I really don’t have an answer to the following, but it’s something I’ve been thinking about a lot this past year and would like to hear others’ perspectives. FYI: I’m 50yo, no spring chicken, and have taught here 11 years.
Our college is going through a pretty serious contraction in enrollment; many schools are experiencing the same problems because, demographically, there are far fewer college-aged young adults in this generation. Thusly, in the last two years we have had a rapid decline in registration and therefore full-time faculty have been losing courses and some are struggling just to make load. Most of us also depend on teaching overload credits, as our base salaries are on the low side, and these opportunities are rapidly disappearing.
We have a significant strata of faculty who have been here for 40+ years and are 72 - 80+ years-old. Many of them have been offered wildly generous retirement incentive packages, but most are refusing the opportunity. As enrollment stagnates, later generations of faculty are struggling to make a living. I do need to add that many of the older faculty are fantastic teachers and, save a few, physical/mental decline isn’t an issue.
So I’m of several minds here: on one hand, I’d like to retire in 15 years and enjoy the fruits of working for almost 50 years – I won’t be rich, but I’ll be comfortable and I do feel that newer generations of faculty deserve the opportunities that older folks’ retirements create.
On the other hand, I don’t want anyone telling me to retire if I want to work until I’m 102. I’ve earned that right, dammit, and those snot-nosed young’uns can just fight it out in the jungle.
On the third hand (foot?), there is a possibility that the institution will be forced to start letting newer strata of faculty go – there’s already been a first-round purge of administrators. Do faculty who have been here for decades and can retire comfortably with the severance, retirement pension, and social security have some kind of obligation to step aside? (I’m not claiming that all older faculty are financially comfortable, but many are making really big bank).
Interested in hearing perspectives . . .