Late Career, Retiring and Retired Faculty

“Late career” for this website is defined in several ways.

First, it is about five years from the intended retirement date. This planning allows for a review of financial issues and addressing legacy and transition of activities.

Other definitions of late-career can be by age, faculty rank, and/or years of service. Each has challenges, but generally, they are over the age of 60-65, have a rank of professor, and have more than 30 years of service.

Longitudinal career planning is essential, and these later career decisions, reflections, and actions are best based on continuing this long-term planning. As with prior planning, meeting with mentors, advisors, financial professionals, HR representatives, and others is essential.

Personal and professional factors can influence the decision to retire or consider retiring.

Personal factors include:

• the health of the faculty member, spouse, partner, or family
• financial status (to stay or to leave)
• new personal or professional opportunities

Professional factors include:

• Change in leadership
• Loss of a position or opportunity
• Change in the strategic plan of the institution

The choice of when to define the five years before retirement is an estimate and can change in either direction. There are several reasons for the five-year timeframe.

First, this allows for a review of finances, retirement portfolios, and retirement income planning. Five years provides time to adjust (and as much as possible) and take full advantage of the tax-deferred income opportunities if this is relevant to the individual situation. Similarly, this allows for reflection on large financial requirements such as housing, payment for children’s education, or other significant commitments.

Second, this allows for reflection on current activities, goals, accomplishments, and timelines for completion.

• Grant and grant renewal or extension
• Teaching commitments (doctoral, post-doctoral, medical school, residency, etc.)
• Leadership commitments (internal or external)

This reflection is also beneficial in any decision about whether to take on, apply for, or be nominated for a position that has a multi-year commitment.

Third, this allows for reflection on the legacy. While this is part of the above, addressing legacy and how to leave is essential.

Fourth is succession planning. While five years seems like a long time, junior or mid-career faculty growth takes years. Similarly, if the goal is to recruit for a position, this generally takes years of financial and strategic planning.

UVA HR

Christine Rudge (UPG)

Information here

Information here

Information here

Information here

School of Medicine

UVA HR

UPG HR

UVA Provost Office