The retirement planning gap: A view from the public sector

How do public-sector workers assess their prospects for retirement? This article examines retirement planning at a public university in South Florida, where contemporary demographics mirror the nation's expected demographics in 2010. Like their private sector counterparts, our respondents believe quality of life at retirement will be favorable. Yet many respondents appear to be under-saving for retirement and fail to recognize that part-time employment is likely to be an integral part of their retirement experience. As expected, socioeconomic factors, particularly education, gender, and ethnicity, play a significant role in determining retirement planning and perceived quality of life in the “Golden Years.” Investment literacy is limited among many of our respondents, particularly females and minorities. This is critical in light of increased reliance on defined contribution pensions and possible reforms in Social Security.