About 8 in 10 higher-education faculty age 55 or older say they are ready for retirement, however, only 17% have worked out a detailed income plan, according to a report from Fidelity Investments. Among younger faculty, only 15% have some formal retirement plan, while 26% said they are concerned with managing their current finances. A majority of younger faculty -- 61% -- said they "often worry about their financial situation."

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