• Journal of Family Resource Management and Policy Review
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• v.17 no.1
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• pp.159-178
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• 2013

This study aims to evaluate the retirement income readiness of Korea, a country that-considering its high property asset ratio-is seeing an unprecedented rapid progression of graying. The result of analyzing 6,589 non-retired households in Statistics Korea's Survey of Household Finances (2011) is as follows. First, the Retirement Readiness Index, considering annual income and asset utilization income before including longevity risk, was 70.6. The index increased to 89.5 when utilizing real assets excluding houses and exceeded 100 when utilizing houses. Second, when designating 100 to be the life expectancy and taking into consideration longevity risk, there results were 52.5, 63.7, and 81.1, respectively. Third, since it is less likely for one to use all current financial assets as post-retirement income, the study reviewed the changes in the Retirement Readiness Index by applying three different levels of asset utilization ratios (50%, 75%, and 100%), which refer to the conversion ratios of current assets to retirement assets. This study is significant in that it considers longevity risk and applies asset utilization ratios in various ways, outside of the assumption that all current financial assets will be used as post-retirement income, to take a more realistic approach to retirement readiness.

• Journal of Families and Better Life
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• v.34 no.5
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• pp.53-68
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• 2016

Financial preparation for retirement means making financial plans by predicting expected incomes and expenditures needed for maintaining success in later life. Because this preparation needs long-term planning, preparing as early as possible is recommended. This study, therefore, uses theory of planned behavior for examining the intention of financial preparation for retirement of consumers in their 20s and 30s. By using financial education and its understanding as additional variables, this study also intends to examine the ultimate effects on the intention. The following is a summary of the main results and suggestions. First, the level of consumer financial education is lower than the average. The level of understanding finance is lower than the average, and particularly, the level of understanding retirement related finance is much lower. Second, the more the attitude of financial preparation for retirement is positive, and the higher the level of subjective norm or perceived behavioral control is, the level of the intention of financial preparation for retirement tends to be more higher. Therefore, relevant efforts to encourage this preparation are needed. Third, the level of the intention of financial preparation for retirement is higher than the average, whereas financial education has no effects on the intention. This means that despite the importance of the financial education, its current implementation has many problems. The suggestions of this study are as follows. First of all, this study can provide preliminary data for developing retirement planning programs. In addition, in terms of the policy, given that this study targets relatively young consumers in their 20s and 30s, it can provide preliminary data for making policies for their future retirements.

• Journal of Family Resource Management and Policy Review
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• v.22 no.2
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• pp.25-43
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• 2018

The purpose of this study was to analyze the factors that influence middle-aged people's retirement planning and financial preparation for old age. The data was derived from "the National Survey of Families 2015". The samples included 1,462 people from 40 to 64 years of age. The findings from the analysis showed that the level of retirement planning was significantly associated with gender, age, education level, employment status, monthly family income, monthly expenditure on spending to support parents, and perceived household economic condition. When the samples were divided by sex, the results showed that the perceived household economic condition was the most significant factor for both men and women's level of retirement planning. Age and education level were the significant factors for women's level of retirement planning but not for men's. Logistic regression was used to analyze whether middle-aged people made financial preparation for old age. For the whole sample, whether or not a person was a regular employee, monthly family income, monthly expenditure on supporting parents, perceived household economic condition, and retirement planning were significant variables in determining financial preparation. For men, whether or not a person was a regular employee, monthly family income, perceived household economic condition, and retirement planning were significant factors, for women whether or not a person was a regular employee, and retirement planning were the significant factors in determining financial preparation. The results implied that retirement planning is needed for middle-aged people to prepare for old age financially while the financial preparation should differ depending on sex.

• Journal of Digital Convergence
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• v.19 no.5
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• pp.117-126
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• 2021

This study analyzed the factors influencing baby boomers' reemployment intentions. The extended Theory of Planned Behavior(TPB) as a research model used in this study. The extended TPB added outcome expectations and economic preparation as independent variables. Personal characteristics were set as a moderating variable and reemployment intention was set as a dependent variable. Based on the questionnaire survey of 250 baby boomers for the established research model, an empirical test was conducted through regression analysis. The results of empirical testing are as follows. Attitude, perceived behavioral control, and outcome expectations had a significant positive (+) effect on the baby boomer's reemployment intention. On the other hand, economic preparation had a significant negative (-) effect. Social norms have not been tested for significant influence relationships. Among the significant variables, economic preparation was found to have the greatest influence. The results of moderating effect of personal characteristics, both agreeableness and conscientiousness were found to play a role in moderating between attitudes and reemployment intention, between outcome expectations and reemployment intention. Based on these research results, academic and practical implications for the baby boomer's reemployment were presented.

• Journal of Digital Convergence
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• v.10 no.9
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• pp.195-212
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• 2012

Most of the office-workers are worrying about their future and try to make diverse future plan. Fast shifting industry pattern make office-workers retire early and their remain life time are getting longer and many of them try to consider some kind of new start-up. In this article factors affecting entrepreneurial intention were discussed such as individual factors, psychological factors, environmental factors. Individual factors were economic situations and future life expectation were analyzed. Psychological factors were composed of risk taking tendency, self efficiency, career value, and entrepreneurial characteristics were discussed. Environmental factors were composed of recognition on social-economic risks and recognition on negative mind on start-up, and employment unstability. 340 sample questionaries were collected and 26 samples were excluded. Data were analyzed by SPSS Win 18.0 Version. The results of the study were as follows. Among individual factors life-expectation after retirement was positive impact on entrepreneurial intention. Among psychological factors risk taking factor has positive impact on entrepreneurial intention. Among Environmental factors negative recognition on start-up has negative impact on entrepreneurial intention. Based on the studies diverse understanding and implementation of policies were necessary to change negative social atmospheres on start-up.

