• The Journal of the Korea Contents Association
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• v.15 no.10
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• pp.570-586
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• 2015

The purpose of this study is to analyze the effects of middle-aged retirement planning on individual's quality of life and overall satisfaction, and moderating effects of social and psychological sense of crisis, and the differences of measured variables in the demographic characteristics. Retirement planning that may be the most important factor in the country's social costs is aimed to provide a basis for fixing the interest in advance of retirement planning training and retirement. The subjects are workers who live in the Seoul metropolitan area and Gyonggi-do. Total sample size is 350, then 335 samples were collected on the data. The results of this study can be summarized as follows. First, house ownership and education level among demographic variables affects satisfaction of their life. People who do not own a house shows higher satisfaction, and higher education level affects satisfaction positively. Second, satisfaction is affected by transition to rest negatively, on the other hand, it is affected by expect of new beginning positively. Besides, No moderating effect of social and psychological crisis showed that negative life evaluation role to the independent variables. Third, cognitive information is affected by transition to rest and imposed disruption positively. Besides, job dissatisfaction adjusts between them. Fourth, improvement of life quality is not affected by expect of the retirement planning. On the other hand, there is not moderating effects of social and psychological sense of crisis.

• East Asian Journal of Business Economics (EAJBE)
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• v.2 no.4
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• pp.26-47
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• 2014

The paper examined effect of age cohort on life cycle financial planning. A total of 990 questionnaires were distributed with a 55.2% return rate. Seven hypotheses were analysed using hierarchical and ordinary regression analysis. The results revealed that age cohort variables made significant contribution to life cycle financial planning as well as personal orientation towards retirement planning, particularly the younger age cohort. Age cohorts do affect personal orientation towards retirement planning with the confidence level making a significant impact. Current financial resources do have a strong positive impact on consumption for all age cohorts. On the other hand, no significant effect was found between age cohorts and current financial resources but older age cohorts were relatively more significant predictors. The implication was that not only should their individual perceptions of financial planning become an increasingly important part of people's long-term commitment throughout their life-cycle, it must also assume the role as a self-directed life-long learning process, in view of the ever-changing and complicated financial environment.

• The Journal of the Korea Contents Association
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• v.17 no.9
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• pp.449-465
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• 2017

Small and medium-sized company workers are ill-prepared for retirement due to low wages and poor working conditions, as result, are likely to get into poverty in retirement. The purpose of this study is to conduct a case study on the current status of financial and non-financial retirement preparation of the small and medium-sized company workers. The main findings are as follows. First, the small and medium-sized company workers show the anxiety about retirement. Many pre-retirees worry that their retirement savings may not generate enough income in retirement, and the level of benefits paid in public pension is inadequate. Second, they are preparing for retirement in the areas of finance, health, working after retirement and social activity. Third, they are realistic and practical in retirement decisions makings. they are considering household budget downsizing, cutting education costs, the low-waged job choice and cash flow preference in retirement. The safety and reality in preparation for retirement are top considerations. In conclusion, this case study shows that pre-retirees of small and medium-sized companies are seeking diverse retirement solutions. We need to design integrated and practical retirement planning programs to support their specific retirement needs.

• Journal of the Korean housing association
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• v.26 no.4
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• pp.119-127
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• 2015

Many researchers addressed a strong need for providing diverse senior housing options to accommodate different demands from the growing senior population in Korea. One option can be the university-based retirement community (UBRC) which is linked to the adjacent universities and offers various physical, educational, and recreational programs for residents. The primary purpose of this study was to identify major features of the UBRC in terms of development, management, level of college participation, and types of care services for senior residents and to suggest future implementation directions in Korea. Two cases from the United States were selected and investigated to accomplish this goal. Main features of the UBRC were identified as follows: The university linked to each subject community was strongly involved in the development process. Their original residents were mainly recruited from university retirees. The strong university involvement became diminished as the retirement communities got settled down. This study analyzed these architectural, managerial, and development features and suggested future implication directions of university-based retirement communities in Korea.

• Korean Journal of Social Welfare
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• v.57 no.3
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• pp.415-435
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• 2005

The purpose of this study was to investigate conceptual constructions which determined financial preparedness for retirement. This study was guided by two theoretical frameworks, planned behavior theory and hierarchical personality model. Based on two theories, the conceptual framework which aimed to explain financial preparedness for retirement were formulated. Data from 'The health and welfare profile of the elderly aged 65 and or older in Chung-choo city' was analyzed. The subjects consisted of 87 economically active elderly population. Structure equation model was employed for statistical analyses. The results of structure equation model revealed that the casual relationship between the level of perceived financial-planning knowledge and the level of financial preparedness for retirement was statistically significant. Also, the hypothesized structural model for financial preparedness for retirement had the good model fit. Implications for social work practice from this study were discussed.

