June 2011 | by Paul J. Yakoboski
Individuals in the higher education workforce are more likely than U.S. workers in general to be saving for retirement and to have calculated how much they need to accumulate. Not surprisingly then, higher education workers have greater confidence in their prospects for a financially secure retirement. Affording health care in retirement is a particular area of concern for higher education employees, as it is for all U.S. workers. Debt is an obvious hindrance to financial preparations for retirement. Most retirement savers in higher education are focused on generating a certain level of retirement income rather than on accumulating a certain amount of money. Only one-fifth are very confident that they will not outlive their savings. Two-thirds of the higher education workforce has received retirement planning advice from a professional financial advisor within the past three years. Advice on drawing retirement income from savings and paying for health care expenses in retirement was more common for older individuals.
Paul J. Yakoboski
Principal Research Fellow TIAA-CREF Institute
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