Retirement Tsunami for those in their 60s, 5 certificates for successful reemployment and 3 major laws

YTN Radio (FM 94.5) [YTN News FM Wise Radio Life]
□ Broadcast Date: October 29, 2024 (Tue)
□ Host: Announcer Park Gui-bin
□ Castor: Kim Kyung-rok, Mirae Asset Management Adviser

* The text below may differ from the actual broadcast content, so please check the broadcast for more accurate information.
◆ Announcer Park Gui-bin (hereinafter referred to as Park Gui-bin): Korea entered an aging society in 2018. Now, next year, we are about to enter a super-aged society. The government is also discussing pension reform and retirement age extension, but it is very difficult. Let's find the solution. There is a generation facing pensions and retirement age. They're people in their 60s. What should they do? He is the nation's top retirement expert who was an economist and director of the Retirement Institute. We have invited Dr. Kim Kyung-rok, the author of the book "The 60s Are Coming." Doctor, welcome.

◇ Kim Kyung-rok, Mirae Asset Asset Management Advisor (hereinafter Kim Kyung-rok): Yes, hello. Nice to meet you.

◆Park Gui-bin: Yes, nice to meet you. First of all, I'm holding a book in my hand. I would like the author to introduce the book briefly. First of all, the title of the book is that a person born in the 60s is coming. What kind of book is it? And what's the meaning of the title?

◇Kim Kyung-rok: Aren't you going as soon as you see this from the word Onda? There's a person who asked this question. What I said is that I'm coming now is that you just mentioned a super-aged society, and baby boomers will now be the main players of the super-aged society, and the core of them is those born in their 60s. So, as the leader of the super-aged society, it was written that those who were born in their 60s will come. But I'm not just happy anymore. There are various difficulties. So I wanted to show you that reality a little objectively, and I described some countermeasures.

◆Park Gui-bin: I'm holding a book right now, right? In my eyes, I see the back cover of the book, and it says the trend outlook and survival strategies of those in their 60s, which are revealed by experts in retirement, investment and futurology. From the perspective of society, people in their 60s will come from the perspective of a super-aged society. There are a lot of people who are very worried after retirement, and in fact, he is an expert in this field, one of the few retirement design experts in Korea, and a doctor of economics. If you ask this person a question today, I'll ask as many questions as I can. Among those who texted me, I'll draw a lottery and send you this book that's coming today, so please participate. What kind of generation can we define as those born in the 60s?

◇Kim Kyung-rok: The most common stories you've heard are 386, 486,586. So, students in the 60s usually remember the democratization generation. In addition to this, there are several characteristics. The most interesting thing is that if you look at people born in the 60s, they have a GDP per capita of $79 at birth. And by the time these people retire, their per capita GDP is almost over $30,000. So, maybe those born in the 60s are unique generations that go through underdeveloped countries, middle and advanced countries that no generation in the world has ever experienced at the same time. And then, it's called intergenerational competition. For example, in the '60s, '50s, '70s, among them, executives of large corporations, political politics, and so on, it can be seen as the generation that won the generational competition that dominated the competition. On the other hand, if it's dark, it's the Macher generation. So now the last generation to support their parents, and then the first generation to not be supported by their children, is this generation. On the one hand, while students in their 60s now occupy the dominant generation, there is nevertheless quite a bit of polarization within the generation. So if you look at some aspects, there are people who say, "Hey, this is really well prepared and a lot of bankruptcy has been achieved." Also, it is a generation that is a little polarized, such as how to spend the rest of your old age in the future, if you adjust the angle to which side. So it's a generation that has very unique characteristics in addition to just the democratization generation.

◆Park Gui-bin: The key word that refers to a person in the 60s who is born in the 60s, which penetrates the key topic that we are going to talk about today, among the words of a doctor who was born in the 60s in Korea, who has characteristics that are not found anywhere else in the world. The last generation to support their parents and the first generation who are not supported by their children, shouldn't we find an answer there about how those born in their 60s will move forward?

◇Kim Kyung-rok: That's right. That's the important part. For example, when you prepare for retirement funds in your old age, you have to think about the funds related to your parents' support, and then you have to raise all the funds for your old age in the future. On the other hand, if you add it now, it is not only a generation that is not supported by their children, but it is also a risk to adult children these days. For example, if your child can't get a job quickly, or if they don't get married and live together, it costs a lot of money to get married. So these are all parts that we need to consider and prepare.

