Retiring Right
survey says presidents face challenges in the next phase of life
BY DANIEL MORIARTY
Retirement today is a complex and challenging process. People live longer after they retire and must adapt continu- ously to meet financial and personal needs. Retirees need a plan in preparation for retirement and in retirement so they can feel fulfilled, active, and productive, not to mention financially independent. This is particularly true of community college presidents.
In the fall of 2008, the American
Association of Community Colleges
(AACC) conducted a survey of retired
presidents. The survey explored the
issue of retirement among currently
retired community college presidents
and aimed to determine what role, if
any, an organization like AACC could
play in preparing presidents for the
transition. Questions explored the
decision to retire, the process for
preparation, current activities in retire-
ment, challenges and opportunities,
and the role of AACC in the preparation
process. Respondents were also asked to
provide recommendations and advice to
others contemplating retirement.
decision to retire
The age of respondents at the time of
retirement ranged from 55 to 71. But
the greatest percentage was in the more
narrow age range of 61 to 64. The most
frequent age cited was 65.
Despite the obvious significance of
the decision, most presidents, by a very
wide margin (88 percent), felt they
made their decision at “the right time.”
Of those who did not feel they retired
at the right time, most felt they should
have stayed on for at least two more
years. Some felt they had not properly
assessed the challenges of retirement
and others found, to their surprise, a
renewed energy and eagerness to work
again after a short respite.
When asked to characterize their
decision to retire, 79 percent of presidents indicated that no unusual circumstances precipitated their retirement.
Eighty-two percent of respondents
indicated that their decision was a
normal and logical next step after a
long and successful career. A small minority felt their decision was brought
about by extraordinary circumstances,
either personal or professional.
preparation for retirement
Not unexpectedly, most retired presidents (85 percent) worked and planned
with their boards for their transition
from the college. Most presidents announced their retirement at least six
months prior to their departure; 42 percent announced one year ahead. A much
smaller number ( 9. 5 percent) announced
between five and two months ahead,
and 5. 4 percent announced immedi-
