A Fidelity study released today found that 70 percent of baby boomers currently employed as college faculty members do not have a formal investment plan in place for their retirement savings.

Fidelity’s Higher Education Faculty Study surveyed over 600 boomers, ages 49 to 67, who work at colleges or universities. The research found that 74 percent of these boomers plan to delay retirement past the age of 65, or never retire at all. When asked the reasons for this delay, 81 percent cited professional reasons, but 69 percent also cited economic concerns.

Of those who say they will delay retirement for economic reasons, 55 percent are unsure they have enough retirement savings, 42 percent want to maximize Social Security payments, and 42 percent believe they will need continued health insurance.

“As many boomer faculty have not created a formal financial plan, it’s no surprise they have concerns about retirement,” said John Ragnoni, executive vice president, Tax-Exempt Retirement Services, Fidelity Investments.

Forty-three percent of respondents said they need help choosing specific investments, 36 percent want help developing a formal plan for their retirement savings strategy, and 35 percent want help assessing their overall financial picture, goals and needs.

For the faculty boomers who will delay retirement due to professional reasons, 89 percent said they want to stay busy and productive, 64 percent said they love their work too much to give it up, and 41 percent are unwilling to relinquish continued access to – and affiliation with – their institution.

“Making the decision to retire is difficult for any baby boomer, but it can be even more complex for faculty who are deeply dedicated to education, and the students and institutions they serve,” said Ragnoni.

Many institutions have implemented retirement programs aimed specifically at providing faculty with financial, professional and personal incentives to support them in making the transition to the next phase of their lives. Two-thirds (66 percent) of faculty boomers at institutions with faculty retirement programs think such programs are important, especially as they relate to providing retiree health care benefits. In addition, 53 percent want continued access to facilities to be part of a faculty transition program, while 45 percent want emeritus status and 43 percent would like guidance on financial and retirement planning.