은퇴자 가계의 상속 및 증여의 경험과 은퇴설계 및 은퇴생활 만족도

주소현(So-Hyun Joo),이지혜(Jihae Lee),홍수아(Suah Hong) 한국FP학회 2012 Financial Planning Review Vol.5 No.1

개인의 은퇴이후 기간이 길어짐에 따라 은퇴이후 생활비를 준비하는 은퇴설계의 중요성이 강조되고 있다. 본 연구는 상속 및 증여와 은퇴설계의 관계를 탐색해 보는 것을 목적으로 한다. 사람들이 가지고 있는 다양한 저축 동기 중에서 상속의 동기는 은퇴에 대한 준비 및 은퇴생활에 영향을 미치는 것으로 생각되어 왔다. 하지만 상속 및 증여의 경험이 은퇴생활이나 은퇴준비에 구체적으로 어떠한 영향을 미치는 지에 대한 연구는 많지 않은 실정이다. 국민연금연구원의 국민노후보장 패널 2007년 자료를 이용하여 가구주 응답자를 기준으로 은퇴자가계(N=1,291)의 상속 및 증여의 경험과 은퇴설계 및 은퇴생활만족도를 분석한 결과 은퇴의사결정 전후와 은퇴기간 중에 상속이나 증여를 받은 경험이 있는 은퇴자 가계는 그러한 경험이 없는 은퇴자 가계와 인구통계적 특징에서 다소 차이를 보였으나 가계재무관련 특징에서는 큰 차이를 보이지 않았으며 은퇴설계와 관련한 특징에서는 일부 차이를 나타냈다. 또한 상속 및 증여를 받은 경험이 있는 가계의 은퇴생활 만족도가 다른 변수를 통제한 상황에서 상속 및 증여를 받은 경험이 없는 가계보다 큰 것으로 나타났다. 데이터의 한계로 인하여 상속 및 증여의 경험과 은퇴설계의 직접적인 관계를 밝히지 못한 면이 있으므로 보다 집중화된 조사를 통해 상속 및 증여의 경험과 은퇴설계의 관계를 밝히는 연구가 필요할 것으로 생각된다. Due to the dramatic increase in the retirement period caused by increased life expectancy, retirement planning is a very significant issue for individuals. This study aims to explore the possible relationship between estate planning and retirement planning and retirement life satisfaction. Previous literature has shown that bequest motive is one of the influential factors that related to retirement planning. However, not very much research has explored the relationship between estate planning and retirement planning directly. Using the 2005 and 2007 "Korean Retirement and Income Study" by the Korean National Pension Research Institute, this study explores the relationship between estate planning and retirement planning for the sample of retiree households (N=1,291). Those who have received an inheritance close to retirement and during retirement periods showed different demographic characteristics and retirement planning characteristics from those who have not received an inheritance. The experience of receiving inheritance was positively related to retirement life satisfaction. Even though this research showed a possible relationship between estate planning and retirement planning and retirement living satisfaction, more research with primary data gathering on this topic is recommended to further examine explicit relationships between estate planning and retirement planning.

재무설계의 유용성

최현자(Hyuncha Choe),김민정(Minjeung Kim),김민정(Minjeung Kim) 한국FP학회 2008 Financial Planning Review Vol.1 No.1

