Retirement is a topic all faculty members face eventually. The absence of a mandatory retirement age means that each faculty member needs to consider many aspects of her/his professional and personal life when making the important decision of when to retire.
Special Financial Workshops for Faculty
|Duke Human Resources frequently holds special financial workshops for faculty and their spouses/partners to consider options in preparation for retirement.|
Professional satisfaction, outside interests, health, finances, the economy and family each play a role. Some individuals are excellent long-range planners on their own. Others benefit from peer discussions, reading, formal workshops and/or other information to assist them in their decision. The transition to retirement can certainly be stressful but can be less so with planning, resources and supportive colleagues, friends and family.
Here we have put together a set of resources for faculty and administrators:
Retiree Health Benefits
- Eligibility for retiree health benefits: Age plus years of service = 75 or greater
- Retiree health insurance benefits: see Human Resources website
Individualized Retirement Agreements
- Negotiated as a memorandum of understanding with department chair/school Dean, reviewed by University Counsel, approved by Provost.
- Variety of options including number of years until retirement, range and scope of responsibilities (teaching, research, administrative, service), post-retirement options. Think about these: What do you want to accomplish by the time you retire? What professional activities interest you after a formal retirement date?
- Utilization of Flexible Work Arrangements Policy in the pre-retirement years (Faculty Handbook, Chapter 4)
- Regular Rank faculty: tenured vs non-tenured
- Emeritus status and privileges (Faculty Handbook, Chapter 4)
- Post-retirement work options
- Discussions with peers