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KMID : 1124020130290010167
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Korean Social Security Studies
2013 Volume.29 No. 1 p.167 ~ p.197
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The Retirement Sentiment Index of Korea -The Prospect Index and the Assessment Index
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Choe Hyun-Cha
Joo So-Hyun
Cho Hye-Jin
Kim Min-Jeung
Kim Jung-Hyun
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Abstract
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Even though the acceleration of social interests and effort for retirement planning, there are still so many people who retire without enough preparation for the retirement life. The view to encompass financial and non-financial issues in retirement planning is getting wide attention, and, pre-retirement people`s prospect for retirement life and retiree`s assessment of their own life are coming into the spotlight as well as the preparation for retirement life. Thus, this study developed the retirement sentiment index in all of the components of life which represents the prospect and the assessment for the retirement life. The key findings were as follows: First, the retirement assessment indexes were much lower than the prospect indexes in most of the components of life, except the components of health and leisure. Second, the gap between the prospect indexes and the assessment indexes were biggest in the components of finance and work. Third, having little children lowered the satisfaction of retirement life, while the number of family member had positive effect for the assessment of retiree`s life. And, having proper income and wealth were associated with the satisfaction of life in retirement. These findings have practical implications for financial institution, the education of retirement planning, and policy making as well as retirement planning strategies for individuals.
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KEYWORD
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Retirement, Retirement Planning, Comprehensive Retirement Index, Retirement Sentiment Index, Retirement Prospect Index, Retirement Assessment Index
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