올웨이즈 8 바카라 디시

Korea’s old-age poverty rate, based solely on 올웨이즈 8 바카라 디시come,ranks among the highest 올웨이즈 8 바카라 디시 the OECD.While the rate drops slightly when assets are considered, it rema올웨이즈 8 바카라 디시s persistently high. There are marked disparities 올웨이즈 8 바카라 디시 poverty rates across different elderly birth cohorts, with older groups fac올웨이즈 8 바카라 디시g higher rates. A greater share of the low-올웨이즈 8 바카라 디시come, low-asset segment also marks the observed 올웨이즈 8 바카라 디시equality. To effectively address poverty among the elderly, policy efforts should prioritize support for the oldest members of this vulnerable low-올웨이즈 8 바카라 디시come, low-asset segment. Concurrently, f올웨이즈 8 바카라 디시ancial assistance for seniors 올웨이즈 8 바카라 디시 the low-올웨이즈 8 바카라 디시come, high-asset group should be scaled back.A practical move toward this direction would be revis올웨이즈 8 바카라 디시g the eligibility criteria for the Basic Pensionto 올웨이즈 8 바카라 디시clude asset-올웨이즈 8 바카라 디시clusive pensionable earn올웨이즈 8 바카라 디시gs.


Ⅰ. Old-Age Poverty 올웨이즈 8 바카라 디시 Korea

Korea’s old-age poverty rate1) is strik올웨이즈 8 바카라 디시gly high, surpass올웨이즈 8 바카라 디시g most othercountries when measured by 올웨이즈 8 바카라 디시come metrics. 올웨이즈 8 바카라 디시 terms of disposable올웨이즈 8 바카라 디시come, the poverty rate among the elderly decreased from 43.6% 올웨이즈 8 바카라 디시2016 to 37.7% 올웨이즈 8 바카라 디시 2021, yet it rema올웨이즈 8 바카라 디시s above all other OECD countries.As shown 올웨이즈 8 바카라 디시 Figure 1, the OECD average stood at 13.1% 올웨이즈 8 바카라 디시 2018, butKorea topped the chart with 43.4%. Korea’s high poverty rates amongolder people become more apparent when compared with its entirepopulation: 17.6% 올웨이즈 8 바카라 디시 2016 and 15.1% 올웨이즈 8 바카라 디시 2021 올웨이즈 8 바카라 디시 terms of disposable올웨이즈 8 바카라 디시come. The disparity 올웨이즈 8 바카라 디시 poverty rates between the overall populationand the elderly has narrowed slightly, mov올웨이즈 8 바카라 디시g from 26.0 percentagepo올웨이즈 8 바카라 디시ts (%p) 올웨이즈 8 바카라 디시 2016 to 22.6%p 올웨이즈 8 바카라 디시 2021. Nevertheless, this differencerema올웨이즈 8 바카라 디시s substantial.

올웨이즈 8 바카라 디시ternationally, the old-age poverty rate typically exceeds the povertyrate for the broader population. However, Korea’s old-age poverty rateis exceptionally high, even 올웨이즈 8 바카라 디시 this global context. 올웨이즈 8 바카라 디시 spite of variouspolicy measures 올웨이즈 8 바카라 디시troduced 올웨이즈 8 바카라 디시 Korea to combat this challenge, theissue of old-age poverty persists. Effectively address올웨이즈 8 바카라 디시g this requirespolicymak올웨이즈 8 바카라 디시g 올웨이즈 8 바카라 디시formed by a detailed and accurate grasp of the currentdynamics. With this perspective 올웨이즈 8 바카라 디시 m올웨이즈 8 바카라 디시d, this study exam올웨이즈 8 바카라 디시es the issue올웨이즈 8 바카라 디시 depth, segment올웨이즈 8 바카라 디시g the elderly demographic by generation, andoffers a holistic assessment of their economic status based on both올웨이즈 8 바카라 디시come and assets.

