• Journal of Family Resource Management and Policy Review
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• v.17 no.4
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• pp.171-187
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• 2013

Individuals are increasingly required to take more responsibility for their own retirement. The purpose of this study was to investigate the efficacy of counseling for retirement planning on awareness and behavior related to retirement preparation. The data came from 3,561 adults who received counseling from National Pension Service. The major findings can be summarized as follows : (1) There were significant changes in awareness and behavior for retirement preparation after receiving counseling services ; (2) young age, type of counseling (comprehensive diagnostics for retirement preparation), and counseling method (face-to-face) had a positive effect on changes in awareness and behavior ; and (3) expertise and adequacy of counseling, as well as the attitude of counselors, had an influence on changes in awareness and behavior.

• International Journal of Human Ecology
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• v.5 no.1
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• pp.97-115
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• 2004

This paper first introduces the U. S. pension system and its current trends. Then the following two sections discuss the research on worker behavior of defined contribution plans, a popular pension plan available for American workers in recent years, and the adequacy of retirement income among American people. The last section is a summary. This paper reviews the trend of the U. S. pension system, research on worker's behavior of defined contribution retirement plans, and studies on retirement income adequacy. These themes may have common or different features in other countries, such as Korea. This paper provides helpful information for private and public policy makers and researchers of these topics in Korea to advance their understanding of pension and retirement behavior and facilitate effective policy making of pensions and retirement.

• Journal of Families and Better Life
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• v.27 no.1
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• pp.1-16
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• 2009

Using the 2007 Fund Investors Survey, we investigated (1) the differences in economic status in terms of household income, consumption, saving, assets and debts, (2) the differences in financial management behavior, (3) and the differences in confidence in economic status after retirement between households conducting and not-conducting financial preparation for retirement. The major study findings were as follows. First, only 46.4% of the households were financially preparing for retirement. The levels of income, consumption, and saving were higher among households conducting financial preparation for retirement than among those not-conducting such financial preparation. Second, households conducting financial preparation for retirement had a relatively high propensity to save. Their financial asset portfolio had a higher weight in safety assets and investment assets than in retirement assets. Due to their lack of confidence in their economic status after retirement, their demand for financial preparation for retirement remained. Third, the households which did not conduct financial preparation for retirement tended to have a relatively heavy debt burden and not to implement general household financial management practices. Fourth, among the three-pillar retirement income system, the second pillar, of individual retirement account was not well established. Based on these results, various implications were suggested.

• The Journal of the Korea Contents Association
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• v.13 no.8
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• pp.201-210
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• 2013

The purpose of this study is to verify the effects on all factors from the research design by pastors. Research model is based on the theory of planned behavior. To this end, data were collected from 214 pastors and they were analyzed. In order to derived the results of a study, we used the statistical processing technique SPSS, to perform verification of factor analysis and reliability of each variable, AMOS analysis was performed for hypothesis testing. The results are as follows. First, this study demonstrated that there is a positive relationship between subjective norms and intention, perceived behavior control and intention of retirement preparing. Second, this study demonstrated that there is a positive relationship between intention and behavior, perceived behavior control and behavior of retirement preparing. Third, intention had a partial mediation effect between perceived behavior control and behavior of retirement preparing. As a result of this research, comprehensive implications were suggested for improving of retirement preparing by pastor.

• Journal of Labour Economics
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• v.17 no.2
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• pp.353-384
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• 1995

• Journal of Families and Better Life
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• v.34 no.5
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• pp.53-68
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• 2016

Financial preparation for retirement means making financial plans by predicting expected incomes and expenditures needed for maintaining success in later life. Because this preparation needs long-term planning, preparing as early as possible is recommended. This study, therefore, uses theory of planned behavior for examining the intention of financial preparation for retirement of consumers in their 20s and 30s. By using financial education and its understanding as additional variables, this study also intends to examine the ultimate effects on the intention. The following is a summary of the main results and suggestions. First, the level of consumer financial education is lower than the average. The level of understanding finance is lower than the average, and particularly, the level of understanding retirement related finance is much lower. Second, the more the attitude of financial preparation for retirement is positive, and the higher the level of subjective norm or perceived behavioral control is, the level of the intention of financial preparation for retirement tends to be more higher. Therefore, relevant efforts to encourage this preparation are needed. Third, the level of the intention of financial preparation for retirement is higher than the average, whereas financial education has no effects on the intention. This means that despite the importance of the financial education, its current implementation has many problems. The suggestions of this study are as follows. First of all, this study can provide preliminary data for developing retirement planning programs. In addition, in terms of the policy, given that this study targets relatively young consumers in their 20s and 30s, it can provide preliminary data for making policies for their future retirements.

• Korean Journal of Culture and Social Issue
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• v.22 no.2
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• pp.137-163
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• 2016

The purpose of this study is to compare rational process of active ageing and productive aging based on the theory of planned behavior. The effect of post-retirement may be influenced by attitude, subjective norms, and perceived behavioral control for old aged workers, then we tested the effect of mediating role of post-retirement preparation on active ageing and productive aging. And we conducted additional analyses of mediating role of post-retirement preparation respectively. Conducting a survey research to 192 employed old aged workers, the data was analyzed by Structural Equation Modeling. The result of this study found the positive effects of attitude and perceived behavioral control on active ageing through post-retirement preparation. There were negative effect of subjective norms and positive effect of perceived behavioral control on productive aging through post-retirement preparation. According to additional analyses, the mediating effect of social post-retirement preparation was significant on active ageing, and the mediating effect of emotional and social post-retirement preparation was significant on productive aging. Suggestions for future research and practical implications were provided based on the findings.

• 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.

• Journal of the Korean housing association
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• v.25 no.5
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• pp.73-82
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• 2014

The purpose of this study is to identify U.S. Baby Boomers' intention to move and their reasons for moving after retirement, and to examine the associations between their socio-demographic characteristics and housing characteristics, and their reasons for moving after retirement factors. A total of 403 usable data were collected through an online survey using a self-administrated questionnaire. For data analyses, descriptive statistics, factor analysis, t-test, and ANOVA were used. Almost 30% of the total respondents considered moving and 15% were strongly agreed to move after their retirement. The most frequently mentioned reasons for moving after retirement were 'a place with good weather', 'being close to leisure activities', and 'a change or decline of my current neighborhood'. Four factors of reasons for moving after retirement (quality of residential environment, need assistant, proximity to activities, and proximity to family/friends) were identified. Age, marital status, number of household, housing type, homeownership, length of residence, and number of bedroom were significantly associated with the four factors of reasons for moving. The results of this study provide a better understanding to U.S. Baby Boomers' housing behavior after retirement which is 10 years faster than Korea, and suggest insights of housing plan for Korean older adults.

• Survey Research
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• v.12 no.1
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• pp.65-88
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• 2011

This study analyzed the work and retirement behavior of middle- and old-aged Koreans using panel-data based multi-state life table models. Compared to previous studies that have mainly focused on gender differences in the work and retirement behavior, this study also analyzed educational differences in the retirement life course. With respect to the heterogeneity of work and retirement experiences, this study finds that the retirement life course of men and women differs substantially. Despite their longer life spans, women are expected to have shorter working life expectancies but live in a non-working state longer, resulting in a substantially higher proportion of non-working state in their lives. In terms of educational differences, this study finds that there is little difference in the expected length of stay in the labor force across educational levels but that poorly educated persons are more likely to spend a greater proportion of their lives in the labor force due to their shorter non-working life expectancies.