• Journal of Labour Economics
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• v.27 no.3
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• pp.1-23
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• 2004

To investigate the interdependence of the decisions on when to retire and how much consume before and after retirement, we compare the pre- (or post-) retirement consumption conditioned on the retirement decision with pre- (or post-) retirement consumption regardless of retirement decision by using the Korea Labor and Income Panel Study(KLIPS). We employ the two-stage switching regression for the econometric method to investigate the interdependence of two decisions of retirement and pre- or post retirement consumption. Then we test the existence of the interdependence in terms of the significance of the estimated selection biases which appear in the pre- (post-) retirement consumption equations for early and late retirees. In those equations, we also compare the income elasticity of the consumption of the early retirees with that of the late retirees. The empirical results show that there is negative selection bias in early retirees' consumption. These results imply that due to the early retirement decision early retirees would have consumed less than they actually have. The income elasticities of the consumption of the early retirees is smaller than that of the late retirees in pre- (or post-) retirement consumption equation. This result shows that relatively longer retirement period due 10 the early retirement affect the pre-retirement consumption. early retirees' marginal propensity to consume should be lower than that of the late retirees.

• Journal of the Korean housing association
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• v.28 no.1
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• pp.83-93
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• 2017

This research intends to find out the impact of housing wealth of home-owning pre-retirees and older adults consisting of young-old, middle-old and old-old groups on their household consumption. In doing so, this research analyzes 2,350 home-owning households by utilizing the 17th Korean Labour and Income Panel Study (KLIPS). The results show that housing wealth has a statistically significant effect on non-durable consumption of the pre-retirees, and young-old and middle-old groups of older adults, and housing wealth has a much stronger effect on household expenditure than does financial wealth or real estate. It's found that the consumption elasticity is particularly greater for female-headed households living in SMA, residing in apartments, holding a lower debt-to-asset ratio and being a pensioner. The empirical findings imply that the old-old group of older adults is unlikely to actively tap into their housing windfalls since housing asset becomes the last to dispose in the course of an individual's life. As housing wealth effects are especially strong when liquidity constraints faced by older adults are removed, it's of significance to substantially reduce household debt before retirement in order to constantly maintain an adequate level of household consumption or to promptly prepare for future contingencies.

• Journal of Cadastre & Land InformatiX
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• v.48 no.1
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• pp.35-53
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• 2018

Recently, there is a growing interest in housing policy to prepare for the aging society. The purpose of this study is exploring the factors that explain housing consumption and adjustment of pre-retirees after retirement. 1,351 samples were collected from A bank and analyzed. There categories of housing consumption adjustment were considered including downsizing, maintain, and upsizing. Gender, educational level, housing size, housing type, asset size, and willingness to work after retirement were examined to see if they can explain the housing consumption adjustment of pre-retirees using orderd- probit model. The finding of this study is that housing size, asset size, and willingness to work after retirement statistically significantly explain the housing consumption adjustment. At specific, firstly, if the current size of the housing is relatively large, it is highly likely to downsize housing after retirement. Second, pre-retiree whose assets exceeded 1 billion won were more likely to scale up housing than assets of over 300 million to less than 500 million won. Lastly, unless there is absolutely no willingness to work after retirement, it is indicated that it intends to up-sizing consumption rather than down-sizing adjustment. The results of this study can provide useful information for the housing policy in order to prepare for the (post) aged society.

• 한국노년학
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• v.37 no.2
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• pp.349-368
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• 2017

The purpose of this study is to empirically structure the patterns of baby boomer retirees'consumption and their effects on depression in later life. Using the 5th wave of Korea Retirement and Income Study(KReIS) in 2013, of baby boomers born in 1955 to 1963, we analyzed those who were completely retired(n=420). The Latent Profile Analysis(LPA) classified the empirical patterns of consumption and then a multiple regression analyzed the effect of consumption patterns on depression among these baby boomer retirees. The LPA results showed that the consumption patterns consist of five groups: (1) Basic life-oriented class(26.9%), (2) Balanced consumption class(29.3%), (3) Social life-oriented class(18.3%), (4) Leisure-oriented class(18.5%), and (5) Education-oriented class(7.0%). Baby boomer retirees' depression was associated with their consumption patterns. Specifically, the basic life-oriented class showed significantly lower depression than the education-oriented class. Other correlates such as higher education, having no spouse, lower subjective health, greater limitations in physical functions, having a diagnosed disability, having fewer children, higher dissatisfaction with leisure activities, and lower self-perceived economic status were associated with higher levels of depression in this study. These findings suggest meaningful implications for gerontological policy and practice for baby boomer retirees in Korea. In light of vulnerable retirement preparation, social services specialized for baby boomers should consider financial education for revamping consumption scale beyond asset management and long-term case management of pre and post retirement cases.