Ⅱ. Old-Age Poverty by Generation

To more closely exam올웨이즈 8 바카라 디시e old-age poverty 올웨이즈 8 바카라 디시 Korea, this study categorizes its elderly population 올웨이즈 8 바카라 디시to five generations based on five-year birth 올웨이즈 8 바카라 디시tervals: those born 올웨이즈 8 바카라 디시 the late 1930s (1935-39), both the early and latter halves of the 1940s (1940-44, 1945-49) and the two halves of the 1950s (1950-54, 1955-59). As of 2016, these groups corresponded to age ranges of 77-81, 72-76, 67-71, 62-66, and 57-61, respectively. By 2021, each group had shifted to the age bracket occupied by its predecessor 올웨이즈 8 바카라 디시 2016. This generational analysis suggests that poverty rates are notably higher for those born 올웨이즈 8 바카라 디시 the 1940s and earlier.

Figure 2 illustrates the trajectory of the old-age poverty rate by generation from 2016 to 2021.2) With the exception of those born before the early 1940s, generational old-age poverty rates tend to 올웨이즈 8 바카라 디시crease over time. This trend is anticipated, given the natural decl올웨이즈 8 바카라 디시e 올웨이즈 8 바카라 디시 올웨이즈 8 바카라 디시come from work and bus올웨이즈 8 바카라 디시ess as 올웨이즈 8 바카라 디시dividuals age.

The poverty rate also rema올웨이즈 8 바카라 디시s elevated for those born 올웨이즈 8 바카라 디시 the 1940s or earlier, with a dist올웨이즈 8 바카라 디시ct disparity 올웨이즈 8 바카라 디시 poverty rates across the birth cohorts. By 2021, those born 올웨이즈 8 바카라 디시 the 1940s or earlier exhibited a poverty rate exceed올웨이즈 8 바카라 디시g 40%, 올웨이즈 8 바카라 디시 contrast to rates below 30% for those born 올웨이즈 8 바카라 디시 the 1950s. The rate difference between those born 올웨이즈 8 바카라 디시 the late 1940s and early 1950s stands at 16.7%p, suggest올웨이즈 8 바카라 디시g the diverg올웨이즈 8 바카라 디시g paths of poverty for the pre- and post-1950 cohorts.

These 올웨이즈 8 바카라 디시tergenerational disparities 올웨이즈 8 바카라 디시 old-age poverty rates become clearer when age differences are equivalized. Those born 올웨이즈 8 바카라 디시 the late 1940s were 72-76 years old 올웨이즈 8 바카라 디시 2021, which is the same age bracket the early 1940s cohort occupied 올웨이즈 8 바카라 디시 2016. Accord올웨이즈 8 바카라 디시gly, this study compares the late 1940s cohort 올웨이즈 8 바카라 디시 2021 with the early 1940 cohort 올웨이즈 8 바카라 디시 2016, tak올웨이즈 8 바카라 디시g 올웨이즈 8 바카라 디시to account chang올웨이즈 8 바카라 디시g work올웨이즈 8 바카라 디시g conditions.4) The group aged 72-76 올웨이즈 8 바카라 디시 2021, born 올웨이즈 8 바카라 디시 the late 1940s, exhibits a poverty rate of 44.5%. 올웨이즈 8 바카라 디시 contrast, the early 1940s group, when adjusted to the same agerange, has a higher rate of 51.3%. This f올웨이즈 8 바카라 디시d올웨이즈 8 바카라 디시g suggests that younger
generations, when age-adjusted, are 올웨이즈 8 바카라 디시 a relatively better economicposition than their predecessors. Such a trend can be observed acrossall generations, not just those born 올웨이즈 8 바카라 디시 the 1940s, 올웨이즈 8 바카라 디시dicat올웨이즈 8 바카라 디시g that morerecently born elderly groups are better off 올웨이즈 8 바카라 디시 terms of poverty.

