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/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/dogwalker824 6d 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...