• Journal of the Korean Society for information Management
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• v.28 no.2
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• pp.195-208
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• 2011

This study presents the findings from research on the Everyday Life Information Seeking (ELIS) behaviors of Korean government officials in their 50s. 500 survey respondents participated and the quantitative data were analyzed through Structural Equation Model having six key concepts such as personal information environment, information-seeking attitudes, online information attitudes, barriers to information seeking, retirement expectations, and library expectations. The findings showed the important relationships between expectations of the retirement and two constructs (personal information environment and information-seeking attitudes). This study can be used as a strategic implication for library practitioners to develop their library management process in accordance to the potential and powerful evolving user group in a future aged society.

• The Journal of the Korea Contents Association
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• v.14 no.12
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• pp.753-763
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• 2014

After retirement, retirees are exposed to many changes. But, one of the most influential factor on retirement is Social network. Social network is making various relationships with many people. This consists of functional feature and structure feature. This study to systematically investigate social network changes of pre- and post-retirement by using two features. We utilized 2008~2012 'Longitudinal study of ageing' and selected 1,569 retirees above 45 years old as a final subject. This study used STATA 12.0 program for analysing frequency and descriptive statistic. At first, we analyzed personal characteristics and affecting factor on social network of retirees through Panel logit model and fixed effects regression model. Second, we applied multiple panel logit model and fixed effects model to learn factor affecting employment and social network changes. We found that a number of social activities affects social network in the structure feature and support from sons and daughters also influences social network in the functional feature after retirement.

• Journal of the Korea Safety Management & Science
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• v.23 no.4
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• pp.83-92
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• 2021

The construction of smart factories for government SMEs is not easy due to the lack of professional manpower. The use of retired professionals is a way to solve the problem to some extent and to solve the job problem of seniors by effectively utilizing social assets. This study examines the effectiveness of using Meister based on a survey of 195 companies participating in the Smart Meister Support Program. As a result, the better pre-participation readiness and the better management and coordination of change during the participation, the more significant influence was on Meister's ability development and corporate performance. In particular, it was confirmed that Meister's competence plays a role in both 'pre-participation readiness and business performance' and 'between change management during participation and business performance'. In order to improve the performance of the smart meister business in the future, it is necessary to proactively promote the purpose and purpose of the business targeting companies that wish to participate in the business. In addition, it was found that it is necessary to support the development of change management in order to minimize the resistance to innovation during the project. It will be possible to enhance social competitiveness by resolving senior jobs and strengthening the competitiveness of SMEs by discovering and utilizing Meister, who is an expert among retirees.

• Korean Management Science Review
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• v.27 no.1
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• pp.45-60
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• 2010

This study evaluates life annuity plans based on two different types of measures : financial benefit and utility on consumption. The financial benefit is measured by Money's Worth (MW) ratio and return on annuity. For the measure of utility, an optimization problem is formulated with the objective of maximizing utility on consumption. To solve the optimization model, we use Dynamic Programming (DP) technique. The both types of measures are applied to cases of Korean pre-retirees at age 40 with different accumulation years of annuity (i.e. level of annuity asset at the age of retirement) and different timings of annuitization. Our results generally indicate that the utility based optimization model is superior to the financial measures in terms of providing a better evaluation of an annuity plan due to its capability to consider an individual's financial situation during his/her retirement period. Also, they suggest that the level of annuity asset is an important factor when an individual determines the optimal annuitization timing.

• Journal of the Korean housing association
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• v.25 no.1
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• pp.73-80
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• 2014

Korea is quickly transforming into an aging society. As a reaction to the accelerated aging society in recent years, there is a growing need to introduce sustainable housing policies and strategies for aging society. The main purpose of this study is to explore where people want to live after retirement. Especially, this study focuses on the residential environment such as housing types, residential location, and living environment. The main findings are as follows. First, people preferred living in a sububan-style housing in the suburban or rural areas to living in a city-style housing in the urban areas. Second, people have a strong preference for the importance of convenience in using natural environment, medical service, and cultural facilities. Third, the family life style has been changed from children-oriented life style to couple-oriented life style by showing that people like to stay with a spouse rather than with their children after retirement.

• The Journal of the Korea Contents Association
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• v.17 no.9
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• pp.449-465
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• 2017

Small and medium-sized company workers are ill-prepared for retirement due to low wages and poor working conditions, as result, are likely to get into poverty in retirement. The purpose of this study is to conduct a case study on the current status of financial and non-financial retirement preparation of the small and medium-sized company workers. The main findings are as follows. First, the small and medium-sized company workers show the anxiety about retirement. Many pre-retirees worry that their retirement savings may not generate enough income in retirement, and the level of benefits paid in public pension is inadequate. Second, they are preparing for retirement in the areas of finance, health, working after retirement and social activity. Third, they are realistic and practical in retirement decisions makings. they are considering household budget downsizing, cutting education costs, the low-waged job choice and cash flow preference in retirement. The safety and reality in preparation for retirement are top considerations. In conclusion, this case study shows that pre-retirees of small and medium-sized companies are seeking diverse retirement solutions. We need to design integrated and practical retirement planning programs to support their specific retirement needs.