CSB/SJU faculty and staff retirement rates rise

Retirement rates have increased dramatically since the onset of the pandemic.

CSB/SJU has seen more retiring faculty and staff. Since 2019, there has been an increase in retirements. At the end of this school year, 17 faculty members are retiring. Fifteen retired after the 2020-21 academic year, eight in 2019-20 and six in 2018-19.

In all age groups above 55 there has been an increase in retired individuals since the third quarter of 2019, according to a PEW research survey.

“Working is just part of your life. It is not your whole life; at some point you have to say I need to have time for other things in my life,” said Marietta Franulic, a Spanish professor who is retiring this year.

The uptick in retirements across the country, and at CSB/SJU as well, can be largely attributed to two factors: the pandemic and that Baby Boomers’ average age is now above 57.

The pandemic, which hurt the economy and thus many companies, has caused many people to be laid off or accept an early retirement.

Many companies, like Delta’s offices in the Twin Cities, were offering their employees competitive early retirement packages.

Others who have retired due to the pandemic have done so out of fear of COVID’s potential consequences. The groups most impacted by the pandemic health-wise have been those over 50. According to the CDC, compared to the reference group, 18 to 29 year olds, those over 50 have hospitalization rates that range from four times higher to 10 times higher and death rates that range from 25 times higher to 340 times higher.

These high rates of hospitalizations and deaths have pushed many of those in the Baby Boomer generation to retire. Others, however, are just retiring because it feels like the right time.

“I am already in my seventies, and at some point, I have to say ‘well I must give a chance before I die to do the other things that I want to do.’ Also seeing colleages that have worked way into their seventies, in less than a decade from retirement, pass away has made me want to retire more,” Franulic said.

Retirement allows people to travel the world, dive into new hobbies, see family and experience new things.

“The main thing I want to do is have the freedom to go visit my family,” Franulic said. “Life is short, and I better hurry up and get the things done that I want to do.”

Some retire because they cannot stand their jobs, but others retire to move onto a new chapter in their lives.

The main takeaway is that most who have been retiring over the past years seem content with their decisions whether they retired due to the pandemic, old age or a combination of both.

“This has been a wonderful job for me,” Franulic said. “Everything here—the freedom that you have, the generosity of the people, the colleagues, the Benedictine values makes this a wonderful job, but I am ready to move on to other things in life.”