◆Park Gui-bin: The working period for students in their 60s is increasing a lot, right?

◇Kim Kyung-rok: That's right. Not too long ago, it was published in an article.If you look at the percentage of employed people, it's from the '60s, '50s, '60s, '60s, and so on. Those in their 60s and older are the most employed in the order of 60s and 50s and 40s. And the employment rate from 60 to 64 years old is almost 65%. People who leave their regular jobs, not their main jobs, but work through reemployment or self-employment, etc., account for a fairly high proportion.

◆Park Gui-bin: Don't you usually describe after retirement as our second life? You came out of your main job in your 60s, and you said you're going to be a non-regular worker or get a job after your 60s. Do I have to see this as the beginning of my second life, too?

◇Kim Kyung-rok: Oh, of course. Let's say that's a kind of Western society and that we're an advanced country. The difference between developed countries and developed countries is that the retirement age is now later than ours. The U.S. and the U.K., as you know, have no retirement age because of the ban on age discrimination. Next, European countries are about 65 years old or older. Japan usually thinks that the retirement age is now 70, but the retirement age is 60, but the actual retirement age is 70 because it actually follows the government's recommendation policy. However, in Korea, the retirement age is now 60, but it is actually around 55 years old. So now, in Western society, you work, but you work for a long time in a more stable workplace. Korea is working for a long time in such a job that works in its 60s but is a non-regular worker. So if you compare the employment rate from 55 to 64 years old and the proportion of non-regular workers with OECD countries, the employment rate is a little higher in Korea. However, the proportion of non-regular workers is three times higher in Korea. That's the evidence that shows what I just said. I do the same thing and do more, but it doesn't lead to a stable and kind of job, but now I work in a slightly poor job, which is a non-regular worker through a little re-employment. There is such a difference.

◆Park Gui-bin: Then if I ask you a realistic question, you're in a situation where you have to get a new job after retirement. In that generation, then what should we do to survive in that reemployment market?

◇Kim Kyung-rok: As I see it, we also look at surveys and things like that. The most important thing is your expertise after all. Because it's not easy to get back into a big organization. Having your own expertise is the most important thing, and the second is lowering your eye level. That's why it's difficult at the eye level when you're originally in your main job. The third is a kind of network or information network. When we usually have new recruits in their 20s entering the workplace, doesn't it seem too obvious where we should go? But now, when entering the reemployment market, this is really unclear. It's about where, how, and who picks it. So, I think the three most important things are to understand the relationship network surrounding oneself and the information network about the reemployment market broadly. So now, three factors are found to be the most important factors in reemployment: lowering the level of professionalism, information networks, or networks.

◆Park Gui-bin: In Korea, 60 is the retirement age, but the actual retirement age is 55. Then, before reaching that age, those who are former have time to prepare for the network information network in advance, such as the expertise you just mentioned or lowering your eye level. But for those who are in the reemployment market right now, what advice can you give them realistically?

◇Kim Kyung-rok: Those who have been in the reemployment market will now be in the reemployment market. It's only for those who just have to go in, so you have to prepare. I see a lot of cases like that around me, but I think you can think of that a little bit now. I took a few months off because I lost my job for a while during the IMF financial crisis. I'm telling you not to rush too much when we do this. You have to think a little more than six months, explore, and think about what to do. If we have muddy water, if we keep stirring the water to clear it, it becomes more muddy. If you wait, the water will be separated. Now, the mental shock and stress are huge. I don't speak. Then, one of the phenomena that people happen is that I decided to start a business, so I opened a chicken restaurant.I have a big obsession to do something right away. Then, it's easy to make a mistake if you're in a little hurry. That's because the retirement funds he collected could also be wasted. When I first hit the door because I'm not ready, I think it's important to draw a road map for what I'm going to do and what I'm going to do in the future and wait for a little while until the water clears up and the soil and water are separated.

◆Park Gwibin: I see. Let's see your text message. The listener said, "I'm a 63-year-old who retired not long ago. I'm still young and I want to keep working, but I really have nothing to do. No one uses it. ’ She sent me a text like this.

