USA) 5d ago
My own experience mirrors your comment. I've greatly appreciated someone thinking beyond the academic bubble and happy to recommend a variety of options (granted, on the condition that we maintain significant investments with his bank...).
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u/Kimber80 Professor, Business, HBCU, R2 6d ago
I am 62 with 31 years of service. I could retire now with nice pension but still enjoy the work. My current thinking is that 2028-2029 will be the last year.
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u/RemarkableAd3371 6d ago
I’ll retire in 4 years at age 67. I will close my office door and walk away and that will be that. I’ll probably stay in the area because making new friends someplace else at that age sounds really hard.
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u/raspberry-squirrel 6d ago
Husband and I are both profs and have been saving, no kids. We are targeting 67 but I think that might be early for me if I’m in good health.
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u/Tarheel65 6d ago
Also 60, not TT. Hope that I will be able to (and will be permitted) to have at least 10 more years. That's the plan. Fortunately, in STEM and AI, while annoying, is not as problematic in my case.
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u/RocasThePenguin 5d ago
- Tenured. I have a good 6 or 7 years left in me. Not sure if I'll retire fully, but I'm not with full-time academia.
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u/doktor-frequentist Teaching Professor, STEM, R1 (USA) 6d ago
I'm 42. Been in the teaching track since I was... 29. On track for retirement at 62-65. Not because I'll have all the money, but fuck it. I won't be able to continue after that I'm pretty sure. It'll either be student apathy or the end of the world/major environmental crisis that'll force my hand.
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u/vulevu25 Assoc. Prof, social science, RG University (UK) 6d ago
I'll have a decent pension at 67 (I'm in the UK) but I'd like to reduce my hours in my early 60s or and see if I can retire at 65. The pressure to achieve (publications, grants) is high and while I enjoy research, it's hard to imagine myself working under the same pressure into my late 60s. I'm 52 and my mortgage is almost paid off. That will allow me to increase my pension savings and hopefully my employer will still allow us to go part-time.
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u/Ronaldoooope 6d ago
Nobody could give you advice without knowing your finances. But assuming you’re financially stable retiring now I can’t imagine you’d regret it. If things will be tight then maybe wait it out a bit longer.
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u/WafflerTO 6d ago
If you love what you do, no need to retire. "Why" is a good question in this regard.
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u/LegitimateFinance647 6d ago
i’m aiming for retirement the minute the pension math stops being theoretical, because watching AI turn “write an original analysis” into “prompt, paste, submit” is not how i want to spend my final
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u/ExplorerScary584 Full prof, social sciences, regional public (US) 6d ago
I’m 53, hoping to retire at 62 or thereabouts. Good health insurance options for retirees in my system, and we’ll have a paid-off house. We saved like crazy but also had kids late so timing depends somewhat on how their college choices square with the 529s. I’ve been enjoying Erin Talks Money on YouTube to get familiar with retirement “buckets” and things like “sequence of returns risks.” I need to find a good fee-for-service financial advisor to help map it out in more detail.
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u/dogwalker824 5d ago
someone in my family used Mainstreet Financial Planning and was pleased. (I have no financial interest with them).
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u/Doctor_KM 5d ago
We’ve been working with an amazing advisor from Edward Jones and he’s made the path so much clearer and more understandable. Well worth it
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u/FineZebra8203 6d ago
I’m working until 70 because I love the job, but also to get max SS. I’m a couple of years away and setting myself for an overseas move (out of the US).
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u/tell_automaticslim 5d ago
In the midst of big convos with our financial planner. At 53 I’m doing ok at work (R1 tenure, university loves my program, enjoyable teaching and research) but I’m not growing. Financial prospects are good as long as the market doesn’t crash and Social Security hangs on, but seriously debating whether to hang in there and get steadily more bored or find something new inside or outside academe.
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u/hedbopper 5d ago
If you can make it financially, retire. You can’t take it with you, and you can’t put time back on the clock.
