은퇴가구의 자산보유와 영향요인 분석

Abstract

Retired households do not want to reduce their wealth because of uncertainty in the life, increasing expenses on potential health issues and inheritance to their children. Analysis of Korean Longitudinal Study of Ageing (KLoSA) shows that retired households did not reduce their wealth for a long time(about ten years). Results of panel sample selection model indicate that education level of the household head, home ownership, personal income and life expectancy are common factors that have influence on asset holdings of retired households. Two variables (widowhood and health status of the household head) have a differential effect on the type of asset. The findings are summarized as follows. First, this study confirms that the expanded life cycle model is suitable to explain the asset holdings trend of retired households because of future medical expenses and inheritance to their children. Second, home ownership and death of a partner are an important factor in determining household’s asset holding. It is necessary to establish policy to promote liquidation of their real estates, considering high percentage of real estate asset held by retired households.