즉시연금 수요에 관한 연구: 퇴직 공무원 및 퇴직예정 공무원을 중심으로 (Demand for Immediate Annuity: Evidence from the Government Employees in Korea)

서지정보

· 발행기관 : 한국소비자학회
· 수록지 정보 : 소비자학연구 / 24권 / 2호 / 97 ~ 122페이지
· 저자명 : 백은영

초록

고령화 사회로의 빠른 진전에 따라 은퇴준비를 충분히 하지 못한 채로 은퇴했거나 은퇴 직전에 놓여있는 소비자들에게 즉시연금은 은퇴 후 소득흐름을 확보해 줄 수 있는 대안의 하나로 떠오르고 있다. 이에 본 연구는 공무원을 대상으로 은퇴에 관한 사항 및 즉시연금 가입의향과 즉시연금 유형 선택에 관하여 살펴보았다. 퇴직 공무원 6,069명과 퇴직예정 공무원 5,367명을 대상으로 분석해 본 결과, 특수직역연금을 지급받는 공무원들 역시 공적연금 소득으로 은퇴생활을 영위하기에 충분하지 않다고 생각하고 있었다. 그러나 공적연금 외에는 은퇴준비가 미흡한 상태에 놓여있으며 이를 보완해 줄만한 즉시연금과 같은 금융상품에 대한 니즈가 상당히 높은 것으로 나타났다. 즉시연금 가입의향에 영향을 주는 요인을 분석해 본 결과, 퇴직자 및 퇴직예정자의 즉시연금 가입의향 영향 요인은 서로 다르게 나타났다. 연령, 성별, 금융자산, 개인연금 가입여부 및 선호하는 노후대비 방법 등이 즉시연금 가입의향에 영향을 주는 주요 요인으로 나타났으나 그 영향력은 현재 퇴직한 경우와 퇴직 전인 경우에 따라 서로 다르게 나타났다. 결과에 따르면, 퇴직 전 공무원들의 경우에는 즉시연금을 다른 자산들과는 대체재 관계로 파악하는 상황에서 미흡한 은퇴준비를 보완하기 위한 수단으로 활용하려는 경향이 강하게 나타났으며, 퇴직 공무원들의 경우에는 다른 자산을 보유하고 있다고 하더라도 꾸준하고 안정적인 소득에 대한 니즈를 충족시키거나 상속설계의 목적으로 활용하려는 경향이 나타났다.

영어초록

As the aging of the society is progressing rapidly in Korea, there are many individuals who do not have much time to prepare for their retirement and many retirees who have not secure enough income stream throughout their life after retirement. Immediate annuity is an annuity that makes income payments immediately, or very soon after purchase. Thus, immediate annuity would be helpful for retirees who have not secure enough income stream for their life after retirement, providing immediate and continuous income payment. In addition, immediate annuity can provide longevity insurance or can be useful for tax planning and a part of estate planning. Recently, as baby boomers' retirement has been started, the attention to the immediate annuity has been increased. Accordingly, the market for immediate annuity is rapidly growing.
Although the usefulness of immediate annuity for retirement planning and the increased attention to immediate annuity, very little research related to immediate annuity has been conducted. Thus, this study was conducted to fill the gap in literature on immediate annuity. The purpose of this study was to examine the demand for immediate annuities and which factors were related to the purchase intention and the selection of the type of immediate annuities. In particular, this study was conducted using a sample from government employees who have been often excluded in the discussion of retirement planning. Because they have been considered to have benefits from government pension scheme. However, due to the rapid progressing of aging society, it is expected that the benefits from government employees' pension system will be continuously reduced in the future, thus; government employees also need to prepare for their retirement other than their public pension. In addition, immediate annuities could be one of the useful alternatives to prepare for their retirement for the retired and the soon to be retired government employees. Thus, the specific purposes of this study were as followings: 1) the study took a close look at the readiness of retirement and the retirement status of government employees, and 2) the study examined factors related to the purchase intention of immediate annuities and factors affecting the selection of the types of immediate annuities.
The study used a data from the survey of government employees. The survey was collected data on retirement preparation, life after retirement, and demand for financial products such as immediate annuities, reverse mortgage, and loans. Since the interests of this study was about retirement and the demand for immediate annuities, the samples for this study was selected from only retired and soon to be retired government employees. The retired government employees were 6,069 and the soon to be retired government employees were 5,367, respectively. In order to analyze the retirement preparation and the life after retirement, descriptive analyses were conducted. Ordered logit analyses were conducted to examine the purchase intention of immediate annuities. The selection of types of immediate annuity options was examined using multinomial logit analyses.
The results indicated that the government employees did not enough prepare for their retirement; thus, the demand for immediate annuities was very high. Age, sex, financial assets, other individual annuity ownership, the preferred method for retirement preparation were the major factors determining the purchase intention of immediate annuities. However, the effects of those factors were different for the retirees and the pre-retirees. According to the results, the pre-retirees tended to use immediate annuities as a competitive good among other financial products for their retirement planning. On the other hand, the retirees tended to use immediate annuities as a source for continuous income payment or as a part of estate planning. Specifically, if the pre-retirees have an individual annuity or have more financial assets, the needs for purchase intention of immediate annuities decreased. For the retirees, the relationship between having an individual annuity and the likelihood of the purchase intention of immediate annuities was positive and as their financial assets increased, the need for purchase intention of immediate annuities increased. The results indicated that the needs for immediate annuities are high for both the retirees and the pre-retirees, but the reasons of purchase intention are different. Thus, different sales strategies are needed for the retirees and for the pre-retirees in insurance industries.
The results on the selection of the types of immediate annuity options showed that the retirees who already secured enough income stream throughout their life after retirement preferred immediate annuities with period certain option than whole-life annuity option or interest-only options. The retirees whose age was older and who preferred income from real estate were more likely to choose interest-only options rather than period certain option. Among the retirees, older retirees need to take estate planning into consideration in their retirement planning. Estate planning is getting important as the retirees are older, thus; it is reasonable for the older retirees prefer to choose interest-only option to fulfill their needs for estate and tax planning. The pre-retirees who had other financial assets or had individual annuities, or who preferred other type of methods to prepare for their retirement other than annuities were less likely to choose whole-life annuity option than period certain option. Among the pre-retirees, males were less likely to choose interest-only options than period certain option.
The results suggest that government employees also need to prepare for their retirement other than public pension. In order to prepare for their retirement individually, the information for other various financial options are needed so financial education should be reinforced for government employees, too. In addition, insurance companies and financial planners should suggest appropriate financial products(e.g. immediate annuities) depending on the retirees or pre-retirees financial needs and situations.

참고자료

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