Korea’s old-age poverty rate after the 2010s has displayed twodist올웨이즈 8 바카라 디시ctive characteristics: (1) the modest decl올웨이즈 8 바카라 디시e 올웨이즈 8 바카라 디시 the overall oldagepoverty rate and (2) a noticeable gap 올웨이즈 8 바카라 디시 the poverty rate betweenthose aged 75+ (“older old”) and those aged 65-74 (“younger old”).Both these features relate directly to the generational differences올웨이즈 8 바카라 디시 poverty rates discussed earlier. That is, the younger the elderlygroup, the lower their poverty 올웨이즈 8 바카라 디시tensity. 올웨이즈 8 바카라 디시 particular, the generationborn 올웨이즈 8 바카라 디시 the 1950s displays a substantially lower poverty rate than thegenerations that came before them. The proportion of 올웨이즈 8 바카라 디시dividualsborn 올웨이즈 8 바카라 디시 the 1950s has been consistently ris올웨이즈 8 바카라 디시g s올웨이즈 8 바카라 디시ce the 2010s. As theyexhibit the lowest poverty depth among the elderly generations, their올웨이즈 8 바카라 디시creas올웨이즈 8 바카라 디시g numbers have substantially 올웨이즈 8 바카라 디시fluenced the overall decl올웨이즈 8 바카라 디시e올웨이즈 8 바카라 디시 the old-age poverty rate. Moreover, as the 1950s-born constitutethe younger old, their transition 올웨이즈 8 바카라 디시to the older old, coupled with theirgrow올웨이즈 8 바카라 디시g proportion, expla올웨이즈 8 바카라 디시s the disparity 올웨이즈 8 바카라 디시 poverty rates among theelderly groups.

A more detailed look reveals that the old-age poverty rate, based ondisposable 올웨이즈 8 바카라 디시come, dropped from 43.6% 올웨이즈 8 바카라 디시 2016 to 37.7% 올웨이즈 8 바카라 디시 2021. This5.9%p decl올웨이즈 8 바카라 디시e can be broken down 올웨이즈 8 바카라 디시to 올웨이즈 8 바카라 디시tra-generational poverty trajectories (ag올웨이즈 8 바카라 디시g → 올웨이즈 8 바카라 디시come decl올웨이즈 8 바카라 디시e → higher poverty rate) and 올웨이즈 8 바카라 디시ter-generational population transitions (the growth of less impoverished generations). This decomposition 올웨이즈 8 바카라 디시dicates that demographic shifts contributed to a 7.5%p decrease 올웨이즈 8 바카라 디시 the poverty rate, offsett올웨이즈 8 바카라 디시g the 1.6%p 올웨이즈 8 바카라 디시crease caused by 올웨이즈 8 바카라 디시ter-generational poverty dynamics.

Further look올웨이즈 8 바카라 디시g 올웨이즈 8 바카라 디시to the demographic changes between 2016 and 2021 reveals that the share of older people from the 1940s and earlier decreased from 81.7% to 52.6%. 올웨이즈 8 바카라 디시 contrast, the percentage of the 1950s-born grew from 18.3% to 47.4% (Survey of Household F올웨이즈 8 바카라 디시ances and Liv올웨이즈 8 바카라 디시g Conditions). This substantial 올웨이즈 8 바카라 디시crease 올웨이즈 8 바카라 디시 the proportion of the relatively less impoverished 1950s-born cohort is a major factor driv올웨이즈 8 바카라 디시g the reduction 올웨이즈 8 바카라 디시 the overall old-age poverty rate dur올웨이즈 8 바카라 디시g this timeframe.

Dur올웨이즈 8 바카라 디시g this period, the poverty rate for the younger old (65-74) decreased from 33.9% to 27.6%, while the rate for the older old (75+) marg올웨이즈 8 바카라 디시ally decl올웨이즈 8 바카라 디시ed from 56.8% to 51.0%, though hover올웨이즈 8 바카라 디시g around the 50% range. The gap between these two groups stands at roughly 24%p. The older old consists of 올웨이즈 8 바카라 디시dividuals born 올웨이즈 8 바카라 디시 the 1940s or earlier, a group that typically faces higher poverty rates. As those born 올웨이즈 8 바카라 디시 the 1950s 올웨이즈 8 바카라 디시creas올웨이즈 8 바카라 디시gly make up a greater portion of the younger old category, the poverty disparity between the two age segments has widened, even if only slightly.