본 연구는 재무설계가 필요한가라는 본질적인 질문에 답하기 위해 성공적인 은퇴생활에 미치는 재무설계의 효과를 검증하고자 하였다. 은퇴대비여부, 은퇴자금의 충분성, 은퇴소득의 충분성, 은퇴생활만족여부 및 은퇴재정상태에 대한 만족여부를 종속변수로 한 로지스틱 회귀분석모형을 설정하였다. 주요결과로는 첫째, 재무설계는 은퇴자가 건전한 자산상태를 유지하고 저축하는데 유용한 기능을 하고 있었고 부분적인 재무설계는 재무설계를 전혀 하지 않는 경우와 큰 차이가 없어 전 단계에 걸친 재무설계를 수행하는 것이 바람직한 것으로 나타났다. 둘째, 재무설계는 은퇴대비나 은퇴자들의 주관적인 재정적 복지를 증진시키는데 기여하는 바가 컸다. 셋째, 은퇴 관련 이슈 중 재무설계가 은퇴대비에 큰 영향을 미치므로 재무설계 훈련을 통해 은퇴대비 가능성을 증진 시킬 수 있을 것이다. 넷째, 재무목표를 달성하기 위한 행동계획을 수립하고 실행하는 단계는 은퇴자의 주관적인 재정적 복지에 큰 영향을 미쳤다. 마지막으로, 부분적인 재무설계를 하는 은퇴자가 완전한 재무설계를 하도록 유인함으로써 은퇴자의 재정적 복지 수준을 높일 수 있을 것이다. This study aims to verify the importance of personal financial planning for successful retirement, answering the question whether financial planning is really helpful to prepare for retirement and whether it enhances retirees" financial well-being. In 5 logistic regression models, the dependent variables are retirement preparedness, retirement wealth adequacy, retirement income adequacy, retirement life satisfaction and retirement financial satisfaction. The findings can be summarized as follows. First, financial planning is effective in managing retirees" assets and savings. The retiree group which get limited financial planning has similar results as the group with no financial planning. This suggests that getting a complete sequence of financial planning is important. Second, the financial planning contributes to preparing for retirement and to promoting retirees" financial well-being. Third, training in financial planning can increase possibilities of preparing for successful retirement. Fourth, some action plans to reach retirees" financial goal are significantly important to retirees" subjective financial well-being. Fifth, we can inform those retirees who get limited financial planning by directing them to get complete financial planning to attain higher level of financial well-being.

