• Journal of Family Resource Management and Policy Review
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• v.11 no.2
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• pp.1-19
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• 2007

The purpose of this study was to analyze the affecting factors on employed mens' retirement and reemployment decision making. The focus was on the process of employed mens' decision on retirement and their reemployment decision after retirement from present job. The major findings were as follows ; First, the employed men who had a retirement plan were having more household income, more household net asset, more savings and investment for elderly life, and more positive attitude toward retirement. Second, the major factors affecting on having retirement plan or not were employed mens' age, household income, expected income after retirement, savings and investment for elderly life, job, and attitude toward retirement. Third, the major affecting factors on expected retirement age were employed mens' age, health status, job security, and attitude toward retirement. Forth, the employed mens' reemployment decision was affected from their household income, expected income after retirement, pension ownership, and attitude toward retirement. From the findings, it can be concluded that the employed mens' age, economic status, and attitude toward retirement played a important role in the process of retirement and reemployment decision making.

• Journal of Family Resource Management and Policy Review
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• v.13 no.4
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• pp.95-114
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• 2009

This study compared demographic, economic and career characteristics between a traditional retirement group and a gradual retirement group. From the 2005 Korean Retirement and Income Study (KReIS), 780 traditional retirees and 265 gradual retirees were selected. A t-test, chi-square test and logistic regression analyses were completed. The findings of this study were as follows: First, there are gender and age differences between the traditional retirement group and the gradual retirement group. The gradual retirement group has a high proportion of male workers and older workers compared to the traditional retirement group. Second, members of the traditional retirement group have more income, more assets and less debt than members of the gradual retirement group; therefore, their financial structure is comparatively stable. Third, there is a large percentage of blue-collar workers (e.g., technical service, repair, operatives) in the gradual retirement group. Members of the gradual retirement group had worked for a shorter period during their career and had a lower wage rate than members of the traditional retirement group. Finally, male workers who are in their 60s and 70s, who do not have a public transfer income but have a higher level of career income, and are older when they end their career, are less likely to retire gradually. As they also have a higher level of debt, the probability of these workers selecting a gradual retirement route is high.

• Journal of Families and Better Life
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• v.27 no.1
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• pp.1-16
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• 2009

Using the 2007 Fund Investors Survey, we investigated (1) the differences in economic status in terms of household income, consumption, saving, assets and debts, (2) the differences in financial management behavior, (3) and the differences in confidence in economic status after retirement between households conducting and not-conducting financial preparation for retirement. The major study findings were as follows. First, only 46.4% of the households were financially preparing for retirement. The levels of income, consumption, and saving were higher among households conducting financial preparation for retirement than among those not-conducting such financial preparation. Second, households conducting financial preparation for retirement had a relatively high propensity to save. Their financial asset portfolio had a higher weight in safety assets and investment assets than in retirement assets. Due to their lack of confidence in their economic status after retirement, their demand for financial preparation for retirement remained. Third, the households which did not conduct financial preparation for retirement tended to have a relatively heavy debt burden and not to implement general household financial management practices. Fourth, among the three-pillar retirement income system, the second pillar, of individual retirement account was not well established. Based on these results, various implications were suggested.

• 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 the Korean Home Economics Association
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• v.42 no.7
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• pp.89-102
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• 2004

The purpose of this study is to examine the factors causing the attitudes and preparations toward retirement. Tow hundred eight employees participated in this study. The results of this study are as fellows: First, income, age, sex, self-esteem, attitudes toward job, family, and leisure affect the attitudes toward retirement. Second, income and attitudes toward leisure affect economic preparations. Third, age, attitudes toward family and leisure affect psychologic preparations. Fourth, age, self-esteem, locus of control, and attitudes toward leisure affect physical preparations.

• Journal of the Korean Home Economics Association
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• v.39 no.1
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• pp.39-51
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• 2001

This study was to examine the effects of economic, social, psychological, and marital resources on the relationship between retirement related stress and life satisfaction among the retired husbands and their wives. Economic resources included actual income, the amount of reduced income after retirement, and perceived adequacy of income, while social resources consisted of the supports from children, relatives, friends and neighbors. Psychological resources constituted sense of mastery and marital resource was measured by the emotional supports from the spouse. Data from 178 couples in Seoul revealed that retirees and their spouse perceived retirement as a very stressful extent, with husbands viewing their retirement as more stressful than their wives. The retirement related stress was found to be the most significant predictor on the life satisfaction of the couples. For retired husbands, life satisfaction was closely associated to sense of mastery and supports from children and relatives. The health status, perceived adequacy of income, sense of mastery, and supports from children and relatives were related to life satisfaction for wives. Therefore, the effects of personal resources on life satisfaction were smarter than that of retirement related stress for both retired husbands and their wives. Along with discussions, implications for retirement education and suggestions for future study are provided.

