With only a couple of exceptions, almost every faculty member in my department retired from the private sector, realistically a millionaire, and now work for love at community college wages. It's doable and not every community college pays that little. Granted, even double those salaries is a far cry from solid compensation plans for engineering/engineering management positions. While I am far from retirement age, I was very fortunate to have earned a good living throughout my twenties and early thirties, and generally invested well. Making the corporate to education transition has been one of the most rewarding professional experiences of my life. Granted, I state that with a level of privilege, as it's entirely different ball game for faculty members of departments who typically were not able to embrace lucrative fields prior to full-time/tenure roles in education.