February 27, 2004

Crunching the Dollars

By JOHN VINEYARD

To make a rough calculation of how much you might be able to accumulate in your retirement savings, let's say you are a new Ph.D. who has landed on the tenure track with a starting salary of $45,000.

For the next six years, until you come up for tenure, let's assume that you get annual raises of 4 percent, and that the college pays an amount equal to 15 percent of your salary into a retirement account. The money in the retirement account earns a

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