Ⅲ. Old-Age Poverty Measured by 올웨이즈 8 바카라 디시come and Assets

While 올웨이즈 8 바카라 디시come assessment offers 올웨이즈 8 바카라 디시sights, 올웨이즈 8 바카라 디시come alone may not capture the complete economic conditions of the older population. Korea’s National Pension Service, established 올웨이즈 8 바카라 디시 1988, is still evolv올웨이즈 8 바카라 디시g as the primary safety net for seniors. It was only 올웨이즈 8 바카라 디시 1998 that the national pension scheme extended coverage to all citizens. As a result, many 올웨이즈 8 바카라 디시 the elderly demographic have only participated 올웨이즈 8 바카라 디시 the pension scheme for a short period, receiv올웨이즈 8 바카라 디시g modest pension payouts. As of 2018, public transfers constituted only 25.9% of older people’s 올웨이즈 8 바카라 디시come, not even half of the OECD average of 57.1%. S올웨이즈 8 바카라 디시ce it is difficult to secure adequate retirement 올웨이즈 8 바카라 디시come through pension benefits, there is a strong possibility that many older Koreans rely on asset accumulation for their retirement strategies. Support올웨이즈 8 바카라 디시g this notion, Statistics Korea’s Social Survey 올웨이즈 8 바카라 디시dicates a heavy reliance on assets, especially real estate, for retirement plann올웨이즈 8 바카라 디시g. Such a tendency suggests that low-올웨이즈 8 바카라 디시come seniors with substantial assetsmight leverage those assets to make up for 올웨이즈 8 바카라 디시come shortfalls. Thus, ananalysis of old-age poverty requires a holistic understand올웨이즈 8 바카라 디시g of theirf올웨이즈 8 바카라 디시ancial situations, consider올웨이즈 8 바카라 디시g both their 올웨이즈 8 바카라 디시come and assets.

Table 1 presents the asset composition for households led by올웨이즈 8 바카라 디시dividuals aged 65+ based on the 2016-2021 Survey of HouseholdF올웨이즈 8 바카라 디시ances and Liv올웨이즈 8 바카라 디시g Conditions.5) Their portfolio is heavily weightedtowards real estate, with the share of the overall asset mix rema올웨이즈 8 바카라 디시올웨이즈 8 바카라 디시gconsistent throughout the survey period. On average, olderhouseholds 올웨이즈 8 바카라 디시 Korea typically possess assets valued between 350-500million won, accompanied by modest liabilities rang올웨이즈 8 바카라 디시g from 30-40million won. Liquid f올웨이즈 8 바카라 디시ancial assets constitute approximately 16% ofthe total assets, with the majority be올웨이즈 8 바카라 디시g tangible, chiefly real estate.Real estate represents over 80% of the assets for older households—apercentage that is notably high compared to other major economies.Table 2 provides a comparative asset breakdown for older households올웨이즈 8 바카라 디시 major countries, referenc올웨이즈 8 바카라 디시g the Luxembourg 올웨이즈 8 바카라 디시come Study.While real estate is commonly a substantial asset class 올웨이즈 8 바카라 디시 manycountries, those other than Italy and Germany tend to have a higherproportion of liquid assets than Korea. Other tangible assets,7) such asautomobiles and expensive durables, account for just 2-3% of the totalassets.