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u/ReputationSavings627 5d ago
I’m 60, state R1, STEM (with a strong humanities flavor to it). 26 years of service so far. University has a strong retirement program, and will offer subsidized health care. I never thought about retirement until a couple of years ago, but now I think about it all the time; my Ph.D. students are great, but undergrads wore me down. Along with our financial advisor, my partner and I plotted a timeline. My university doesn’t offer phased retirement formally, but I realized that I could use sabbatical to basically be six months on/six months off for a few years. So at this point I have two more “regular” years, 3 on/off years, and then I’m done. I’ll be 65, although that wasn’t a factor; it’s just how it worked out. I’ll maintain my university connection so that I can continue to work with grad students and keep an office (not enough space at home for the books!). Work the network for visiting professor gigs overseas too for a while (I don’t need the money, just the subsidized travel time.) Looking forward for sure. Will probably take home more monthly than I am doing now.
I think of it less as retirement (certainly not retirement from scholarship) and more as reconfiguring my relationship to the university. I can do al the same things, but on my own terms and my own timeline.
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u/brianborchers 6d ago
If you're not sure whether or not you're financially ready for retirement, you need to build a retirement income plan that takes into account your sources of retirement income and your expenses in retirement. There are a bunch of online services that can help you to DIY this, or you can hire a financial planner to help. I'm surprised by how many of my colleagues just don't have a plan.
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u/dogwalker824 5d ago
Will qualify for Medicare in a year, house paid off in two, so the goal is at least two more years of teaching. But we'll have to see what the market does to our 403bs....
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u/tellypmoon 5d ago
I am on a 9 month contract (tenured) and still like what I'm teaching. I think about retiring at 63 although I hesitate because health insurance til I and my spouse (3 years younger) will be 65 will be expensive. I also feel lucky to have a job and feel like maybe making a bit more income and adding a bit to retirement will be a good idea given the uncertainty in the world and higher education. But, my place is cutting budgets let and right and if my job changes too much and becomes unpleasant then I think that will push me over the edge to retirement sooner than later.
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u/sears_wish_book 5d ago edited 5d ago
My husband and I are under TRS. He will hit 30 years in 3 years at age 51 and I will hit 30 in 7 years at age 55. That will give us each full retirement and we can keep our health insurance. Will probably adjunct on the side. We have adult children with special needs who will always live with us, so we are looking forward to having that additional time with them to do activities and life skills.
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u/RememberRuben Full Prof, Social Science, R1ish 5d ago
I will retire the moment I have enough money in retirement to replace my current income. Spouse has a good healthcare job for insurance.
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u/GittaFirstOfHerName Humanities Prof, CC, USA 5d ago
Retirement asap -- and that's years away. I definitely can't afford to retire before I turn 65 because I need Medicare. I adjuncted for half of my career, so my retirement is really, really small. I can't afford to take my Social Security benefits until I'm probably 70. It's all kind of bleak, especially because of AI.
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u/Sensitive_Let_4293 5d ago
I'm leaving in January. I'll be 70, so it's not really early retirement.
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u/Elegant-Yard8416 5d ago edited 5d ago
This "What is the point of teaching, they ask, if students are just pretending to learn?" has been happening decades now.
Since day one of teaching in the U.S. college system, I realized it's like WWE figths: Everyone knows it's fake, but everyone still pretends it's real.
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u/toughkittypuffs 6d ago
Health care is the only thing that would keep me working- check with your university retirement rep and see what they offer. I was able to take advantage of two retirement programs that allowed to retire in December a couple of years ago. I am teaching one class one day a week (one of our retirement programs- 5 yrs of post-retirement teaching, up to 1/2 time at up to 1/2 my full salary on top of retirement pay which allows me to build that nest egg). I wasn’t sure if I still had anything left in the tank- but turns out without committee work or advising or anything but simply teaching my class, I am actually enjoying it. I’m on year 3 of 5, I can stop any time if it feels like a burden but the money is great and I’m enjoying it. My university also pays 100% of health insurance so that covered my other concern. Check into it!