• Korea Real Estate Review
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• v.28 no.1
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• pp.105-114
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• 2018

According to Statistics Korea, South Korea has entered the realm of the "aging society" with the rapid development of the country's population. Researchers anticipate that the extremely high (73%) ratio of real estate property to total assets for mid-age to aged households in South Korea that do not have a fixed income may cause serious problems in the future. For example, the real estate market in South Korea may be bombarded with properties listed for sale, causing the average property price to drop due to the abundant supply. Although this prediction may be reasonable, this concept has excluded the idea of pension (which is crucial as it can be considered a consistent and fixed income) due to the limited amount of available data thereon; as such, it is important to include this factor to improve the pertinent research. Thus, this research was conducted using the data from the $3^{rd}$ and $5^{th}$ Korea Retirement and Income Study. For the study results, it was found that variables such as net asset, gender, education, and number of family members have the same impact as that found in the previous studies. To extend from here, two new factors were introduced: the existence of pensions and the amount of pension received by a household. From there, it was found that the existence of a consistent and fixed income such as a pension has led to an increase in housing consumption, the area of interest of the authors.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2008.10a
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• pp.314-318
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• 2008

퇴직연금에서 DB(defined benefit, 확정급여형) 플랜 가입자는 은퇴 이후의 급여가 확정되는 반면, DC(defined contribution, 확정기여형) 플랜 가입자는 납입금액만 확정될 뿐미래의 급여는 보장되지 않는다. 따라서 DC 플랜 가입자는 가입기간 동안 적절한 투자전략을 통하여 연금자산이 최대로 성장할 수 있도록 노력해야 한다. 그러나 자산가격은 시장 위험에 노출되어 있기 때문에 자산배분은 퇴직시점에 접근할수록 안전자산 위주로 전환되어야 한다. 라이프사이클 자산배분모형과 라이프사이클포트폴리오는 최신의 운용기법으로 그 유용성을 인정받고 있지만, 기계적이고 직관적인 방법으로 인하여 이론적인 근거에 취약성을 가지고 있다. 본 연구에서는 DC 플랜 가입자의 안정적인 자산관리를 위한 라이프사이클을 고려한 자산배분모형을 제시하고자 한다. 시뮬레이션 최적화 방법을 활용한 자산배분의 경우, 채권의 비중은 주식의 누적수익률 열세와 변동성으로 인하여 비조건부 자산배분과 주식에 대한 최저 투자비중을 고려한 조건부 자산배분에서 우세하게 나타나고 있다. 그러나 두 자산배분모형의 성과는 장기적으로 차이를 보이다가 기간이 축소되면서 차이가 크게 줄어드는 것으로 분석되었다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.6
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• pp.167-187
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• 2020

Currently, Korea is changing into an ultra-aging society, and office workers retire at the age of 49.5 on average from their main jobs, and the national pension is delayed from 62 years old to 65 years old by 2034, so research is needed to prepare for the aging of office workers after retirement. The purpose of this study is to examine the factors affecting the intention to start a business after retirement and the mediating effect of another sense of success expectation on life after retirement, targeting office workers nationwide. Changes in individual attitudes and systematic institutional support are needed to prepare for a sustainable job until the age of 100 after retirement, that is, a start-up utilizing wisdom and experience in work life. As a result of the study, the ability to perform the goal as job performance, economic preparation for retirement preparation, preparation for external relations, and future anxiety have a positive effect on the entrepreneurial will, and the ability to use new technologies as job performance, and physical preparation for retirement. Preparation and preparation for internal relations were found to have no effect. In the influencing relationship between preparation for external relations and the will of start-up, and future anxiety and will of start-up, another sense of success was confirmed to have a partial mediation effect. In the relationship between economic preparation and willingness to start a business, the effect of complete mediation was confirmed. In order to increase the will to start a business after retirement, it was confirmed that another sense of expectation for success was an important variable. Introducing a government-sponsored education system in the company to reduce the government's financial burden due to super-aging and achieve corporate growth through employee training while potential founders, office workers, are employed, and entrepreneurship and goals for the three life goals of office workers By introducing a performance improvement program, we were able to get implications that would be a solution to the growth of individuals and businesses and reducing the government's financial burden.

