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Background Information on the Retirement Planning Service
Population aging in Korea is taking place at an unprecedented pace due to extended life expectancies and low fertility rates. Only 5.1 percent of the population were aged 65 or above in 1990; however, by 2060, 40.1 per cent of the population are expected to be aged 65 or above. An aged society can be viewed as a blessing from the perspective of living a longer life, but an underprepared aged society could cause hardships for many. This concern highlights the importance of retirement planning and interest in relevant issues. Everyone needs to begin planning for their retirement. To this end, the National Pension Service (NPS) has taken the lead in providing individual support services for the planning of a comprehensive and systematic retirement.
Service Content
The NPS provides comprehensive services in the form of diagnosis, consultation, education, referral to alternative social welfare resources, and follow-up management in accordance with the Retirement Planning Support Act.
A systematic measure to support a stable post retirement life for the public and reduce social costs associated with population aging
Retirement Planning Service by Area (4 Major Areas)
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· Finance Suggest financial management methods that can be practiced to achieve financial goals by life stage. |
· Health Suggest action plans to mitigate effects of aging and maintain a healthy life style. |
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· Leisure Provide information on various leisure activities such as trips, lifelong learning, hobbies, volunteer activities, etc. |
· Interpersonal Relationships Introduce ways to address situational conflicts for healthy communication between spouses, children, siblings, etc. |
Types of Retirement Planning Service (5 Types)
| Diagnosis | Assess an individual’s retirement preparedness by area - finance, health, leisure, and interpersonal relationships. |
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| Consultation | Provide one-on-one tailored consultations on finance, health, leisure, and interpersonal relationships by life cycle. |
| Education | Operate various educational programs in the areas of finance, health, leisure, and interpersonal relationships by life cycle. |
| Referral to Social Welfare Resources | Make referrals to relevant social welfare institutions, where in-depth social welfare services are needed. |
| Follow Up Measures | Monitor the individual’s progress after consultations on a regular basis and provides additional information upon request. |