◇Kim Kyung-rok: Of course, there are many around me. There are a lot. As I said earlier, there is a professionalism that continues to what you have been doing in terms of expertise. Another thing is to secure new expertise, and that's what I'm doing a lot around me. That's the so-called certification part. So, the certificates are now in Japan and in Korea, and this is a good way for us to find a job. Of course, getting a license doesn't mean you can get a job right away, as you know. Young people aren't getting a job right away, either. But if the conditions are met, there is a possibility that I will at least push my feet here and there. So I think we're going to look over there, and I think people in tech aren't really worried after retirement. Because they have their own skills, but in general, people in management positions have such problems. That's why people in managerial positions have expertise, and that expertise is now a certificate. So I think that's a bit useful for now.

◆Park Gui-bin: Yes, I hope your listeners enjoyed it and I will send you the book. Another listener wrote, 'I'm from the early 70s. I'm as worried about retirement as I was in my 60s. All I have earned is one house, but my son is still not married. If I want to work for a long time, I have a lot of worries about getting a certificate at this age. ’ You just mentioned it, so what kind of certificate would you like? What kind of certificates should I prepare before retirement?

◇Kim Kyung-rok: You have to choose what suits you. For example, in the case of a 55-year-old person who recently went to a lecture, the safety manager now has a lot of demand for contraction as the Serious Accident Punishment Act came into force. He said he was preparing for it now. And now, there are people who want to be the head of the apartment management department at the housing manager, and there are people who prepare that in advance and start when they leave the job. Then there are electric safety engineers, and then there are forests. And some people don't use it right now, but there are people who get a drone license, so I think you can get a license in various parts that suit your aptitude. For example, some people say that they are very interested in this part of trees and housekeeping, so I think you can get a license in that part. I mentioned the safety manager earlier, but in the case of him, the monthly income is quite high after his seniors get their certificates and settle down for about a year and two years. Now, that's what I'm talking about earlier, lowering the level of professionalism, and then the information network or network. I think it's really desirable just to have that thought in advance of this part. I think you can prepare a little bit from 3-4 years ago.

◆Park Gui-bin: Another listener said, "I was born in 59." I retired from my 33-year-old job and am immersed in painting. There are so many hobbies for the silver generation, but economic activities are not easy. I sometimes agonize over whether I can play regularly like this. It's tempting to listen to the broadcast. ’ I'll send you a book. I think you're feeling okay for now.

◇Kim Kyung-rok: Economic activities are just a hobby. Work is not only a kind of earned income, but it is also helpful for health by meeting various people and living a regular life. So now, income is not necessarily the purpose, but some income is needed, so when you're about that age, of course, you need this economic purpose, but you also need an uneconomic purpose. I can meet a good person and live a regular life, I can provide my health insurance, and I can achieve my goal to some extent at this rate.

◆Park Gui-bin: The listener said, "I was born in the 60s. My generation is really the same generation. Preparing for retirement is my biggest concern right now. I think the amount of money to pay for the national pension will increase further, so I'd like to hear your opinion. ’ That's what it says.

◇Kim Kyung-rok: There's another talk about the national pension. If you think about it, it's a life pension that we receive. Among those pensions, the national pension is still the best quality. It's kind of a public pension. I'll tell you the reason, first of all, it's given until the first death, and then, as you know, the National Pension Service increases the price as much as it has increased. However, you can think that the general private pension rarely has this function. Next, the third characteristic is that the state guarantees it, so it has the best quality. But there's a disadvantage now. What it is is that the state and the people can renew their contracts. We decided to do this now, but the reform could change because the state cannot do it again. That's pension reform. That's because in the end, it's trying to make the national pension sustainable. Even so, we can now get a little less than we thought. However, the fact that the national pension is, after all, a public pension is an institutional infrastructure to guarantee the retirement of the nation's most important people. So I have to think that if this part is broken, the country will be broken. You don't have to take it too seriously, and when you get older and you're in your 80s and 90s, even if you don't have that much money coming out of this national pension, it's often quite decisively helpful. Anyway, I think it's best to sign up faithfully.

◆Park Gui-bin: We've been with Dr. Kim Kyung-rok. Thank you.

◇Kim Kyung-rok: Yes, thank you.