• 한국노년학
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• v.25 no.2
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• pp.229-244
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• 2005

Korea is expected to become an "aged society" in approximately fifteen years. In order to prepare Korean society for this "aged society", the government and social organizaitons need to offer a life stage preparation manual for the young, middle-aged, and aging populations, as well as providing support structures to guide them through this transition. Researchers have developed a Life Stage Preparation Program, based on surveys and experiments conducted to assess needs and appraise effectiveness. To accomplish the goal of this research, the team has been composed of specialists from the fields of social welfare, family studies, occupational studies, and gerontology. The Life Stage Preparation Program consists of ten areas: understanding ageing issues, sustaining and improving health, psychological issues, continuing education, family relations, social activities, financial preparation, occupations, shelter, and mortality. The effectiveness of the program surveyed on age group of 20s and 60s resulted in nine areas. The Life Stage Preparation Program needs to be operated as a life long education program.

• The Journal of the Korea Contents Association
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• v.14 no.8
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• pp.250-256
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• 2014

This study was carried out in order to seek social support direction by allowing them to recognize necessity of preparing for their stably old age life and by inquiring into the preparation for old age life targeting dental hygienists who work at dental clinics. It sent questionnaire by post to dental hygienists of 1,560 dental clinics, which were sampled with a stratified sampling method, and then conducted a cross-sectional study based on self-administration. As a result of a problem of being worried in old age life, the ratio with the response as saying of being 'economy' was indicated to be the highest. The ratio of financial preparation for old age was shown to be high with 84.3%. Its method was the highest in 'fixed deposit and installment savings' with 62.6%. The satisfaction with financial preparation for old age stood at averagely 2.60, thereby having shown to be dissatisfied. It was shown to be low with 2.97 in the mean score of physical preparation for old age life, 3.59 in emotional preparation, and 2.56 in preparation for leisure. In conclusion, the satisfaction with financial preparation for old age life in our country's dental hygienists was low. Even the physical, emotional, and leisure-based preparations were shown to be low. Hence, it is considered to be likely needed to be planned preparation for old age life from the 30s. Also, for this, Korean Dental Hygienists Association needs to positively develop several kinds of programs such as education, policy and system for old age life following these people's retirement.

• Journal of Digital Convergence
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• v.18 no.10
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• pp.41-50
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• 2020

This study is about entrepreneurial intention of baby boomers who started retirement, starting with the second phase of life. A research model was constructed focusing on factors that will affect the entrepreneurial intention of baby boomers. In order to test the study model, a questionnaire was surveyed on baby boomers, and among them, 204 people, which was valid, was used for analysis. The hypothesis test was a structural equation model using the AMOS 23 statistical package. As a result of the hypothesis test, self-efficacy and social capital had a positive (+) relationship with entrepreneurial intention. Economic preparation was found to have a significant negative (-) relationship with entrepreneurial intention. Social capital was found to have the most influence on baby boomers' entrepreneurial intention. On the other hand, achievement experience and role model learning experience were the antecedent variables affecting self-efficacy. As a result of testing their relationship, achievement experience and role model learning experience had a significant positive (+) influence on self-efficacy. Based on the research results, academic and practical implications were presented.

• The Journal of the Convergence on Culture Technology
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• v.8 no.6
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• pp.59-65
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• 2022

The baby boomers born between 1955 and 1974, recently called the new age, form a huge population group and show characteristics different from the previous traditional older generations. With the retirement of those who make up 33% of the nation's population in earnest, the emergence of a new generation of the elderly population and policy changes are required. The new middle age generation, also called the opal generation, want to spend their old age productively and autonomously, which has increased due to the increase in life expectancy, and have some economic ability, such as enjoying overseas travel in old age. As preparation for old age is insufficient, policy attention is required for the younger generation as a new generation. In this paper, focusing on the baby boom generation, the definition of the opal generation, their consumption lifestyle, attitudes, social activities, leisure activities, and lifestyle such as health efforts are investigated, and job creation, social re-education, and local It is intended to present practical measures for preparing for old age, such as the establishment of medical facilities and social consideration for a leisurely cultural life.

• Journal of Christian Education in Korea
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• v.72
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• pp.117-146
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• 2022

The purpose of this study is to understand the faith and life experiences of Christian seniors who hold a doctoral degree and to glean insights for the senior ministry of the church from what they propose based on their wisdom and own experience. To this end, seven participants were purposefully selected based on certain criteria and interviewed. Research findings were presented into three categories: faith, calling and life after retirement, and suggestions for the senior ministry of the church. For the research participants, the mature faith was fear of God and acknowledgement of Lordship of God, revealed through thoughts, words and actions and their agreement. The natural outcome is others may recognize such true godliness embodied in love of neighbors. The call to scholarship was a gift of God, which accompanies responsibilities, The research participants were immersed in meaningful work for the church and the next generation, following their calling even after retirement. The church's ministry for the elderly should start from recognizing resourcefulness of their life and wisdom for sanctification and growth of congregation members across all generations, aim for shaking souls of the elderly for God-pleasing life and eternal inheritance, and be supported by younger generations, online ministry and technology. To ensure that eternal goals, the fulfillment that comes from doing meaningful work, and passion to complete the race without stagnation in all aspects of piety, morality, and intelligence should become the characteristics of the lives of all elderly people, not just the research participants, such preparation should start before retirement by intervention and aid of the church.