• The Korean Journal of Applied Statistics
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• v.27 no.2
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• pp.211-226
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• 2014

This paper discusses life expectancy differentials of beneficiaries of national pension old-age benefit and benefit-cost analysis in Korea. These results are useful indicators for the assessment of retirement income security of beneficiaries and old-age benefits. This paper analyzes benefit-cost ratio, internal rate of return and generation transfer amount, using life tables by lifetime incomes. The result of the actuarial analysis for male life expectancy is approximately 21.69 to 24.63 years. The result of the actuarial analysis for female life expectancy is approximately 27.63 to 29.81 years. The result of the actuarial analysis of low income level is that the benefit-cost ratio is lower approximately 2.68 to 4.83%, the internal rate of return lower approximately 0.00 to 0.74%, the generation transfer amount lower approximately 3.00 to 5.74%, than total income level. The result of the actuarial analysis of high income level is that the benefit-cost ratio is higher approximately 2.07 to 4.98%, the internal rate of return higher approximately 0.03 to 1.73%, the generation transfer amount higher approximately 2.53 to 9.68%, than the total income level. The results by income varies due to the effect of income redistribution and life expectancy on the national pension.

• Management & Information Systems Review
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• v.16
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• pp.139-159
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• 2005

In many countries the demographics clearly informs us that an aging population represent a serious problem. To this extent senior citizens welfare does matter it has developed into a public debate and genuine concern. it seems that the social issues are focused on how the socity views the social welfare policies. In a modern welfare state where the emphasis lies in pursing a high standard of living and thereby high quality of life. This does not cover the very well the old people in society, but the government clearly carries an obligation to look after and care for the retired & old people in the society. This obligation the social and economic impact that an old person faces as he/she grows old. it is important ensure that their lives carries a meaning and that they as a group will not be estranged from the mainstream of society just because they are considered to be part of the aging population. The key issues that must be addressed are 1) The impact of reduced spending power from less income. a lower income stream; 2) increasing health problems and costs; 3) the natural degradation of ones physical & mental powers; 4) and thereby an isolation from the public in general. So clearly the social policy related to the old people in society should be developed with the consent of what they believe is important to them. To ensure their minimum income level that a beneficiary of an old person's pension will receive, the monthly pension should be reflected by the official price index and be adjusted accordingly. by making the job market open for the senior citizens, expending the mandatory retirement age, give companiesincentives to hire senior citizens, there maybe an opportunity to extend to the aging population the possibility to continue to participate in the society at large.

• Journal of Teachers' Pension
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• v.5
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• pp.219-241
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• 2020

연기연금제도는 연금 지급개시연령 도달 이후 일정 기간 연금수급을 포기하는 대신 급여에 일정액을 가산하여 지급하는 제도이다. 연기연금은 지급개시연령 도달 이전에 수급을 신청하면 일정액을 가산하여 차감하고 지급하는 조기연금과 상호보완적인 기능을 수행하며 유연은퇴(flexible retirement)의 주요한 축을 구성한다. 연기연금제도의 정책적 목적은 수급자별 다양한 재무적 상황에 따라 보다 유연한 은퇴설계와 노후소득 확충을 지원하는 제도적 장치를 마련하는 것이다. 하지만 현재 연기연금제도는 국민연금에는 시행되고 있으나 사학연금을 비롯한 직역연금에는 도입되지 않고 있다. 최근 공적연금간 급여규정 수렴화에도 불구하고 사학연금을 비롯한 직역연금에서 연기연금을 도입하지 않는 배경에는 공적연금간 급여 형평성 등 많은 쟁점사항들이 영향을 미치기 때문일 것이다. 하지만 이 연구는 그러한 기저의 논쟁에서 벗어나 제도의 재무적 특성 분석을 목적으로 한다. 분석자료는 연금수급을 위한 요건을 충족한 퇴직자 중 연금수급연령 미도달자로 이들 대기자 그룹의 미시자료를 이용해 연기연금 적용 시 제도의 총급여액 증가를 야기하지 않는 재정 중립적 증액률(plan-neutral deferral rate)을 산출하였다. 분석결과, 분석자료를 대상으로 한 산술적 증액률은 6.75%였으나 민감도 분석의 결과를 반영한 적정수준은 6% 이하일 것으로 사료된다. 이는 장기적 추정의 특성상 적용되는 가정변수 수준에 따라 변동폭이 클 뿐만 아니라 하위 구성집단간의 이질적 특성으로 산출되는 증액률의 편차가 크기 때문이다. 따라서 재정 안정성을 훼손하지 않기 위해서는 보수적 관점의 접근이 필수적이다. 연구의 구성은 크게 세 부분으로 II장에서는 소득활동관련 연금의 주요한 수단으로 연기연금의 제도적 필요성을 검토하고, III장에서는 실제 사학연금 가입자 자료를 이용해 재정 중립적 증액률을 산출하고 주요 변수별, 특성 집단별 증액률에 대한 분석결과 및 시사점을 기술하였다. IV장에서는 장기 재정안정성을 저해하지 않기 위해 적정 증액률 산정 시 추가적으로 고려해야 되는 재무적 관련사항을 기술하였다.