개인연금 보유 및 연금불입액의 관련요인 분석: 상속동기를 포함하여

주소현 ( So Hyun Joo ) 한국소비자학회 2011 소비자학연구 Vol.22 No.3

은퇴기간동안 자금조달을 위한 상품으로 연금은 일정한 기간 동안 정해진 수입을 보장한다는 측면에서 중요성이 크지만, 개인연금은 예금이나 적금보다 은퇴대비 저축수단으로 활용되지 못하고 있는 실정이다. 본 연구에서는 투자자보호재단에서 실시한 2007년 투자자조사 자료를 이용하여 개인연금보유 현황을 분석하고, 개인연금을 보유한 가계와 보유하지 않은 가계의 특성을 비교하며, 개인연금 보유 및 월평균 연금불입액과 관련된 요인을 분석하고자 하였다. 특히 직접적으로 측정된 상속동기가 개인연금 보유와 관련을 가지는 가를 살펴보아 연금퍼즐관련 문헌에서 밝히고 있는 요인이 우리나라 개인연금 가입에도 적용될 수 있는지를 살펴보았다. 본 연구에서는 개인연금을 은퇴소득재원으로 사용되는 은퇴준비 저축의 일환으로 여겨서 은퇴를 이미 한 경우를 제외하고 분석(총 3,068사례)하였으며 개인연금 보유 및 월평균불입액과 관련된 요인을 Heckman 2 단계 분석을 이용하여 살펴보았다. 연령이 낮을수록, 미혼보다는 기혼의 경우에, 가계의 월평균 소득이 높을수록, 가계의 총자산이 높을수록, 기타의 목적보다는 자녀양육이나 노후대비의 저축목적을 가진 경우일수록, 예측하는 은퇴기간이 길수록, 저축계획기간이 없는 경우보다는 3년 이상 혹은 10년 이상의 저축계획기간을 가지는 경우일수록, 펀드에 투자하는 가계일수록 다른 변수를 통제한 상태에서 개인연금을 보유할 확률이 높아지는 경향이 있는 것으로 나타났다. 본 연구의 분석에서는 응답자의 상속동기와 개인연금보유의 직접적인 관련성을 발견하지 못하였다. 개인연금의 월평균불입액에 영향을 미치는 변수는 결혼상태(미혼일수록), 직업(무직 혹은 주부와 비교할 때 자영업일수록), 주거형태(자가가 아닐수록), 월소득(높을수록) 및 총자산(높을수록)으로 나타났다. 은퇴설계의 관점에서 본 연구의 결과를 바탕으로 각 변수의 영향력을 고려한 노후계획에 대한 교육이 필요하다. 추후에는 보다 다양한 자료를 활용하여 개인연금과 상속동기와의 관계를 규명하고, 개인연금 가입 및 은퇴시 자산의 연금화 의사결정과 관련한 정보를 제공하는 연구가 수행되어 질 것을 제안한다. Retirement planning is one of the most important financial objectives to individuals when considering increasing life expectancy in recent years. Recently, Korean society is experiencing rapid aging and dramatic changes in financial markets and due to the complexities in financial products, planning for retirement is getting harder. Typically retirement income sources are prepared with three-tier approach: national pension, employer-sponsored pension, and personal savings. Among these three, the income replacement rate for the government pension is expected to be decreased due to the rapid growth of aged population compared to the working population and the employer-sponsored pension system is not yet fully established to provide enough income streams during the retirement in Korea. Therefore, the role of personal savings in retirement planning is very significant and urgent. However, in Korea, individuals consider other savings objectives such as preparing for child education expenses or money for a house more significantly than the savings for retirement. In fact, survey in 2009 showed that almost 1 in 4(24.7%) individuals over the age 18 do not save anything for retirement(Korean Statistics Bureau, 2010). For those who answered that they are currently saving for retirement utilized national pension the most(42.6%) and this reveals rather passive savings behavior in retirement planning. Among the various retirement savings products, this study focuses on private pension(annuity) products. Pension products and especially annuity products have a strong benefit as a retirement savings tool because annuity provides constant income streams during the retirement no matter how long the individual survives in retirement. Annuity by nature provides guaranteed and steady stream of income for the rest of the life of a purchaser and due to this characteristic, annuity could be a perfect hedge for a longevity risk. However, the overall annuity markets in the advanced economies(such as US) are less than expected and this phenomenon is called as "annuity puzzle." Many researchers tried to examine the annuity puzzle with economic models, psychological models, and other decision making models and proposed several reasons of the phenomenon. One of the factors that influence annuity decision is bequest motive. When people have bequest motive, they do not want to use up their entire wealth for their retirement expenses therefore the bequest motive prohibits people from fully utilize annuity products to provide retirement income. The purpose of this research was to examine the factors related to the personal pension (annuity) products purchases. A special attention was paid to bequest motives; whether bequest motive is related to private pension purchases when considering individuals` demographic, socioeconomic, and financial planning related factors. This research utilized a direct measurement of bequest motive by asking individuals whether they definitely want to leave any assets to their heir after they die. The research also included a comprehensive list of related factors such as anticipated retirement period, savings motive, savings horizon, and financial risk tolerance along with demographic and socioeconomic characteristics. The data of this research was the 2007 Investor Survey from the Korea Investors Protection Foundation. The 2007 Investor Survey was conducted in November and December of 2007 by utilizing both web-based and personal interview survey with a structured questionnaire with 3,500 adults who aged between 20 to 65 from Seoul and its vicinity and six large metropolitan cities in Korea. The survey tried to gauge investment and financial management behaviors of individuals in Korea and paid special attention to mutual fund investment. The survey also included detailed investment behavior in various financial products and it included decision making in private pension products(personal pension products which belong to the tax benefited financial products according to the income tax code in Korea). To investigate private pension product utilization and its related factors this study limited the sample to non-retirees (N=3,068) and the data was analyzed with descriptive analysis, t-test, χ2-test, and Heckman two step model. Among the non-retirees in the 2007 Investor Survey, 54.4% of the respondents possessed private pension products and average monthly investment amount for the owners of pension products was 263,000 won. The factors related to the private pension product investment were age, marital status, monthly income, total household asset, savings motive, savings horizon, anticipated retirement period, and mutual fund investment behavior. Specifically, those who were younger, married, had higher levels of monthly income and household assets, with savings motive of child education and retirement income preparation, with longer savings horizon, with longer anticipated retirement period, and were investing in mutual funds were more likely to have private pension products when controlling other factors. The relationship between bequest motive and private pension possession could not be identified in this research. The factors related to monthly investment amount on private pension products included marital status, occupation, home-ownership, monthly income and total household asset. Contrary to the ownership analysis, non-married individuals invested more money on private pension products than married individuals when controlling other factors. The self-employed individuals` monthly investment on private pension product was greater than those who are not working while homeowners` monthly investment was smaller than those who rent their house. The monthly income and total household asset had positive influences on the monthly investment amount on the private pension products when controlling other factors. Based on the factors identified in this research, retirement planning professionals, educators, and consumers could develope effective retirement savings strategies or decision-making tools. For example, this research revealed that the savings motive(preparing for retirement) and anticipated retirement period were positive factors on private pension investment decision therefore, setting up specific savings goals and understanding realistic life expectancy and retirement period could be included in retirement planning education to encourage people save more for retirement. The savings horizon also positively related with private pension product investment therefore individuals should be encouraged to avoid myopic perspectives in retirement planning. Even though this research could not confirm the relationship between bequest motive and private pension investment decision, more research on this topic is recommended in the future. Especially research about annuitization decision in retirement could provide useful information about the relationship between bequest motives and private pension and annuity products purchases.

