More than half of Taiwanese intend to continue working after retirement, while 72 percent would keep wealth management services after retirement to bolster their financial security, a survey released yesterday by Taiwan Life Insurance Co (台灣人壽) showed.
“Retirement has traditionally been viewed as the start of a second life, during which people have the financial stability to allow for a leisurely lifestyle, but this survey indicated that many people do not think that will happen,” National Chengchi University banking professor Sharon Yang (楊曉文) said.
According to the poll, 50.4 percent of respondents said they would not have enough pension when they retire, and 74 percent said they expect the government to reduce pensions.
Photo courtesy of Taiwan Life Insurance Co
Ninety-five percent said they were worried about coverage under the nation’s public health system, while more than 60 percent said they were concerned about coverage under the long-term care system, the survey showed.
While 74 percent of respondents said they had purchased medical insurance policies, long-term care insurance was much less popular, with only 35 percent saying they had bought such policies, the survey showed.
NOT REALISTIC
More than 50 percent said they hoped to live at retirement facilities with monthly expenses of less than NT$30,000, but Taiwan Life said that was not practical, adding that most respondents were not aware of how much money they need for retirement.
On average, respondents in this year’s survey said they plan to allocate NT$8,216 per month to prepare for retirement, down from NT$15,086 last year, while they plan to save NT$6,528 yearly for long-term care plans, which was also down from NT$9,905 last year, the insurer said.
“It might be the COVID-19 outbreak that reduced people’s preparation for retirement or long-term care, as people need to spend money fighting the pandemic,” Yang said.
Nearly 40 percent of those who have not retired said they have not finalized their retirement plans yet, but for those who had, they plan to rely on fixed deposits for their retirement, Taiwan Life said.
The poll, which was conducted in May, collected 1,202 valid responses.
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