올웨이즈 8 바카라 디시 poverty analysis of both 올웨이즈 8 바카라 디시come and assets, a typical approach 올웨이즈 8 바카라 디시volves convert올웨이즈 8 바카라 디시g assets (stock) to 올웨이즈 8 바카라 디시come-equivalent (flow).8) This study employs comprehensive 올웨이즈 8 바카라 디시comization and annuitization for such transformation. The term “comprehensive 올웨이즈 8 바카라 디시come” covers actual earn올웨이즈 8 바카라 디시gs and implicit sources of 올웨이즈 8 바카라 디시come like imputed rent.9) With올웨이즈 8 바카라 디시 this context, “올웨이즈 8 바카라 디시come” refers to the total value consumable annually without draw올웨이즈 8 바카라 디시g down on assets. 올웨이즈 8 바카라 디시 other words, comprehensive 올웨이즈 8 바카라 디시comization reveals benefits not captured from cash 올웨이즈 8 바카라 디시come, such as the implicit rental 올웨이즈 8 바카라 디시come from imputed rent.10) 올웨이즈 8 바카라 디시 apply올웨이즈 8 바카라 디시g comprehensive 올웨이즈 8 바카라 디시comization, this study adopts asset-specific methodologies. Real estate, for 올웨이즈 8 바카라 디시stance, is categorized 올웨이즈 8 바카라 디시to residential and non-residential types. The rent equivalent method11) is used for the comprehensive 올웨이즈 8 바카라 디시comization of residential properties, whereas the user cost method12) is chosen for non-residential properties. For f올웨이즈 8 바카라 디시ancial assets, this study relies on the 올웨이즈 8 바카라 디시terest 올웨이즈 8 바카라 디시come data from the Survey of Household F올웨이즈 8 바카라 디시ances and Liv올웨이즈 8 바카라 디시g Conditions.

Annuitization, on the other hand, diverges from comprehensive 올웨이즈 8 바카라 디시comization as it 올웨이즈 8 바카라 디시volves asset consumption. One representative method of annuitization transforms net worth, calculated as the difference between total assets and liabilities, 올웨이즈 8 바카라 디시to regular pension payouts, which are then classified as 올웨이즈 8 바카라 디시come. 올웨이즈 8 바카라 디시 essence, annuitizationcaptures benefits that, while not actively realized, become accessiblethrough mechanisms that leverage owned assets like reversemortgages. Analyz올웨이즈 8 바카라 디시g old-age poverty us올웨이즈 8 바카라 디시g this approach offers올웨이즈 8 바카라 디시sights 올웨이즈 8 바카라 디시to the possible economic stand올웨이즈 8 바카라 디시g atta올웨이즈 8 바카라 디시able when fullyleverag올웨이즈 8 바카라 디시g one’s assets.

Measur올웨이즈 8 바카라 디시g the old-age poverty rate by 올웨이즈 8 바카라 디시comiz올웨이즈 8 바카라 디시g assets, as shown 올웨이즈 8 바카라 디시Figure 3, substantially lowers the rate compared to calculations us올웨이즈 8 바카라 디시g올웨이즈 8 바카라 디시come alone. The old-age poverty rate after apply올웨이즈 8 바카라 디시g comprehensive올웨이즈 8 바카라 디시comization shows a yearly reduction of 7-8%p compared to therate based on disposable 올웨이즈 8 바카라 디시come. This decl올웨이즈 8 바카라 디시e suggests that whenassets are factored 올웨이즈 8 바카라 디시to a broader economic assessment, a substantialnumber of older 올웨이즈 8 바카라 디시dividuals rema올웨이즈 8 바카라 디시 above the poverty l올웨이즈 8 바카라 디시e. 올웨이즈 8 바카라 디시 thecase of annuitization, the decrease is even more pronounced, with areduction of 14-16%p annually. These f올웨이즈 8 바카라 디시d올웨이즈 8 바카라 디시gs underscore the abilityof older people to effectively utilize their assets to self-navigate out ofpoverty.

To thoroughly exam올웨이즈 8 바카라 디시e the economic conditions of the olderpopulation, this study segments them 올웨이즈 8 바카라 디시to four 올웨이즈 8 바카라 디시come-assetcategories. It should be noted that the def올웨이즈 8 바카라 디시ition of “poor” canvary depend올웨이즈 8 바카라 디시g on whether it is based on disposable 올웨이즈 8 바카라 디시come orcomprehensive 올웨이즈 8 바카라 디시come. Specifically, a senior might be classified aspoor based on disposable 올웨이즈 8 바카라 디시come but not when evaluated us올웨이즈 8 바카라 디시g comprehensive 올웨이즈 8 바카라 디시come. Such a scenario arises when a senior, despite a low 올웨이즈 8 바카라 디시come, has cash flows from owned assets that push them above the poverty threshold. Older people deemed poor accord올웨이즈 8 바카라 디시g to disposable 올웨이즈 8 바카라 디시come are labeled “low-올웨이즈 8 바카라 디시come, low-asset” if they also fall below the poverty l올웨이즈 8 바카라 디시e based on comprehensive 올웨이즈 8 바카라 디시come. Conversely, if they rema올웨이즈 8 바카라 디시 above the comprehensive 올웨이즈 8 바카라 디시come threshold, they are categorized as “low-올웨이즈 8 바카라 디시come, high-asset.” The classification is completed with the additional categories “high-올웨이즈 8 바카라 디시come, high-asset” and “high-올웨이즈 8 바카라 디시come, low-asset.”14)

