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KB Financial Group ‘Korea Single Person Report 2020’
Determination of the need for 620 million won for pension funds
541 million won for the twenties and 561 million for the forties
I think but I’m not ready at all
It turns out that those who have reached the age of 6 million single-person households think they need about 570 million won for retirement. On the 8th, KB Financial Group made this announcement through the “ Report for One Person in Korea of 2020 ”, which comprehensively analyzes the life of single parent families in Korea.
KB Finance conducted a survey of 2,000 single-person households between the ages of 25 and 59 for approximately three weeks starting August 21 to clarify the changes in our society driven by single-person households.
The report explains that single-person households surveyed this year are expected to retire on average at the age of 62.1. The retirement period was slightly increased compared to the previous year’s survey (61.3 years), but the propensity of single-person households to retire faster than multi-family households still appears to be maintained.
The estimated amount of pension funds needed by single-person households is an average of 570 million won. This is an increase from the previous survey and it is estimated that realistic forecasts for living as a one-person family maintaining a certain standard of living, the continuation of a low interest rate and low growth environment and the feeling of anxiety during the investigation period when Corona 19 is spreading.
Regarding the estimated size of pension funds by age group, it was found that the highest sense of economic crisis was the highest as 30-year-olds thought they needed the highest 620 million won. For 20-year-olds, it was estimated at 574 million won, and for 40-year-olds, it was estimated at 561 million won. On the other hand, the 50-year-olds, whose retirement period is the closest, got 515 million won, or about 100 million won compared to the expected amount of their 30 years.
When asked how much they had prepared for the planned pension fund, 22.3% said they were ready. When applied to the intended pension fund, single-person households are estimated to have prepared an average of 127 million won.
Considering the period of economic activity, it is natural that the current level of preparation increases with the age group. For 30-year-olds, the expected amount of the pension fund is the largest, while the gap from the current level of preparation is more pronounced than in other age groups. It is interpreted as relatively anxious.
On the other hand, about 20% of people between 20 and 30 said: “There are no funds for retirement preparation” and the financial resources for retirement were very scarce.
The report explained that the one-person families surveyed believe they need to invest and save 1.23 million won a month to prepare for retirement.
However, the actual amount of investment and savings was not much less than this and the gap between the amount deemed necessary was also large.
The average monthly investment and savings of single-person households surveyed this year was 740,000 won, up 40,000 won over the previous year. This is an amount equal to 60% of the amount of investment and savings (1,230,000 won) needed for retirement, an improvement of 3 percentage points over the previous year’s survey.
As an obstacle to preparing for pension funds, single-person households cited “lack of income” the most (37.8%). Subsequently, they mentioned “no room after living expenses” (15.8%) and other items such as “debt repayment and education expenses” showed a uniform response rate of less than 10%.
As a method of preparing pension funds, more than half of the respondents cited deposits and savings. Public pension, personal pension, insurance and investment products accounted for 30% of cases.
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