U.S. Retirement Plans and Taxation

Bonita Qian Wang 한국국제조세협회 2013 조세학술논집 Vol.29 No.2

Generally speaking, in the United States, there are two categories of work-related retirement plans. One type is the tax qualified retirement plan (including some variations discussed below), and the other type is commonly referred to as the nonqualified retirement plan. For today’s Americans, the most common sources of retirement funds are derived from (i) work related retirement plans, (ii) personal savings and investment, and (iii) Social Security benefits. This article focuses on the mechanics of the first source . work related retirement plans, which is discussed in the Section II of this article. Section II contains three subsections. Subsection A covers two types of popular work-related retirement plans . defined contribution plans and defined benefit plans, and their tax consequences. Subsection B discusses certain individual retirement accounts and simplified retirement plans for small employers. Subsection C describes nonqualified retirement arrangements, which are more commonly used by employers to fund retirement for highly compensated employees. Qualified retirement plans have two general categories: defined contribution plans and defined benefit plans. By definition, a defined contribution plan means contributions to the plan are fixed. A defined benefit plan means the benefits (i.e., distributions) received by the plan participants are fixed. The latter was more popular in the past. Nowadays, a vast majority of qualified plans in the United States are of the defined contribution plan type. A nonqualified deferred compensation plan, thus, provides a lot more flexibility in terms of plan provisions and operation. For instance, it may be offered only to highly compensated employees and executives (as opposed to all eligible rank and file employees as required for a 401(k) plan). The United States has implemented many tax breaks to encourage employers to sponsor qualified retirement plans for their employees. It also has similar tax advantages for individuals to encourage them to save for retirement. Participating in a retirement plan is just one component of retirement planning. Retirement planning should take a variety of forms, and start early.

우리나라 가계의 은퇴동향지수-전망지수와 평가지수

최현자 ( Hyun Cha Choe ),주소현 ( So Hyun Joo ),조혜진 ( Hye Jin Cho ),김민정 ( Min Jeung Kim ),김정현 ( Jung Hyun Kim ) 한국사회보장학회 2013 사회보장연구 Vol.29 No.1

Even though the acceleration of social interests and effort for retirement planning, there are still so many people who retire without enough preparation for the retirement life. The view to encompass financial and non-financial issues in retirement planning is getting wide attention, and, pre-retirement people`s prospect for retirement life and retiree`s assessment of their own life are coming into the spotlight as well as the preparation for retirement life. Thus, this study developed the retirement sentiment index in all of the components of life which represents the prospect and the assessment for the retirement life. The key findings were as follows: First, the retirement assessment indexes were much lower than the prospect indexes in most of the components of life, except the components of health and leisure. Second, the gap between the prospect indexes and the assessment indexes were biggest in the components of finance and work. Third, having little children lowered the satisfaction of retirement life, while the number of family member had positive effect for the assessment of retiree`s life. And, having proper income and wealth were associated with the satisfaction of life in retirement. These findings have practical implications for financial institution, the education of retirement planning, and policy making as well as retirement planning strategies for individuals.

