Midcareer change programs and alternatives for early retirement for college faculty are considered based on the current situation of declining or stable student enrollments, diminished faculty mobility, and increased numbers of tenured faculty. Midcareer change programs fall into two general categories: (1) retraining programs designed to enable faculty members to move from their current disciplines or specialties into other areas with newer and/or greater student demand; and (2) faculty internships and fellowships in private industry or government for a summer or year. Most early retirement programs are relatively unsuccessful, but one includes a reversible component enabling faculty members to try partial retirement with the option of reacquiring full-time faculty status if they determine that early retirement was premature. Three alternatives exist: (1) provision of direct front-end cash settlement before the age of mandatory retirement (i.e., to buy up a faculty member's contract with full or partial payment; (2) provision of early annuity programs, either individual or group-based and with or without partial employment; and (3) the reversible early retirement program. The effects of these options on faculty morale in times of retrenchment are considered. (SW)