“Forty to fifties! Accept the deficiency. To avoid unhappiness in old age”

Korea is fast. It took 80 to 150 years for most developed countries to change from an aging society, which accounts for 7% of the total, to 20% of the population over 65, but Korea is expected to get rid of it in 26 years. Japan, which said the rate of aging was particularly fast, was 10 years longer than Korea. The same goes for the economy. It took more than 50 years to grow from the bare land of the postwar period to the world’s 10th largest economy.

In such a country, when I met my parents who gave generously and finished my studies, I was able to earn a meal. As I received from my parents, I want to do whatever I can for my children. There have been several economic shocks in my life, but there were many times when my situation improved every year. But these days, something is uneasy. It is in Korea’s 40s and 50s.

Truststone Asset Management Pension Forum CEO Kang Chang-hee, who met in Yeouido, Seoul on the 31st of last month, a day before the new year, diagnosed the anxiety that 4050 generations recently felt as “because they missed the opportunity to learn to accept deprivation.” Chang-hee Kang, who lives the second act of his life as a star lecturer for retired design after being an executive at a securities company and two asset management companies, regrets that he could not teach his children how to accept deprivation. “To desperately save money is to accept the lack.”

“The last 30 to 40 years in Korea’s 40s and 50s have been a special era. In this high-growth era, even if material desires are large, there is a high possibility that they will achieve them, but even in the low-growth era, they will eventually become frustrated. One way to avoid it is savings.”

Children’s education was selected as the object that 4050 generations should save most. It is because the likelihood of making a profit is low when compared to investment.

Representative Kang said that most of the people with children spend a burdensome level of education, so the rate of enrollment in Korean universities exceeds 80%, but he leaves as soon as he enters his 50s even after graduating from college and luckily breaking through fierce competition and joining a large company. He said he was not threatened.

Parents’ educational enthusiasm does not guarantee success in life even from the children’s point of view, but parents must also consider the possibility of bankruptcy in old age. Representative Kang told the case of a couple A in their 40s living in Seoul that he interviewed.

“A couple earned a double-income annual income of 100 million won, but they were spending 33.6 million won on private education expenses for their two elementary and junior high school students. Books, meals and snacks are separate. I can afford it right now, but A couple is 50 million won. The price will put you under pressure to leave the company. Fortunately, even if you succeed in reemployment, your income is likely to decrease compared to your previous job.”

Therefore, you need to prepare a second job that will minimize the extent of your income decline. It’s best to take advantage of the skills you’ve gained from what you’re doing now. You can also try new things by combining changes in the world and your own specialties. Representative Kang also became a YouTuber from last year when he was unable to give a lecture due to the spread of the new coronavirus infection (Corona 19). The number of subscribers to the’Truston TV’ channel he created has already exceeded 30,000.

Regrettably, even if you couldn’t prepare for a new job, Kang emphasized that you must do chores that young people don’t want to do. He quoted the French philosopher Jean-Paul Sartre, saying, “What we have to throw away at this time is face.” It is not a problem with a lot or a small amount of earning, but to get away from loneliness by continuing social relationships.

The retirement income of 4050 households can be supplemented to some extent with the national pension. Representative Kang said, “The head of the house will be automatically signed up at work, and even if it is a single earned wife, you must also sign up at your discretion,” he said.

It also ordered asset restructuring. Regarding the forecast of real estate prices, Kang said, “I’m not an expert,” and pointed out that “the problem is that most of the assets are concentrated in real estate.”

“Investment always comes with risk. Risk means’uncertainty.’ It means that prices can go up, but they can also go down. If the price of real estate, which makes up most of the assets, falls in old age, it can be very difficult. Risk management. By the time you turn 60, it’s a good idea to make 50% of your real estate and financial assets.”

[한경우 매경닷컴 기자 [email protected]]
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