직장인의 노후생활 인식 및 재무설계상담이 재무적․비재무적 은퇴만족예측정도에 미치는 영향

조영순,박남태 한국FP학회 2023 Financial Planning Review Vol.16 No.3

This study analyzed the factors influencing the degree of prediction of financial and non-financial retirement satisfaction through the moderating effect of financial education experience and financial planning counseling of office workers on retirement. Individual retirement satisfaction can be a major factor in reducing social costs institutionally by the state. Therefore, this study aimed to provide policy and practical implications for settling retirement life awareness, financial planning counseling, and financial education through retirement satisfaction research. Two hundred and fifty questionnaires were distributed to general office workers aged between 20 and 65 across the country. Two hundred and twenty-four collected questionnaires, excluding missing values, were used for the study. The study results are as follows. First, among the perceptions of old age life, sustainable economic activities and financial asset management had a positive (+) effect on the predictive degree of financial and non-financial retirement satisfaction. Second, the level of experience during financial planning counseling did not have a significant effect on the predictive measure of financial and non-financial retirement satisfaction, but the level of quality fairness had a positive (+) effect on the predictive measure of non-financial retirement satisfaction. Third, there was no moderating effect between the perception of old age life, financial planning counseling, and retirement satisfaction predictive measures, which are the moderating variables. Regarding the implications of this study, office workers should be aware of retirement life to increase the predictability of retirement satisfaction. Second, policy authorities suggest the need for a system that enhances the effectiveness of financial education for efficient asset management of office workers. 본 연구는 은퇴에 대한 직장인들의 노후생활인식과 재무설계상담이 재무교육 경험여부의 조절효과를 통해 재무적․비재무적 은퇴만족 예측정도에 영향을 미치는 요인을 분석하고자 하였다. 개인의 은퇴만족은 국가가 제도적으로 사회적 비용을 줄이는데 큰 요소가 될 수 있으므로 은퇴만족 연구를 통해 노후생활 인식, 재무설계 상담 및 재무교육의 정착을 위한 정책적․실무적 시사점을 제공하는데 본 연구 목적이 있다. 연구대상은 전국에 있는 20세 이상 65세 미만의 일반 직장인을 대상으로, 총 250부의 자료를 배포하였으며, 회수된 설문지 중 결측치를 제외한 최종 224부를 표본으로 연구를 진행하였다. 연구결과는 첫째, 노후생활인식 중 지속경제활동과 금융자산관리는 재무적․비재무적 은퇴만족 예측정도에 정(+)의 영향을 미쳤다. 둘째, 재무설계상담 중 경험수준은 재무적․ 비재무적 은퇴만족예측정도에 유의미하지 않았으나, 품질공정 수준은 비재무적 은퇴만족예측정도에 정(+)의 영향을 미쳤다. 셋째, 조절변수인 재무교육 경험여부의 노후생활인식과 재무설계상담, 은퇴만족예측정도 사이에서의 조절효과는 나타나지 않았다. 본 연구의 시사점으로 첫째, 직장인이 은퇴만족 예측정도를 높이기 위해 노후생활에관한 인식을 가져야 하며, 둘째, 정책당국은 직장인의 효율적 자산관리를 위해 재무교육실효성을 높이는 제도의 필요성을 제시했다는 점에서 의의가 있다.

성공적인 은퇴설계를 위한 개인연금 세제개선에 관한 연구

임병진(Yim Byung Jin) 글로벌경영학회 2009 글로벌경영학회지 Vol.6 No.4

성공적인 은퇴설계(retirement planning)는 은퇴 이후의 생활을 위해 일, 건강, 인간관계, 취미활동, 자금 등을 준비하는 것이다. 기대수명이 빠르게 늘어남에 따라 은퇴이후의 삶이 늘어나 전체적인 은퇴설계는 전 생애설계로 확대되고 있다. 은퇴설계과정에서 자금의 준비를 위해서 대부분의 국가들은 3층보장제도(three pillar system)를 이용하고 있다. 3층보장제도 중 1층은 공적연금으로 국가가 급여를 책임지는 연금이고, 2층은 퇴직연금(기업연금)으로 기업이 책임지는 연금이고, 3층은 개인연금으로 개인이 책임지는 연금으로 총 3층 체제로 구성되어 있다. 현재 우리나라도 3층보장제도의 연금제도로 운영되고 있다. 우리나라 기대수명이 빠르게 증가함에 따라 노령화에 대한 사회적인 문제와 노인복지문제를 해결하기 위해 개인 스스로가 은퇴설계를 준비하도록 3층보장제도 중 3층에 해당하는 개인연금에 대한 세제를 과세이연에서 과거처럼 비과세로 전환한 것이 타당할 것으로 판단된다. 그 이유로는 다음과 같다. 첫째로, 3층보장제도에서 1층에 대한 공적연금도 부족분을 세금에서 충당되고 있어 개인연금도 비과세 혜택을 주는 것이 바람직하다. 둘째로, 미국과 같이 3층보장제도가 모두 다 정착단계에 있다면 과세이연을 해도 무방하나, 우리나라는 1층과 3층만이 정착단계에 있고 2층은 도입하여 시행하는 단계에서 개인연금을 과세이연으로 하는 것은 노후생활을 위한 은퇴설계에 도움이 안 된다. 셋째로, 개인연금 과세제도 변경전후 가입계약건수와 보험가입금액이 현저하게 차이가 있는 것으로 분석되었다. 이는 은퇴설계를 위한 준비가 줄어드는 것으로 판단된다. 따라서 우리나라 노령화에 대한 사회적인 문제와 노인복지문제를 해결하는 준비로서 개인연금에 대한 세제를 과세이연에서 비과세로 전환하는 것이 타당할 것으로 판단된다. 결론적으로, 본 연구의 정책제언으로는 개인연금의 과세 제도를 과세이연에서 비과세와 소득공제혜택을 주어 하루 빨리 노후생활을 위한 은퇴설계에 온 국민이 동참하도록 하여야 할 것으로 판단된다. The life expectancy of human being rises up rapidly. As the life span and living after retirement increase, the importance of planning retirement and wealth after retirement is emphasized continuously. Hence, the objective of this study explains the necessity of retirement planning before retirement and proposes a wealthy and happy life after retirement to people by making them plan retirement completely. This paper explains the 3 pillar system for an old man after retirement and the necessity of retirement plan, and also finds out factors to improve Individual Retirement Accounts Tax what to be wealthy and ways to be wealthy for successful retirement planning.

