|
KMID : 0379220090290010215
|
|
Journal of Korea Gerontological Society
2009 Volume.29 No. 1 p.215 ~ p.230
|
|
|
A Study of Korean Retirees` Retirement Wealth Adequacy and Its Determinants: A Comparison of between Objective Estimation Results and Subjective Recognition
|
|
Lee Ji-Young
Choe Hyun-Cha
|
|
|
Abstract
|
|
|
In this study, we compared Korean retirees’ retirement wealth adequacy with their subjective recognition and examined determinants affecting the retirement wealth adequacy. The data were drawn from the 2007 Korean Retiree Survey carried out by the Korean Investors Education Foundation. The major results of this study were as follows. The analysis suggested that Korean retirees(age 50 and over) were not well prepared financially. When using their assets(except for their residence), only 23.2% had accumulated enough wealth to meet their expenses for the remainder of their life. 25.7% of retirees subjectively considered themselves to be adequately covered. The comparison results showed that 23.8% of retirees’ subjective recognition was not in accord with the estimation results. One of the most troubling groups is the 12.9%
of retirees who were in the inadequacy group even though they considered themselves to be in the adequacy group. Retirement wealth adequacy determinants were quite different between objective adequacy and subjective recognition. Household income and ownership of a residence have positive effects on the retirement wealth adequacy. Also, the importance of retirement planning to retirement wealth adequacy is statistically confirmed. Based on these findings, This research suggests private retirement planning and political implications for retirees and preretired households.
|
|
|
KEYWORD
|
|
|
retirement wealth adequacy, subjective recognition, determinants
|
|
|
FullTexts / Linksout information
|
|
|
|
|
|
Listed journal information
|
|
|