국내 연금화 발생 요인에 대한 실증분석

Currently, our society faces increasing uncertainties in retirement living due to the widening gap between average life expectancy and healthy life expectancy, rising medical expenses, inflation caused by climate change, and the instability of national finances stemming from aging and low growth. Since Yaari's seminal 1965 study, academic consensus has emphasized the importance of annuitizing retirement savings to mitigate longevity risk. However, both in Korea and globally, a persistent phenomenon known as the "annuity puzzle" reflects the reluctance of retirees to adopt annuity products despite their theoretical advantages. This research investigates this paradox within the Korean context through an online survey targeting individuals aged 50–60 who hold retirement pension accounts. Utilizing multiple logistic regression analysis, the study identifies critical factors influencing annuitization decisions. These include liquidity needs, such as provisions for medical expenses, retirement savings balances, the perception of tax benefits, and framing effects associated with financial choices. The analysis also highlights the importance of demographic distinctions, revealing that age and gender significantly impact annuitization behavior. These findings underscore the necessity for policies and financial planning tailored to specific demographic groups to effectively address their unique retirement needs and preferences.