• 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.30 no.2
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• pp.137-152
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• 2012

The graying of populations is emerging as an international issue around the world, and this is a problem that is rapidly advancing in Korea as well, signaling the need for financial preparations for the aged. For this purpose, various retirement pension systems are being employed as preparatory measures for the nation's elderly. Using data from 1474 people in the 2007 panel study of National Security for the Retired, the present work attempts to look at satisfaction rates with regard to public pension receipts for the national pension and special occupational pensions according to general characteristics and factors related to the preparation for an aging society. Satisfaction with retirement pension receipts according to the type of pension was high for special occupation retirement pensions, individual retirement pensions and the national retirement pension, in that order. Looking at satisfaction rates based on the general characteristics of pension recipients, the study revealed that for the national pension, satisfaction was highest for groups with above-average physical and psychological health, groups who think appropriate living expenses for the elderly are lower, groups in which a partner also earns income, and groups who had amply prepared for their expected living expenses in later life. Regarding special occupation retirement pensions, satisfaction was high for groups over the age of 70, groups with good psychological health, and groups sufficiently prepared for their living expenses in later expenses, compared to groups for which these factors did not apply. In terms of the relative influences impacting retirement pension recipient satisfaction, satisfaction with the national pension was highest when the primary source to cover elderly living expenses was a resource other than income earned by the recipient and their partner and/or income received from children. Concerning special occupation retirement pensions, satisfaction was highest among those whose education terminated before middle school, and for those in good physical health. Based on the above results, it is vital that plans exist for preparing sufficiently for the living expenses of the elderly and for facilitating the physical and psychological health of pension recipients. Plans are also necessary to, ensure that citizens are provided with easily accessible educational programs and activities regarding general installment savings and deposits, stocks and bonds, real estate investments, individual retirement pensions, private insurance, severance pay pensions, and public pensions.

• 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 Digital Convergence
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• v.19 no.4
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• pp.39-48
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• 2021

The retirement pension is one of the security systems for retirement income. In Korea, since 2016, companies with 300 or more employees are obligated to introduce retirement pensions, so the rate of introduction of retirement pensions by large companies is high, but the rate of introduction of small and medium-sized enterprise(SME) is very low. This study aims to suggest a direction for the government's policy establishment to introduction of a retirement pension plan by looking at what financial attributes affect the intention to introduction of retirement pension plan. As a result of the analysis, it was found that among the financial attributes, Return on Sales in the positive (+) direction and Equity Capital Ratio in the negative (-) direction were significant factors influencing the intention to introduce a SME retirement pension. Accordingly, the government policy to induce the introduction of the retirement pension for SMEs needs to be implemented in stages with priority to SMEs with large Return on Sales and Equity Capital Ratio.

• 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.

• Korean Management Science Review
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• v.32 no.3
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• pp.13-28
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• 2015

Using the most recent dataset of Korea and U.S. household finance, this study analyzed demand and adequacy of private pensions for pre-retirees. For this purpose, 2013 Korean Retirement and Income Study (KReIS) of national pension research institute in Korea and 2013 SCF (Survey of Consumer Finances) of FRB in U.S. were used. For comprehensive comparisons of the two countries, this study classified the private pension into sub-categories such as personal pension, corporate pension, and retirement benefits, and used three different criteria including ownership, accumulated present value of each pension, and income replacement ratio of each pension. After controlling for other factors, educational level of householder and household income were critical determinants of size and adequacy of private pension in both countries. Different from Korean households, householders' gender, marital status, and health status had an important effect on the private pension size and adequacy in the U.S. In addition, home ownership significantly increased only private pension adequacy in Korea, and also increased ownership rate, size, and adequacy of private pension in the U.S. Results of this study provide useful implications for future pension system and policy in Korea.

• Journal of the Korean Data and Information Science Society
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• v.23 no.6
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• pp.1165-1172
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• 2012

The purpose of this paper is to investigate the reality of the occupational pension and suggest annuitization over a lifetime of the occupational pension for the purpose of securing income after retirement. A survey and the empirical analysis such as regression and crosstabulation analysis are employed. An research on a case study of an advanced countries is also conducted. The crosstabulation analysis shows that the post-retirement amenities of the self-employed person and the lower income bracket are serious. Individual retirement pension is suggested for the self-employed person and Riester Pension in Germany is recommended for the lower income bracket. The cases in Australia and the UK are useful for annuitization over a lifetime of the occupational pension.

• The Korean Journal of Health Service Management
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• v.10 no.3
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• pp.199-211
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• 2016

Objectives : This study compared the influencing factors on life satisfaction after retirement between public pension and specific corporate pension recipients. Methods : This study used the fifth year data of 2013 from the raw data of the Korean Retirement and Income Study collected by the National Pension Research Institute. The data analysis in this study was done with the chi-square test, t-test, and linear regression using SPSS ver. 22.0 to verify the relevance between the general characteristics of pension recipients. Results : This study shows that there was a difference in expenditures and health care costs between public pension and special corporate pension recipients. The influencing factors on life satisfaction for public pension recipients were the level of spending, whether there were limitations in daily life and social activity, whether recipients had financial assets and health care costs while for specific corporate pension recipients, they were education level, level of spending and chronic diseases. Conclusions : A health policy that maximizes life satisfaction and takes into account the type of pencion needs to be considered and implemented.

• 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 the Korean Data and Information Science Society
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• v.25 no.6
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• pp.1315-1331
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• 2014

Replacement rates which shows the ratio of retirement income relative to preretirement income is used for a valuable evaluation measures while discussing social security benefit levels or the adequacy of retirement income. However, replacement rates has been only used for an index for evaluating benefit level at the time of retirement or specific retirement period in advanced research projects. This article analyzes how much the uncertainty of survival has an influence on retirement income, and shows replacement rates in conformity with the period of survival as an index. The researchers named this index lifetime income replacement rates. Analysis based on this index shows both life replacement income rates of 38.3% in men's case and of 41.1% in women's case while enrolled for 20years in three pension plans - national pension, retirement pension and individual annuity.