• Journal of Family Resource Management and Policy Review
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• v.17 no.1
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• pp.159-178
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• 2013

This study aims to evaluate the retirement income readiness of Korea, a country that-considering its high property asset ratio-is seeing an unprecedented rapid progression of graying. The result of analyzing 6,589 non-retired households in Statistics Korea's Survey of Household Finances (2011) is as follows. First, the Retirement Readiness Index, considering annual income and asset utilization income before including longevity risk, was 70.6. The index increased to 89.5 when utilizing real assets excluding houses and exceeded 100 when utilizing houses. Second, when designating 100 to be the life expectancy and taking into consideration longevity risk, there results were 52.5, 63.7, and 81.1, respectively. Third, since it is less likely for one to use all current financial assets as post-retirement income, the study reviewed the changes in the Retirement Readiness Index by applying three different levels of asset utilization ratios (50%, 75%, and 100%), which refer to the conversion ratios of current assets to retirement assets. This study is significant in that it considers longevity risk and applies asset utilization ratios in various ways, outside of the assumption that all current financial assets will be used as post-retirement income, to take a more realistic approach to retirement readiness.

• Journal of the Korean housing association
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• v.21 no.5
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• pp.83-92
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• 2010

The advent of an aging society has raised the necessity for housing development to meet the growing demands of baby boomers expected to act as the main consumers in the future housing market. This study aims to identify the characteristics of apartment houses favored by baby boomers in their post-retirement plans. Based on a literature review and survey, the study is targeted at a certain baby boom generation residing in mid- sized and large-sized apartments with a floor space of more than 30 pyeong in Gangnam, Seoul. The study reveals that baby boomers favor an active post-retirement life where they can enjoy proper leisure without considerable change in daily routines, and for that reason they choose an apartment house well equipped with neighboring, convenient facilities for their post-retirement. Their housing size shows a downward tendency in response to changes in economic conditions and number of family members living together. Health-related factors such as a comfortable natural environment and greenery also play a key role in their residence selection. Their regional preference is divided into the downtown and suburbs, and thus it will be necessary to satisfy the needs of these two consumer groups in the future housing market. This study lays the foundation for offering basic materials for the development and marketing of apartment houses.

• International Journal of Human Ecology
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• v.14 no.2
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• pp.69-78
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• 2013

This study analyzed the changes in household consumption expenditure of retired households using Korean panel data. We compared the pre and post retirement-consumption levels in different consumption categories using panel data. Paired t-test showed that changes in the consumption patterns before and after retirement were not significant except for the households in the third net worth quartile. Analyzing the effect of retirement on the level of household consumption expenditure, this study found that the effect of retirement was not significant in overall, although retirement had a negative effect on the level of consumption expenditure among households in the lowest net worth distribution. Understanding changes in consumption patterns of retiring households provides important information to design social security policies.

• Journal of Families and Better Life
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• v.24 no.3 s.81
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• pp.95-115
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• 2006

The purpose of this study was to analyze the affecting factors on male salary workers' pre-retirement plans and pre-retirement planning programs. The focus was on male workers' pre-retirement plans and programs for economy, housing, family relationship, leisure and health care in their elderly life. The major findings were as follows: First, the salary workers estimated their level of economic and health problems among their elderly life as relatively high. Second, the major factors affecting the level of planning for post-retirement were salary workers' age, job satisfaction, and reserved savings for their elderly life. Third, the major affecting factors on participation in pre-retirement planning programs were age, educational attainment, and spouse's job status. From these findings, it can be concluded that salary workers' level of pre-retirement planning and the needs of pre-retirement planning programs differed from their personal characteristics and preferences. Also, salary workers' characteristics related to job and retirement had more important effects on their pre-retirement planning than economic status.

• The Korean Journal of Community Living Science
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• v.17 no.3
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• pp.67-87
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• 2006

This study examined how middle-aged jobholders anticipate their living after retirement, how they plan their post-retirement financial welfare and what attitude they have towards old age. The data came from 290 middle-aged male and female people in Incheon, Suwon and Cheongju city and were analyzed to find the differences among public planned pension types, such as the National Pension System (NPS), the Government Employee Pension Corporation (GEPC), and the Korea Teachers Pension (KTP). The major results were as follows: First, the expected income level after retirement in GEPC members was the highest and the lowest in KTP members. Second, the expected living period after retirement is the main criteria used when determining the amount of money needed for old age. Third, KTP members were of the most inferior at financial planning and practice, especially self-reflection of their expending behavior, thrift and saving practice for old age.

• KIEAE Journal
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• v.10 no.5
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• pp.101-108
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• 2010

It is estimated that the elderly will constitute 24.3% of the entire Korean population in 2030, when about 7,125,000 baby boomers reach retirement age. Therefore, this aging phenomenon might be the most urgent issue facing Korean society. The baby boom generation shows a strong tendency to dispose of existing residences or move into new housing after retirement, thereby exerting enormous impacts on social and economic sectors as well as the housing market. Against this backdrop, this study aims to identify both factors and patterns behind baby boomer retirees' post-retirement housing transfer trends. To this end, a survey is undertaken here with respect to those baby boomers living in Gangnam-gu and Seocho-gu with actual housing transfer plans in the foreseeable future, and who can act as a practical consumer group for the future housing market. This study verifies baby boomers' diverse preferences for housing type. Their preference for apartment houses still remains high in every situation, and this has significant implications for changed preferences of other housing types considering that most of the survey respondents currently reside in apartment houses. According to the survey, there are more than 80 kinds of baby boomers' housing transfer patterns, which demonstrates that more than half of the survey respondents pursue different housing mobility plans. When it comes to the factors behind their housing selection, the baby boom generation shows a strong preference for physical factors. However, environmental and psychological factors gain more momentum under unfavorable circumstances, while social factors play a decisive role in their housing selection in categories such as 'couple/deteriorating health' and 'single/healthy'.