• Korean Management Science Review
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• v.27 no.1
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• pp.45-60
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• 2010

This study evaluates life annuity plans based on two different types of measures : financial benefit and utility on consumption. The financial benefit is measured by Money's Worth (MW) ratio and return on annuity. For the measure of utility, an optimization problem is formulated with the objective of maximizing utility on consumption. To solve the optimization model, we use Dynamic Programming (DP) technique. The both types of measures are applied to cases of Korean pre-retirees at age 40 with different accumulation years of annuity (i.e. level of annuity asset at the age of retirement) and different timings of annuitization. Our results generally indicate that the utility based optimization model is superior to the financial measures in terms of providing a better evaluation of an annuity plan due to its capability to consider an individual's financial situation during his/her retirement period. Also, they suggest that the level of annuity asset is an important factor when an individual determines the optimal annuitization timing.

• Journal of Korean Society of Rural Planning
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• v.12 no.2 s.31
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• pp.37-47
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• 2006

Recently, due to the growing concern of the public in rural amenities and hobby farming works, much more urbanites, especially near-retirees, have been interested in rural life style than before. However, in spite of popular preference to ruralities, little has been known about their demand on retired rural life. Therefore, this study examined urbanites' attitude to preparatory works for out-migration, preferred residential site conditions and life style in the countryside. For this purpose, data were collected from a survey with the sample of 386 urban residents aged 40 to 65 rho hoped moving into the countryside after retirement, through structured questionnaires. Descriptive statistical works were performed using SPSS/PC windows program. The major findings of this study were as follows; (1) Host of urbanites, who answered in this study, planned to prepare ex-urban movement in their fifties and to put into practice in their sixties. (2) Key factors of location decision on movement were proximity/accessibility to centre city, medical service level, and distance to their family or friends. And about a half of respondents wanted second home in the countryside. (3) Most favoured rural life styles were nature-friendly well-being and hobby/healthy firming. Generally, the respondents of this survey had the positive attitude to do works in their later life, especially preferred to farming and volunteering in their communities.

• Journal of Families and Better Life
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• v.22 no.6 s.72
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• pp.47-61
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• 2004

The purpose of this study is to develop a life planning program for retired elderly people. This program is not a preparation program for elderly people prior to their retirement but a readjustment and re-planning their life after retirement. This program help retired elderly people to solve the life problem and set up a affirmative ones future image. Also this program pay regard to social, home backgrounds of this generation. The program consists of four session curriculums session 1 is entitled to &Make my future by oneself&, session 2 is &Enjoy healthy life as much as one can&, session 3 is &Have a heart for family& and session 4 is &Set up a mature old age&. A fled study has been conducted with ten retired elderly people who want to participated in the program voluntarily. 4 sessions each of which consists of 2 hours were performed at Korean Association of Retired Persons. Field test for program evaluation is designed to three steps: pre-test, post-test and one month follow-up test to measure the effectiveness of the program. According to evaluation results, the program shows a significantly positive effect on the improvement of elderly people's understanding about elderly life. At the one month follow-up assessment, the effect of program is still remained strongly even though there is a Partial slight increase or reduction which is not statistically significant. Most of the program participants have expressed high level of satisfaction with the program. For further study, we need various contents which are suited to larger group with diverse socio0-demographic backgrounds. At the same time, the program has diverse instruction methods which are pertinent to levels of participants. Also, the program needs to continuous adjustment to the next generation with their social, home backgrounds.

• Journal of Digital Convergence
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• v.13 no.4
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• pp.137-146
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• 2015

The aging process in this country is underway at the fastest pace compared to those of the leading countries. On the other hand, preparing for retirement funds is more difficult than before due to the impact of slow interest rate and slow growth. The purpose of this study is to examine the necessity of providing various financial services in preparation for the future aging era. After analizing the various materials and utilizing a survey of the bank employees and the general public, we have found the followings. The replacement rate of this country, 55%, is much lower than the suggested level of World Bank, 75%. Also, the pension ratio in the income after retirement of this country is much lower compared to those of the States and Japan. The most people who participated in the survey needed ￦2,000 - ￦2,990 thousand for monthly living expenses after retirement. For the retirement funds, the higher the age the higher proportion of savings deposits they want, and the lower the age the higher proportion of insurance and pension products they want. Based on these analyses, the necessities of developing financial life planning which includes both financial and non-financial sides, retirement funds management according to age, revitalization of housing pension and developing diverse retirement funds are suggested.

• Journal of the Korean Home Economics Association
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• v.35 no.5
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• pp.1.1-15
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• 1997

The purposes of this study were to identify the household's financial status by life cycle stage and no analyze contributing factors to financial planning for retirement preparation among Korean marred couples. For these purpose, 2074 married couples those being under 55 and having either single earner or dual earners were selected, and total sample was divided into three stages; young-aged(＜35), middle-aged(35-44) & old-aged(45-54). Statistics were frequencies, means, percentile, and logistic analysis. The results were as follows. First, old-aged had higher level of total income, total expenditure and total assets than either young-aged or middle-aged. In addition, households those holding private pensions were likely to have higher total income, total expenditure and total assets than those owning no private pension. while middle-aged had a highest total debts. Second, gini coefficients of total income and total expenditure between three aged groups were similar, but old-aged had the highest gini coefficient of total assets and total debts. In particular, gini coefficients of total assets and total debts of households those having no private pension were greater than those holding private pensions. third, contributing factors to private pension ownership of young-aged were family & household-related factor and financial factor, middle-aged's factors were household head's characteristics and financial factor. Also, old-aged's factors were household head's characteristics, family & household-related factor and financial factor.