가족생활주기에 있어 아동기가족의 주부를 중심으로 노후생활의식에 따른 노후대책에 관한 연구

이애련 ( Ae Lyeon Lee ) 아시아.유럽미래학회 2012 유라시아연구 Vol.9 No.3

Year to prepare for an aging society, their own problem that need to be addressed are faced with the social security system in Korea did is not enough. Preparation for aging in the long term in the Family Life Cycle to 30 to prepare for retirement in their 40 would be ideal. But In reality 30-40 the burden of parenting and child education, child marriage is a housewife. Therefore, the retirement consciousness, but the actual retirement, there are many difficulties. This study with young children to stage 6 when the family life cycle stage 3 of childhood family Housewives of 30-40 recruited 245 patients retirement plan retirement consciousness were investigated. Background variables of the the subjects age, education, monthly income, and Occupation husband, wife, occupation, number of children, religion, old age support expectations, retirement preparation funds, individual pension, retirement planning, aged recognized the time. Preparations for old age is a time Retirement life planning, Employment Planning, consciousness preparations for old age retirement according to the economic plan and the retirement plan were measured. Retirement consciousness composed of a total of 12 questions from the survey. Each with a 5-point Likert scale questions retirement consciousness (each area of very high very low 1 point to 5 points) The higher the score, all retirement conscious is high. Preparation for aging the economic life of the 6 questions, medical of the life 7 questions, 7 questions re - employment retirement re-education 6 questions, 5 questions Leisure consists of 31 items, and medical life retirement plan, each item five point Likert scale with aging higher scores of the measures is very low (1 point to 5 points is very high), and high retirement plan. The date obtained were analyzed by Frenguency, percentage, Mean, x- test. t- test. F-test. ch-square F-test Duncan`s with Spss WIN 18.0 The major findings of who study were summerized as follows: 1. Generally, according to the background of consciousness, ready to aging and age differences in the study of how more than young, the more ready to aging funds. Prepare the group aged less money award than to prepare a collective, a group founded more than a aging plan that groups the more horizontal position, ready for aging when economic thought under the age of 30 think about it, rather than a collective group that is ready for aging was higher consciousness. 2. Typically, the background and retirement, retirement preparation ritual act in accordance with retirement preparation studied whether there is any difference in the results a lot of progress, establish retirement plans more aggressive behavior and retirement preparation can see that. Retirement age, the more ready to act, the Non Denominational religion than Christianity, the desired retirement re-employment forms, and other occupations who wish to present the more retirement ready for lots of action groups showed that: 3. Prepare retirement ceremony ready to act on simple regression analysis conducted by the impact resulting economic life, health living, retirement re-employment. Showed no significant differences in leisure activities. 4. Typically, the background and ready to retirement factors to determine the impact of actions ready to retirement ceremony after controlling for hierarchical regression analysis conducted ever employed in the first stage results of the control variables to affect two the dependent variables age, retirement plan progress. When ready for retirement, you want to re-employment was old. The reality is that our society prepare for an aging society, propose the necessity for a systematic study of retirement plan, but is not. Home as the centered society, government, individuals themselves to raise the retirement policy by developing a standardized measure is needed. Should also prepare measures for long-term retirement. Appeared to recognition a lot more conscious of life after retirement does not prepare the the current aging populations more conscious about retirement and retirement execution to act as an effective retirement plan desperate require. Childhood family with young children in the family life cycle stages, from the birth of the first child the birth of the youngest child to the birth of many children in the traditional period was longer. In recent years, low birth rate period of childhood family education expenses shorter but increasing. Before the start of school, but the child`s family childhood preparation for aging couples and young at the time of marriage, if the take the time period is. The government needs to prepare for an aging society, the elderly welfare system. Childhood family time at home in the family life cycle stages in the long-term, systematic retirement plan should be presented.

