원문정보
초록
영어
Based on two representative benchmarks, permanent income and permanent consumption, this study examines the adequacy of retirement wealth among pre-retirees who are currently employed. It compares the determinants of retirement wealth adequacy according to two benchmarks under various definitions of retirement wealth: broad, intermediate, and narrow wealth. Analysis using the Survey of Consumer Finances shows significant differences in the proportion of pre-retirees with adequate wealth according to benchmarks and wealth definitions. The important determinants of retirement wealth adequacy are fairly consistent regardless of the benchmarks and wealth definitions. The crucial determinants include planned retirement age, subjective risk tolerance, and ownership of defined-benefit plans and non-financial assets.
한국어
본 연구는 예비은퇴자들의 은퇴자산의 적정성을 항상소득(permanent income)과 항상소비(permanent consumption)라는 두 벤치마크를 이용하여 평가하였다. 은퇴자산은 포함되는 자산의 종류 및 범위에 따라 확장적 정의, 중간적 정의, 제한적 정의의 세 가지를 사용하였고 각각에 따라 추정된 은퇴자산 적정성의 결정요인을 비교 분석하였다. Survey of Consumer Finances 자료를 이용한 분석결과, 예비은퇴자들의 은퇴자산을 어떻게 정의하는가와 어떠한 벤치마크를 이용하는지에 따라 은퇴자산의 적정성은 상당히 다르게 나타났다. 그러나 은퇴자산의 적정성을 결정하는 요인은 벤치마크의 종류와 은퇴자산의 정의와 관련 없이 일관성 있게 유사하게 나타났는데, 예상은퇴연령, 주관적 위험감수도, 확정급여형 퇴직연금의 소유여부, 비금융자산의 소유여부가 주요결정요인으로 밝혀졌다.
목차
I. Introduction
II. Review ofliterature
III. Empirical mode
1. Simple Life Cycle Model
2. Benchmark of Adequacy
3. Adequacy Model
IV. Methodology
1. Total Retirement Wealth
2. Forecasting Future Rates of Return
3. Retirement Period
4. Permanent Income(PI) and Permanent Consumption(PC)
5. Data and Smple
V. Findings
1. Retirement Wealth Adequacy According to Benchmark
2. Variations in Adequacy Measures ofthe Three Adequacy Groups According to Wealth Definitions
3. Characteristics of the Three Adequacy Groups According to Wealth Definitions
4. Determinants of Retirement Adequacy According to Benchmarks and Wealth Definition
VI. Conclusions
Appendix
References
초록