• Journal of the Korean Home Economics Association
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• v.48 no.6
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• pp.83-101
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• 2010

Using the first wave of KLoSA(Korean Longitudinal study of Aging) beta version, this study analyzed factors affecting retirement adjustment by elapsed time from retiree's retirement through Binary Logit and Multinomial Logit Analysis. Participants were 1,780 retiree. The main results of this study were as follows : First, The retiree's education(-), health status(-), region(+), dwelling type(-), monthly household income(-), employment type before retirement(+), retirement reason(+), and the elapsed time from retirement(-) were affected whether they satisfied with pre-retirement or not. Second, The gender(-), age(-), and the region(+) were affected whether they satisfied with life after retirement or not. Third, The gender(-), age(-), education(+), heath status(+), dwelling type(+), monthly household income(+), retirement reason(-), and the elapsed time from retirement(+) were affected on their satisfaction after retirement compared to pre-retirement. Last, The different factors affected the life satisfaction after retirement by elapsed time from retirement.

• Korean Journal of Human Ecology
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• v.22 no.1
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• pp.117-129
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• 2013

The purpose of this study is to examine the factors affecting on CRPI (capability of retirement planning and implementing) and to identify the critical point of financial factors to increase CRPI. 908 Korean individuals' data were used for descriptive statistics, t-test, F-test, and Generalized Linear Mixed Model Analysis. As a result, CRPI was influenced by attitude toward retirement planning, gender, income, and propensity to save. Some mid-group did not make a significant difference in CRPI compared to the lower-group. Men were more capable at CRPI than women in terms of sense of independence and getting a consulting service. Most consumers appear to have difficulty in calculating their retirement fund. People who have income over 3,000,000 won have dramatically greater CRPI than people who have income under 3,000,000 won. And people who have saving ratio over 23% have significantly greater CRPI than people who have propensity to save under 23%. The monthly income 3,000,000 won and propensity to save 23% were considered as critical points related to CRPI.

• Journal of the Korean housing association
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• v.26 no.3
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• pp.45-54
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• 2015

The purpose of this research is to analyze the wealth effects of home-owning baby-boomers on household consumption on non-durable goods in the Seoul Metropolitan Area. In so doing, this empirical study utilized the Korean Labor and Income Panel Study (KLIPS) of 2002 and 2012. The statistical findings reveal that household wealth in the period had sharply risen in household income, asset, debt and consumption, and the substantial increase came from growing income and consumption embedded into an expansionary stage of the family life cycle. Further, housing wealth had a much greater effect on consumption expenditure than did financial asset in 2012 while financial wealth effect was larger than housing wealth effect in 2002. Housing wealth effects had become far stronger as the age of the baby-boomer householders increased. As the baby-boomers are close to the retirement stage, post-retirement income security becomes of concern, so that the wealth effect of real estate income as an income alternative for retirees is explicit. The results imply that retirement of baby-boomers is likely to reduce consumer spending, aggravating slowdown of the real economy. Thus, diversification of household asset portfolio in a pre-retirement period is of great significance in maintaining adequate household consumption in later life.

• 한국노년학
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• v.40 no.4
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• pp.639-657
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• 2020

The purpose of this study is to analyze the effect of individual differences in recognition of retirement responsibility on financial preparedness for retirement and to examine moderating effect of income-level on the relationships between the two variables, using the 7th Korean Retirement and Income Study(KReIS). Two research methods, descriptive analysis and hierarchical multiple logistic regression(HMLR) analysis, have been conducted. The total number of sample was 3,869 subjects with an average age of 58.9 years and 55.3% males. The results show that only 35.8% of the respondents make financial plans for retirement, and 64.2% did not. Main findings are as follows. First, 65% of respondents take a responsibility for financial preparedness for retirement, compared to 37% in European countries. Second, people with responsibility for their own retirement are more likely to have a financial preparation for retirement than people who think others(family, society, government) have to take a responsibility for retirement instead of them. Third, there is a significant moderating effect of income-level on relationships between recognition of retirement responsibility and financial preparedness for retirement. As income level decreases, the moderating effect reduces the positive effect of recognition of retirement responsibility on financial preparedness for retirement and vice versa. Fourth, as income level increases and educational level is higher, the tendency to prepare financially for retirement is also increasing. Low-income and low-educated people are less likely to have a financial preparation for retirement than their counterparts. The findings suggest that it is necessary to design an effective incentive scheme for financial preparedness for retirement for low-income and low-educated people and to develop various policies and services to encourage them to prepare financially for retirement.