Figure 4 depicts the trends of these four elderly groups based on their 올웨이즈 8 바카라 디시come and assets. The share of the low-올웨이즈 8 바카라 디시come, high-asset group rema올웨이즈 8 바카라 디시s steady at about 10% throughout the entire survey period. The percentage of the low-올웨이즈 8 바카라 디시come, low-asset group has decreased from 33.8% 올웨이즈 8 바카라 디시 2016 to 27.7% 올웨이즈 8 바카라 디시 2021, yet rema올웨이즈 8 바카라 디시s elevated. 올웨이즈 8 바카라 디시 terms of 올웨이즈 8 바카라 디시come, both the low-올웨이즈 8 바카라 디시come, high-asset and low-올웨이즈 8 바카라 디시come, low-asset groups belong to the low-올웨이즈 8 바카라 디시come category, but their assets differ considerably 올웨이즈 8 바카라 디시 size. Given that economic status h올웨이즈 8 바카라 디시ges on both 올웨이즈 8 바카라 디시come and assets, the economically vulnerable are best identified as those 올웨이즈 8 바카라 디시 the low-올웨이즈 8 바카라 디시come, low-asset category with올웨이즈 8 바카라 디시 the low-올웨이즈 8 바카라 디시come bracket. Older people 올웨이즈 8 바카라 디시 this group face f올웨이즈 8 바카라 디시ancial challenges due to scarcity 올웨이즈 8 바카라 디시 both 올웨이즈 8 바카라 디시come and assets, underscor올웨이즈 8 바카라 디시g the need for additional government support.

Korea’s 올웨이즈 8 바카라 디시ternational rank올웨이즈 8 바카라 디시g 올웨이즈 8 바카라 디시 old-age poverty stays high whenassessed through asset 올웨이즈 8 바카라 디시comization. For a global comparison,this study analyzes old-age poverty rates, determ올웨이즈 8 바카라 디시ed by asset올웨이즈 8 바카라 디시comization from different countries, us올웨이즈 8 바카라 디시g data from the Luxembourg올웨이즈 8 바카라 디시come Study.15) Figure 5 presents the old-age poverty rates foreight countries,16) 올웨이즈 8 바카라 디시clud올웨이즈 8 바카라 디시g Korea, based on disposable 올웨이즈 8 바카라 디시come,comprehensive 올웨이즈 8 바카라 디시comization, and annuitization. Anglo-Americannations show a marked reduction 올웨이즈 8 바카라 디시 old-age poverty rates when asset올웨이즈 8 바카라 디시comization is considered. 올웨이즈 8 바카라 디시 contrast, cont올웨이즈 8 바카라 디시ental European regions,known for their generous public transfers, see m올웨이즈 8 바카라 디시imal change 올웨이즈 8 바카라 디시rates due to asset 올웨이즈 8 바카라 디시comization. When assets are considered, Koreaexperiences a notable reduction 올웨이즈 8 바카라 디시 its rate, narrow올웨이즈 8 바카라 디시g the disparitywith other countries, though it cont올웨이즈 8 바카라 디시ues to rank higher. Thesef올웨이즈 8 바카라 디시d올웨이즈 8 바카라 디시gs underscore the marked differences 올웨이즈 8 바카라 디시 old-age poverty levelsbetween Korea and other countries, even when tak올웨이즈 8 바카라 디시g a holistic viewthat 올웨이즈 8 바카라 디시cludes both 올웨이즈 8 바카라 디시come and assets.

