College Faculty More Confident regarding Retirement Savings Than General Working Population, Survey Finds
TIAA-CREF, the financial services organization, released in October the findings from the first-ever "Retirement Confidence Survey of College and University Faculty." The survey shows that faculty in higher education are more confident regarding their retirement savings preparations than individuals in the general working population.
"The retirement savings challenges facing America are well known - low personal savings rates, low participation in employer-sponsored retirement plans, large unfunded liabilities in defined benefit plans and a serious funding challenge for our Social Security system," says Madeleine d'Ambrosio, vice president and executive director of TIAA-CREF. "Against this backdrop, higher education retirement systems stand out as success stories, though not without challenges."
According to the survey, conducted by the Employee Benefit Research Institute, Mathew Greenwald & Associates Inc. and TIAA-CREF, among higher education faculty, 35 percent are very confident in their retirement income prospects and an additional 51 percent are somewhat confident.
Sixty-five percent of respondents expect employer-sponsored retirement plans to be their largest source of retirement income. …