ERIC Number: ED208785
Record Type: Non-Journal
Publication Date: 1981
Reference Count: N/A
Plans and Expectations for Retirement of TIAA-CREF Participants.
Mulanaphy, James M.
Retirement plans of older participants of the Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA-CREF) were surveyed. Questionnaires were mailed to a random sample of 2,260 participants aged 59-69, and 1,438 returns served as the base for data analysis. This group was 62 percent male and 38 percent female; 48 percent were teaching faculty, while one percent were primarily researchers. It was found that 41 percent were looking forward to retiring, while 22 percent disliked the idea. The remainder had less extreme attitudes toward retiring or were uncertain as to how they felt about. Seventy percent of the respondents had a specific age or age range in mind at which they expected to retire, and about two-thirds of this groups reported that age was firm. They considered finances, health, inflation, and job satisfaction to be especially important factors in deciding when they would retire. About half the respondents had made actual plans for retirement and about half had not. Only 13 percent reported making definite plans, however. Almost 80 percent indicated that they had not altered personal plans for retirement because of recent retirement-age legislation, which raised the minimum mandatory retirement age to 70. Fifty-seven percent indicated they were subject to a mandatory retirement age set by their employers, 26 percent said they were not, and the rest were uncertain. Half the respondents reported an interest in phased retirement (a reduced salary in exchange for a reduced workload). Respondents were most concerned about their financial circumstances and the future course of inflation in regard to their future retirement. Technical notes and a sample questionnaire are appended. (SW)
Descriptors: Aging (Individuals), College Faculty, Decision Making, Economic Factors, Expectation, Federal Legislation, Higher Education, Middle Aged Adults, Older Adults, Personnel Policy, Retirement Benefits, Teacher Attitudes, Teacher Persistence, Teacher Retirement, Work Attitudes
Teachers Insurance and Annuity Association, College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017.
Publication Type: Reports - Research; Tests/Questionnaires
Education Level: N/A
Authoring Institution: N/A
Identifiers - Laws, Policies, & Programs: Age Discrimination in Employment Act 1967