Study on the sufficiency of retirement plans for the elderly aged 65 and over†
Heuiju Chun1
1Department of Statistics & Information, Dongduk Women’s University
Correspondence to: † This research was supported by Dongduk Women’s University(No: 2023-06229).
1 Associate professor, Department of Statistics & Information Science, Dongduk Women’s University, Seoul 02748, Korea. E-mail: hjchun@dongduk.ac.kr
1 Associate professor, Department of Statistics & Information Science, Dongduk Women’s University, Seoul 02748, Korea. E-mail: hjchun@dongduk.ac.kr
Received August 6, 2024; Revised September 8, 2024; Accepted September 10, 2024.
This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
- Abstract
- This study uses the proportional odds logit model to investigate factors affecting the ‘sufficiency of retirement plans prepared to date based on housing pension demanders aged 65 or older. As a result of the analysis, the most important factors affecting the sufficiency of retirement plans to date are the sufficiency of assets and the sufficiency of average monthly income, followed by the sufficiency of government support, the degree of preparation for retirement, and the main source of monthly income. the degree of sufficiency of total assets for retirement, presence or absence of loan amount, financial support from children, and level of education. The main factors that affect the sufficiency of retirement plans for 65-year-olds are the economic status of their assets and monthly income, and preparations for retirement life. This suggests that housing pension can be an important alternative as a retirement plan to prepare for longevity risk after retirement for seniors aged 65 or older. The housing pension is expected to be an important means of financial stability in old age for seniors aged 65 or older who have not prepared for retirement as they can continue to receive a certain amount of monthly.
- Keywords : Housing pension, monthly average income, proportional odds logit model, retirement income, sufficiency of old-age income
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