News eDaily04 Oct 2017

Taiwan:Around half of Taiwanese unprepared for retirement

04 Oct 2017

Taiwan has scored 52.5 points in this year's retirement preparedness index, indicating that many in Taiwan are not ready for retired life, according to the results of a survey released by CTBC Holding and Global Views Monthly on 2 October.

The score of 52.5 points is virtually identical to the 52 points the country scored last year, reported the Central News Agency.

The index is composed of respondents' level of confidence in living their ideal retirement life, their financial preparedness for retirement, and their satisfaction with their retirement plans.

According to this year's survey, 60% of respondents had made retirement plans, while the remaining 40% had not.

The survey found that those preparing for retirement were saving an average of NT$39,708 (US$1,304) per month, which is a little more than the NT$30,811 in monthly income which government pensioners and labour insurance retirees receive on average.

Most of these respondents began saving for retirement at 40 years old, with 30.4% of whom choosing to invest in insurance.

Investing in insurance makes sense since the Number One concern on respondents' mind about retirement is not having sufficient funds to pay medical bills.

As many as 80% of those investing in medical insurance are buying insurance for cancer, major illness, and regular medical treatment, with 36% investing in long-term care insurance.


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