• The Journal of the Korea Contents Association
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• v.19 no.1
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• pp.174-186
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• 2019

This study was designed to examine the demographic, economic and organizational characteristics of wage peak workers in public enterprises and their relationship between wage peak system and retirement, which is faster than other areas where the number of elderly workers is growing. The study targets 211 wage peak workers in 19 public enterprises engaged in the wage peak system, considering the level of aging and the size of wage peak workers. According to the demographic and economic characteristics, the results of the study showed that the education level, household income, post retirement cost, retirement saving and investment amount had an effect on wage peak satisfaction, wage peak acceptance, retirement preparation and retirement attitude. Next, aspects of organizational characteristics, there were differences according to position, job title, working period, remaining retirement age, participation in retirement preparation program and wage peak application. Based on these findings, effective wage peak system for the aged society was required to discuss the need for follow-up research by job group, position rank, economic level, and educational level of aged people such as welfare, education and former support.

• Korean Journal of Culture and Social Issue
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• v.19 no.4
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• pp.553-576
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• 2013

The purpose of this study was to investigate the impact of retirement stress, character strengths and marital dissatisfaction on depression. Additionally this study examined direct effects and indirect effects of character strengths and marital dissatisfaction. The participant group was composed of 197 retired men living in Daegu and Gyongsangbuk-do. The Retirement Stress Scale (RSS), Character Strengths Test (CST), Korean Marital Satisfaction Inventory (K-MSI), and Center for Epistemology Studies Depression scale (CES-D) were administered to participants. Structural Equation Modeling (SEM) with AMOS was used for the purpose of analysis. The results of the study were as follows. First, an increase in retirement stress was associated with higher levels of depression. Second, hierarchical regression analysis indicated that higher levels of optimism significantly predicted higher depression. Also hierarchical regression analysis indicated that lower levels of appreciation of beauty and excellence without optimism significantly predicted higher depression. Furthermore, increases in marital dissatisfaction were associated with higher levels of depression. Third, the constructed model including both direct effects and indirect effects appeared to fit better than alternative model in explaining relationships between retirement stress and depression. In other words, character strengths and marital dissatisfaction appeared to affect the depression levels of retired men directly and indirectly. To sum up, this study demonstrated that the factors which had an effect on depression in retired men, character strengths and harmonious marital relationships appeared to act as a buffer against depression in retired men. The current results might serve as basic data for psychological well-being programs for retired men. Finally, the limitations and implications of the current study were discussed.

• Korea journal of population studies
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• v.26 no.1
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• pp.115-141
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• 2003

The aim of this paper is to describe a long-term trend toward earlier retirement and its reversal since 1985 in the United States, together with changes in socioeconomic conditions and social-policy programs which have contributed to this new development. The American people's recent propensity to retire at relatively younger ages was mainly a result of secular increase in individual wealth that had made it possible for them to enjoy higher standard of living without their participation in labor market activities at older ages. In addition to the introduction of compulsory retirement system, both social security retirement pension program and corporate pension system have also contributed significantly to the declining retirement age and its reversal around the mid-1980s. This paper pays full attention to the set of social policy programs which are currently being used to sustain the recent reversal in ages at retirement. The basic question to be raised here, however, is about whether or not the U. S. government will ave to continue to implement the social policies and programs used to discourage the elderly from retiring at relatively younger ages in the future. In this paper, it is argued that labor productivity growth and improvement in work attitude prior to retirement will help the elderly find little difficulties in having higher standard of living, despite their further lengthening of life expectancy at birth and post-retirement survival chances, the latter being often called the "third life". Most American people hope that the social-policy programs that have promoted early retirement will remain unchanged in the first part of the 21st century while they will put significant financial burden on their future descendants who have to work in the paid labor market. Taking this observation in consideration, this paper concludes that the U. S. government has to focus more on developing the programs that improve work propensity and labor productivity among the currently working-age population rather than continuing to implement the programs that sustain the recent reversal in retirement ages.ment ages.

• 한국노년학
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• v.36 no.4
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• pp.959-979
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• 2016

This study was performed to explore the life experience as a teacher was dissolved in life aimed at elementary school female teachers. The selection of the four-year teaching career more than 35 years, from January to November 2015 and retired teacher retirement not more than three years to 2015, five people in the study participants were conducting research. Research method was approached narrative interview method of qualitative research, Sch?tze of biographical research methods utilized in exploring how narratives. Results from this study showed the biographical curve through the 'biographical statement', 'experience the life of a female teacher','difficulties experienced in the reality of female teachers', 'reward as a teacher', divided into the categories' 'post-retirement life adaptation types'. These findings are in accordance with the retirement teacher pointed out the lack of social adaptation programs, such as training or preparation for life after retirement, With the increasing need for pre-retirement training is to prepare for life after retirement were suggestions that the government offers programs and information about the life after retirement is necessary.