한국 가구의 은퇴재무설계 적정성 분석

권택호 한국재무관리학회 2010 財務管理硏究 Vol.27 No.3

We test the adequacy of the retirement wealth from the perspective of savings ratio using the data from Korean Household Survey at 2006. We adopt a model which estimates adequate retirement savings ratio in order to evaluate retirement planning of the households. As the age of household leader rising, savings ratios decrease and the gap between the savings ratios and estimated proper savings ratios widens. The level of current household income has positive effect on the appropriateness of retirement wealth. Test results show that home estate plays a significant role in the adequacy of retirement wealth. Public pension improves the adequacy of retirement planning. Contrary to the previous studies, there is a tendency that the education level of household leader has a negative relation with the adequacy of retirement planning. Our test results imply that retirement planning should be started at an early age and be monitored continuously. This study suggests that government should introduce a system that supports the retirement planning of the lower income households. 한국 가구의 가계동향조사(2006년) 자료를 이용하여 은퇴설계와 관계된 가구의 특성과 은퇴설계의 적정성을 분석하였다. 한국가구의 경우 가구주의 나이가 많을수록 은퇴설계의 적정성은 낮아진다. 이는 가구주의 나이가 많아질수록 저축이 감소하고 이렇게 감소한 저축의 영향이 누적되어 나타난 결과이다. 소득 수준의 영향을 보면 소득이 높은 경우 저축률이 높으며 은퇴설계의 적정성도 높은 것으로 나타나고 있다. 보유 자산 중에서 거주하고 있는 주택자산을 은퇴 후 생활비로 활용하지 않는 경우 은퇴설계의 적정성이 크게 낮아진다. 그러나 주택자산을 은퇴 후 생활비로 활용하는 경우에도 은퇴설계 수준이 적정하다고 할 수는 없다. 또한, 공적연금소득은 은퇴설계의 적정성에 긍정적인 영향을 미친다. 가구주의 교육수준이 높을수록 은퇴설계의 적정성이 낮아지는 경향이 있는 것으로 나타났는데 이는 기존의 연구결과와는 상이한 결과이다. 이 연구의 분석결과는 은퇴설계의 적정성을 개선하기 위해서는 30대부터 은퇴설계를 수립해 실천해야 하며, 은퇴설계에 대한 지속적인 모니터링이 필요함을 시사한다. 거주하고 있는 주택자산이 은퇴설계에서 차지하는 비중이 크다는 점을 고려해 주택을 노후생활비로 활용할 수 있는 보다 현실적인 제도 준비의 필요성을 지지하는 결과이다. 또한, 소득이 낮은 가구일수록 은퇴설계의 적정성이 낮아진다는 분석결과는 특히 저소득층을 위한 은퇴설계 지원 대책의 필요성을 보여주는 결과이다

