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Facing Retirement: Advice from Duke Retirees

Insight on retirement from those who have left Duke

Often the best advice for a journey comes from those who have already gone ahead. To help employees prepare for life after Duke, Working@Duke surveyed members of the Duke University Retiree Association about how they handled retirement.

Facing Retirement

Approximately 3,707 staff and faculty in Duke University's workforce are currently eligible to retire with benefits. By 2018, as the baby boomer generation ages, that figure is expected to rise to more than 6,000 university employees, or 33 percent of the university workforce.

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Steps I took for retirement planning

"It took me two years to decide when to retire. I met with a Human Resource benefits adviser several times to make sure I would have enough income for my retirement."Mohammad Saeed Rashdi, clinical data specialist, DCRI, 12 years at Duke

jennifer johnson
Jennifer Johnson

"I developed a budget based on projected pension income. I had a clear idea of the income I would need, paid off credit cards, obtained warranty coverage for household appliances, and delayed retirement in order to retain medical insurance at an affordable monthly rate."Jennifer Johnson, nurse, Duke University Hospital, 20 years at Duke

"I took advantage of the 403(b) options offered by Duke for pretax contributions. I made an early commitment to save a certain percent of my salary into my account with the mindset that the funds were there for retirement and were not to be accessed for any other reason."Alfreda Kohan, manager, DUHS Clinical Laboratories, 40 years at Duke

"I contributed a percentage of my salary to the 403(b) plan. I started at 5 percent and worked up to 15 percent."Thomas Harkins, University Archivist, 22 years at Duke

Donald Rust
Donald Rust

Something I wish I'd done differently

"Started saving earlier and saved the maximum amount allowed every payday."Donald Rust, assistant director, Medical Center Engineering and Operations, 44 years at Duke

"Used my vacation time to travel more. Travel time is best done when you are younger."Alphonso Hayes, nurse, Psychiatry, 33 years at Duke

Parting advice

Diane Crayton
Diane Crayton

"At least a year in advance, go over the checklist provided on the HR website. Go through it carefully. Gather all questions, then meet with an HR rep for an initial information session several months in advance of retirement."Diane Crayton, financial analyst, Pediatrics, 44 years at Duke

"Start planning for retirement as soon as you start working. Begin contributing to a 403(b) as soon as you can. Start working with a certified financial adviser early on so that you can get sound advice on investing and saving decisions."Lynette Teague, nurse manager, Duke Family Medicine, 36.5 years at Duke