[4050세대 은퇴준비]The feeling of liberation from work is peaking after retirement…’Insufficient preparation for retirement’

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[이데일리 전선형 기자] The retirement of the baby boomers is accelerating, with 5.24 million retirees in their 50s or older. It turns out that they feel relieved of work stress after retirement, but at the same time continue to suffer from economic burdens and are not very satisfied with their life after retirement.

According to the ‘2020 KIDI Retirement Market Report’ published by the Korea Insurance Development Institute on the 11th, 33.1% of retirees in their 50s or older cited’work stress relief’ as the best advantage after retirement. This was followed by time with family (18.9%), freedom of human relations (16.4%), leisure activities (12.%), and no improvement (11.3%).

As disadvantages, economic difficulties accounted for 31.5%, followed by deterioration in health and disability (17.1%), boredom (16.5%), never worsened (15.2%), and loss of presence (8.6%). In terms of life satisfaction after retirement, average accounted for 51.8%, satisfaction 29.2% and dissatisfaction 16.6%.

(Source = Insurance Development Institute)

Retirees continued to bear the burden of family support even after retirement. In particular, the independence of children played a big part. 22% of respondents said they decided to retire for their retirement life when their children were independent, but only 5.4% of them had unemployed or unmarried children. The average wealth of retired households was 75.3% of those of non-retired households, and the income was less than half of those of non-retired households. As of 2019, the number of retired households is expected to be from 210,000 to 6.97 million by 2039. In particular, as of 2030, the expected growth rate of retired households in their 40s is expected to be 90.4%, and for those in their 50s, the growth rate of retired households last year was 13.2%, which is expected to show a steady increase until 2025.

Retirement progressed faster with more assets and income, and rapid retirement was expected for regular workers in the office work group. It was found that self-employed and skilled workers in agriculture, forestry and fishing have a relatively long retirement preparation period.

In the case of the 40s and 50s who are preparing to retire, preparations for retirement are still insufficient. Nine out of 10 people in their 40s and 50s responded that they needed to prepare for retirement, but most of them were choosing to resort to public pensions such as the national pension. 77% of them were enrolled in the public pension, and 90% of them were the national pension. The 4050 households pay an average of 125,000 won per month for the national pension, and they wanted to receive 1.33 million won per month in the future.

However, the replacement rate of income is 40% only when the national pension has been joined without interruption for 40 years. For example, a national pension subscriber with an average monthly income of 2438,000 won will receive 498,000 won per month when enrolled for 20 years, and 987,000 won per 40 years. The enrollment rate for personal pensions was low. For those in their 40s, the participation rate (for both pension savings and pension insurance) was 0.8%, and for those in their 50s, 0.9%. They ranked first in replenishing the retirement income, which was insufficient as the reason for joining the personal pension.

(Source = Insurance Development Institute)

The 4050s wanted to maintain 68.5% of their retirement income after retirement. The retirement benefit to be received upon retirement was estimated at 9466 million won. They responded that they would use retirement assets for retirement living expenses, family support, asset investment, and startups.