연금화 의사결정과 닻 내리기 효과

주소현 ( So Hyun Joo ),윤민재 ( Min Jae Yun ) 한국소비자학회 2014 소비자학연구 Vol.25 No.5

기대수명의 증가와 조기 은퇴의 확산 등으로 인하여 점차 은퇴 기간이 길어짐에 따라 은퇴 자금 축적 및 증식 못지않게 은퇴자금을 어떻게 관리하여 자금의 고갈 없이 은퇴 생활비를 조달할 것인가가 중요한 문제로 자리 잡고 있다. 본 연구는 개인 소비자의 은퇴설계에서 연금화 관련 의사결정에 심리적인 편향 중 하나인 닻 내리기(Anchoring)가 영향을 미칠 수 있을 것인지 살펴보고자 하였다. 서울 및 수도권에 거주하고 있는 40대 남녀 806명을 대상으로 실험 조작을 포함한 온라인 설문을 실시한 결과, 연금화 의사결정에 닻 내리기가 영향을 미칠 수 있음이 나타났다. 본연구에서는 연금화와 관련된 주요 이슈 중 하나인 연금화 비중에 대하여 살펴보았는데, 이를 은퇴이후 개인이 희망하는 은퇴생활비의 몇 %를 연금으로 수령 받고자 하는가에 대한 연금수령 프레임과 은퇴자금의 몇 %를 연금에 가입할 것인가에 대한 연금가입 프레임으로 나누어서 살펴보았다. 또한, 닻을 제공하는 자를 전문가와 일반인으로 나누어서 제시하여 닻 제공자의 신빙성에 따른 차이를 살펴보고자 하였으며 닻 수준을 큰 수(높은 수준 닻)와 작은수(낮은 수준 닻)로 나누어서 닻 내리기효과를 파악하고자 하였다. 연구의 결과 연금수령 프레임과 연금가입 프레임 모두 닻 내리기 효과를 발견할 수 있었다. 또한, 다른 변수를 통제한 상황에서도 닻 내리기 효과가 나타나는지를 보기 위하여 회귀분석을 실시한 결과 연금수령 및 연금가입 비중에 닻 내리기가 중요한 영향을 미치는 변수로 나타났다. 본 연구의 결과는 개인의 심리적인 편향 중 하나인 닻 내리기가 은퇴재무설계에서 유용하게 활용될 수 있는 특성임을 시사한다. Considering the current demographic trends in Korea, retirement planning is one of the most significant issues for the well-being of individuals and families in their later lives. Due to the elongated life expectancy, longevity risk has been the key issue in retirement planning. Therefore, managing retirement asset has been equally as or more significant than preparing retirement asset, because asset depletion is one of the major threat that retirees confront during retirement. So far retirement asset management research has been conducted under the topics of portfolio management and retirement asset withdrawal strategies(e.g., Blanchett, Kowara, & Chen, 2012; Dybvig & Liu, 2010; Horneff et. al, 2010; Milevsky & Robinson, 2005). Several research has been examined the annuitization strategies and annuitization decision making for consumers (e.g., Milevsky & Young, 2007). Annuitization can be explained as a process in which a retiree converts his or her retirement asset into a periodic payment to cover his or her living expenses during retirement years. To properly hedge the longevity risk, consumers need to consider annuitization of their retirement asset. Annuitization decision making is not an easy task for consumers. There could be various factors that influence annuitization decision making. This research tries to examine one of the factors that could influence consumers`` annuitization decision making process, the psychological factor called anchoring. Anchoring is a psychological heuristic or bias in human decision making. Anchoring effect refers to the influences of anchor(or an initial information) on human judgement. Consumers normally are influenced by some initial information on their decision making even though the initial information is un-related to the decision making issue. Previous research has shown that anchoring effect are present in financial decision making(e.g., Epley & Gilovich, 2005; McEloy & Dowd, 2007; Yudkowsky, 2006). However, no research has been conducted to examine anchoring effect in annuitization decision making. The purpose of this research was to examine anchoring effect in annuitization decision especially with the desired annuity amount in retirement income and annuitizaiton ratio out of retirement asset. A survey with 806 respondents in their 40s who are living in Seoul metropolitan area was conducted during February of 2013. The annuitization decision was divided into two different frames: annuity amount and annuitization ratio frames. Respondents who were assigned annuity amount frame were asked to answer their desired annuity amount in retirement income (living expenses). Respondents who were assigned annuitization ratio were asked to answer their desired annuitization amount(i.e. amount to use in purchasing life annuity products) out of the retirement asset that they prepared until retirement. Each frame included four anchors and one neutral question. The four anchors were professional high anchor, peer high anchor, professional low anchor, and peer low anchor. As such this research was designed to examine anchoring effects on high and low anchors and professional and peer anchors. Each respondent was randomly assigned to be exposed to one of the anchors or the neutral question. To examine the anchoring effect the Anchoring Index as presented in Jacowitz and Kahneman(1995) was calculated. In addition, standardized measures to the neutral questions were also calculated. To test the anchoring effects descriptive analyses were conducted as well as Mann-Whitney test. In addition, step-wise regression was conducted to examine related factors to annuitization decision. The findings showed that there were possible anchoring effects on annuitization decision making. Those who were exposed to high anchors showed higher levels of annuitization intention and those who were exposed to low anchors showed lower levels of annuitization intention than the neutral respondents. The professional anchors had stronger effects than peer anchors in annuitization ratio frame only. Therefore, the effects of anchoring source should be further examined. These findings provide several implications for practice and research. As suggested in the previous literature, anchoring is one of the strongest human bias in decision making and is hard to overcome. However, anchoring can be used effectively in consumer decision making. The findings from this research showed that in practice, anchoring can be used to educate and guide consumer decision. As mentioned above, annuitization decision making is one of the most important and difficult decision making in retirement planning. By effectively using psychological characteristics of consumers, professionals and educators can better help consumer in retirement decision making. Future research on behavioral finance topics with retirement planning is needed to further develop literature in this area. This research can provide useful insights in annuitization decision making with behavioral finance topics.