• Journal of the Korea Society for Simulation
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• v.33 no.1
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• pp.27-34
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• 2024

This study aims to propose an optimal asset allocation that minimizes the risk of insufficient realized replacement rates compared to the OECD average replacement rate. To do this, we set the shortfall risk of replacement rates and calculates an asset allocation plan to minimize this risk based on the period of enrollment, the income level and additional contribution. We consider stocks and deposits as investment assets, using Monte Carlo simulation with a GBM model to generate return distributions for stocks. Our result show that, for individuals with a enrollment period of less than 30 years, participants should invest a minimum of 70-80% of their funds in risky assets to minimize the shortfall risk. However, the proportion of funds that need to be invested in risky assets declines significantly when participants contribute an additional premiums. This effect is particularly pronounced among low-income individuals. Therefore, to achieve OECD average replacement rates, the government needs to incentivize participants to invest more in risky assets, while also providing policies to encourage additional contributions, especially for the low-income population.

• Journal of the Korea Convergence Society
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• v.7 no.5
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• pp.201-211
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• 2016

This paper uses the Panzar Rosse model to investigate the competitive conditions in the Korean life insurance companies over the period of 1999 2012. We break down the entire sample period into four distinctive groups and analyze the competitiveness of each period. The results indicate that for the pre-introduction of Bancassurance period, the H-statistic is -1.3984 and the life insurance market is found to be in monopoly or cartel. However, for the post-introduction of Bancassurance period, the H-statistic is 0.9107 and the life insurance market appears to be in monopolistic competition. The results from the introduction of retirement pension system are very similar to those of the introduction of Bancassurance. Overall, the findings indicate that the Korean life insurance market is in long-run equilibrium before the new system introduction, but make adjustments to the new equilibrium.

• Survey Research
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• v.7 no.2
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• pp.97-122
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• 2006

Korean Longitudinal Study of Ageing(KLoSA)', launched in 2006, has developed a research network with 'Health and Retirement Study(HRS, US),' Studies on Health and Retirement in Europe(SHARE, EU),' and 'English Longitudinal Study of Ageing(ELSA, UK)'and tried to construct a mega data library. The KLoSA team has designed their research with focusing on the following three points, in order to use KLoSA for international comparative studies. First, KLoSA shares the key research areas such as family structure, health, employment, income, asset, subjective expectations with the comparable studies. Second, KLoSA team has developed the instrument to reflect the Korean culture and institutions. They considered the institutional characteristics in public pension and health care system and in employment practices. They also counted the cultural conventions in family life such as financial management and care exchange, Finally, KLoSA tries to capture the psychological characteristics of the Korean elderly by making the measurement scales more understandable.

• Industry Promotion Research
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• v.5 no.3
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• pp.23-29
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• 2020

In order to enrich the lives of senior citizens, this study suggested measures to increase income for the elderly by strengthening the current income security policies. Income security is a policy that guarantees income to maintain a certain standard of living. It is a policy that guarantees income to maintain a certain standard of living when income is suspended due to unemployment, disease, or disaster, or when income is lost due to retirement or death of a dependent due to old age, or when expenditure accompanying birth, death, etc. occurs. According to the study, measures to expand old-age income security are as follows. First, a phased increase in basic pension for the guarantee of old-age income is needed. Second, the income security function of the National Pension Service should be further strengthened. Third, a multi-layered old-age income security system should be established. Fourth, the government should continue to push for the expansion of works for the elderly. In conclusion, in order to strengthen the income security policy for the elderly, a reexamination of the current income guarantee system for the elderly is needed first. Then, it will be necessary to propose measures to gradually guarantee income for the elderly.