This study examines the age distribution of faculty retirements at 101 colleges and universities offering at least the baccalaureate degree, representing 35,000 faculty. It examines both historical retirement patterns and distributions of faculty by age and discipline. The study also examines data from a survey of 518 retired faculty members concerning factors influencing their retirement decision. Study findings include: (1) the anticipated 1994 elimination of mandatory retirement is unlikely to cause an immediate substantial increase in the average age of retirement; (2) faculty retire on average 1.8 years later at independent versus public institutions of higher education; (3) average ages at retirement differ depending on the retirement program; (4) 88 percent of survey respondents indicated that mandatory retirement was not a significant factor in their decision to retire; (5) the overriding concern among faculty retirees is their financial condition upon retirement; and (6) projections of retirement rates indicate that the largest number of retirements will occur between 1998-99 and 2002-03, though rates are projected to vary by discipline. Thirty-five tables display data on such topics as average ages at retirement by control of institution, level of institution, retirement plan, and location of institution; importance of mandatory retirement in separators' decision to retire; and factors in retirees' retirement planning by discipline and gender. Appendices provide survey instruments, a list of participating institutions, and detailed statistical data. (Contains approximately 40 references.) (JDD)