The Exploratory Analysis of Late-life Preparedness and Asset Building among the Korean Retired Elderly

This study aimed to examine the asset-building strategies employed by retired elderly individuals in South Korea and explore how these strategies relate to elderly poverty. To achieve this, a questionnaire survey was conducted with 150 senior citizens aged 65 or older, drawn from three elderly welfare centers across 2 regions. Among the respondents, 101 had retired early, with 73 of them opting for voluntary resignation. Within this subset, 48 individuals demonstrated late-life preparedness and asset building. Regarding asset accumulation, 'real estate' emerged as the largest category, followed by 'pension' and 'savings account (deposit)'. This suggests that financial assets are no longer the predominant form of late-life assets. Furthermore, public pension has not yet significantly contributed to the asset accumulation of these individuals. Therefore, the results indicate that if retired elderly individuals prioritize the acquisition of fixed assets, it could impact their income polarization and relatively poverty rates.