Objectives. To examine the work-related activities of full-time faculty members 55 years of age and older; to describe the retirement plans and perceptions of these faculty members; and to examine the factors, perceptions, or conditions that might influence the retirement decision.
Methods. Pharmacy faculty members aged 55 years and older in the United States and Canada were invited to participate in an online survey regarding their perceptions on issues related to their retirement planning behavior.
Results. Four hundred eighty-eight faculty members completed the survey instrument. The typical respondent worked 50 hours per week on work-related activities, was active in teaching and service, and had published an average of 5 refereed papers during the previous 36 months. The number of articles published was positively related to the respondent's target retirement age. The average anticipated retirement age was 66.6 years, and most respondents participated in a defined benefit plan. The majority would revise their target retirement age downwards if conditions were favorable.
Conclusion. The primary factors that influence the pharmacy faculty retirement decision include financial status, academic productivity, and higher order needs such as the opportunity to participate in meaningful activities. These findings can be used by administrators in strategic planning related to attracting and retaining quality faculty members.