Korea entered an aging society in 2000 when 65 or older aged people accounted for more then 7% of total Korean population. Korea is expected to enter an aged society in 2018 and a super-aged society in 2026 recording 14% and 20% of 65 or older aged population, respectively. Korean shows world's fastest aging of population.
Unfortunately, however, national pension, a part of social insurance programs was introduced to Korea later than other western countries and nation pension fund is predicted to be exhausted in 2030. That is, national pension has many limitations in guaranteeing income to enjoy old age. Therefore, young and middle aged adults in their 20s~50s must not only maintain economically reliable life before retirement but also prepare for rich and comfortable old age after retirement.
In order to help young and middle aged adults(20s~50s) prepare for their old age more systematically and intelligently, this research aims to analyze current situation and related factors. Results of analysis are as follows:
Firstly, young and middle aged workers(20s~50s) are worried most about financial and health problems in old age but they don't have sufficient preparation for post-retirement plans.
Secondly, since such factors as age, academic background and career but gender of young and middle aged workers(20s~50s) are closely related to high income, those factors are statistically significant in terms of economic variables and post-retirement preparation variables.
Given the above results, the followings are suggested so that young and middle aged workers(20s~50s) can prepare for their old age more effectively and efficiently.
Firstly, young and middle aged workers(20s~50s) must make a plan for their old age after retirement and develop enterprising thought and active attitude.
Secondly, since awareness and practice related to preparation for old age can be achieved through continuous and repetitive training, the government must implement various social programs to help young and middle aged workers prepare for their old age.
Thirdly, since financial preparation for old age is not optional but mandatory, it is reasonable to save a certain amount of money on a monthly basis to enjoy economically comfortable old life.
Fourthly, in order to save money for old age more effectively, nature of the savings and investor's style must be considered and related decisions must be carefully made.
Fifthly, young and middle aged workers(20s~50s) must have a checkup individually a year after a regular checkup which is performed every two years. Annual checkup lays the foundation for happy and healthy old life.