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Private Pensions Demand of Korean and U.S. Households
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  • Journal title : Korean Management Science Review
  • Volume 32, Issue 3,  2015, pp.13-28
  • Publisher : The Korean Operations and Management Science Society
  • DOI : 10.7737/KMSR.2015.32.3.013
 Title & Authors
Private Pensions Demand of Korean and U.S. Households
Yuh, Yoonkyung;
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Using the most recent dataset of Korea and U.S. household finance, this study analyzed demand and adequacy of private pensions for pre-retirees. For this purpose, 2013 Korean Retirement and Income Study (KReIS) of national pension research institute in Korea and 2013 SCF (Survey of Consumer Finances) of FRB in U.S. were used. For comprehensive comparisons of the two countries, this study classified the private pension into sub-categories such as personal pension, corporate pension, and retirement benefits, and used three different criteria including ownership, accumulated present value of each pension, and income replacement ratio of each pension. After controlling for other factors, educational level of householder and household income were critical determinants of size and adequacy of private pension in both countries. Different from Korean households, householders' gender, marital status, and health status had an important effect on the private pension size and adequacy in the U.S. In addition, home ownership significantly increased only private pension adequacy in Korea, and also increased ownership rate, size, and adequacy of private pension in the U.S. Results of this study provide useful implications for future pension system and policy in Korea.
Private Pension;Corporate Pension;Personal Pension;Korean Retirement and Income Study;Survey of Consumer Finances;
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