Retirement, Your Way: Phased Paths for University Faculty
For much of our lives, we follow a clear structure that starts with school followed by a career. There is rarely any doubt about what comes next. When it comes time to retire, however, the path forward can feel uncertain. If you are a university professional approaching retirement, it’s normal to wonder what life will look like without the daily routine of teaching or running a lab.
Many university professionals work for decades and then start a phased retirement plan offered by their department before going into a full-stop retirement. Here are some common phase-out options.
Phased Retirement Options
Savant University Wealth Management has helped faculty navigate a variety of phase-out agreements. Each option is different. Some extend out several years.
You might decide to work full-time, move to a partial appointment, and later reduce your appointment further before fully retiring. Another option allows the university to pay your salary for a set period after you choose a retirement date. Some universities also offer emeritus status so faculty can continue their research and access university resources. These options help faculty wrap up graduate student commitments or lab work and retire on their terms.
Benefits of Part-Time Employment
Financial advisors in Savant’s University Wealth division have helped faculty with phased retirements, which often include part-time employment. Working part-time helps faculty ease into retirement and explore new interests. It also provides additional time to organize labs or offices filled with decades of research. This gradual shift helps reduce the stress of going from 100 percent work to zero in a short amount of time.
Continuing Benefits
Partial appointments often allow faculty to keep benefits they value, such as health insurance. Making fewer changes at one time can also make the transition easier.
No Plan? That’s Okay
No matter what transition you choose for retirement, it is okay if you haven’t mapped out the next steps. You have dedicated decades to teaching and mentoring future scientists, lawyers, doctors, and educators. Take time to relax. Watch the shows you missed. Travel to places you have always dreamed of visiting. You don’t need to have everything planned right away.
When it comes to retirement, there is no one-size-fits-all answer. Savant University Wealth Management has experience helping university professionals explore retirement strategies that fit their needs. Schedule a time with one of our financial advisors to learn more about available options.
This is intended for informational purposes only. You should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Savant. Please consult your investment professional regarding your unique situation.
Lillie F. Perry
Financial Advisor
CFP®