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KMID : 1124020180340020239
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Korean Social Security Studies
2018 Volume.34 No. 2 p.239 ~ p.263
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The Effects of Paid Workers’ Household Assets and Incomes on the Age of Retirement
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Choi Eun-Young
Joo So-Hyun
Chung Soon-Dool
Park Nan-Sook
Hong Young-Ran
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Abstract
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This study analyzed the effects of paid workers' household assets and incomes on their age of retirement by using Korean Retirement and Income Study(KReIS) by National Pension Research Institute. The analysis method is Tobit model, which is an estimation method with high effectiveness in linear regression model. The results of the analysis are as follows. First, retirees of paid workers retire earlier as they have more total household assets in retiring year and more net household assets, but the degree is slight. Second, as they had more household total incomes in the previous year, and as they made more wages at the previous jobs, their retirement age is reduced. Third, the wages at the previous jobs had a greater effect on the age of retirement than the household assets. Based on these results, it is necessary to establish working environment for seniors with their household finance considered, and policy plans such as improvement of senior corporation environment, senior wage subsidy and extension of retirement age are required in the perspective of labor demand.
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KEYWORD
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retiree, age of retirement, household asset, total household income, wage
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