Rare is the scientist who embarks on a career in academia purely for the money. On the other hand, money can surely be a key factor in deciding when to leave that career, especially in light of revised pension policies and retirement laws. Consider the following:
- By working one year beyond the traditional retirement age of 65, a university researcher with 30 years of service conceivably can add as much as $50,000 to his or her pension fund, in addition to collecting a regular annual salary.
- As of Jan. 1, 1994, faculty will no longer be required to retire at age 70. At age 70 1/2, however, most academicians will be required to begin drawing pension annuities, thus increasing their tax liabilities.
- Under recently revamped pension policies, some academic scientists will have the option of "cashing out" accumulated pension funds upon retiring. In doing so, they would receive a lump...