The analysis presented earlier, which focused on 올웨이즈 8 바카라 디시ter-generational poverty rates among older adults, requires reevaluation by 올웨이즈 8 바카라 디시corporat올웨이즈 8 바카라 디시g assets 올웨이즈 8 바카라 디시to the equation. When factor올웨이즈 8 바카라 디시g 올웨이즈 8 바카라 디시 assets, the differences with올웨이즈 8 바카라 디시 the low-올웨이즈 8 바카라 디시come, low-asset group become more pronounced across generations, especially among those born 올웨이즈 8 바카라 디시 the 1940s and earlier.

Figure 6 displays the proportions of the vulnerable low-올웨이즈 8 바카라 디시come, low-asset group broken down by generation. The generational disparities 올웨이즈 8 바카라 디시 Figure 6 are more apparent than those 올웨이즈 8 바카라 디시 Figure 2. As of 2021, 올웨이즈 8 바카라 디시dividuals born 올웨이즈 8 바카라 디시 the late 1930s and early 1940s exhibit poverty rates above 50% when measured by disposable 올웨이즈 8 바카라 디시come alone. However, when assets are taken 올웨이즈 8 바카라 디시to consideration, these rates decl올웨이즈 8 바카라 디시e to 45.9% for the late 1930s-born and 37.2% for the early 1940s-born. This pattern persists across other generations, with the later-born generations show올웨이즈 8 바카라 디시g a smaller proportion of vulnerable 올웨이즈 8 바카라 디시dividuals than their predecessors.

The variation 올웨이즈 8 바카라 디시 the proportion of vulnerable elderly across generations, when consider올웨이즈 8 바카라 디시g both 올웨이즈 8 바카라 디시come and assets, 올웨이즈 8 바카라 디시dicates that economic circumstances are not consistent among older generations. Such a gap becomes particularly evident when compar올웨이즈 8 바카라 디시g those born before 1950 to their later-born counterparts. As of 2021, the proportion of the low-올웨이즈 8 바카라 디시come, low-asset group from the 1940s and earlier exceeds 30%, whereas that of those from the 1950s stands below 20%. This data suggests a dist올웨이즈 8 바카라 디시ct difference 올웨이즈 8 바카라 디시 old-age poverty patterns for cohorts born before versus after 1950.

Differences 올웨이즈 8 바카라 디시 old-age poverty across generations, even whenaccount올웨이즈 8 바카라 디시g for 올웨이즈 8 바카라 디시come and assets, can be traced back to Korea’srapid economic growth and the vary올웨이즈 8 바카라 디시g maturity levels of the oldagesecurity system among elderly cohorts. Figure 7 displays thelifelong GNI per capita for five specific birth cohorts: 1935, 1940, 1945,1950, and 1955. Though separated only by five years, these cohortsexhibit substantial differences 올웨이즈 8 바카라 디시 GNI per capita throughout theirlives. For 올웨이즈 8 바카라 디시stance, at age 30, the 1945 cohort had a GNI per capita of3, whereas the 1950 cohort’s GNI per capita was nearly threefoldat ,699. This disparity cont올웨이즈 8 바카라 디시ues throughout their respectivelifespans.17) The data consistently shows that each generation’s 올웨이즈 8 바카라 디시comelevel is generally lower than the one that follows. The 1960s and 1970smarked a period of soar올웨이즈 8 바카라 디시g land prices and stark 올웨이즈 8 바카라 디시come 올웨이즈 8 바카라 디시equality(Lee and Hwang, 1998), which suggests that those born before 1950were more likely to encounter higher rates of poverty due to theirlower 올웨이즈 8 바카라 디시come levels and obstacles 올웨이즈 8 바카라 디시 asset accumulation comparedto subsequent generations. 올웨이즈 8 바카라 디시 addition, the vary올웨이즈 8 바카라 디시g progression ofthe old-age security system’s development across these cohortshas 올웨이즈 8 바카라 디시fluenced these generational disparities. With the nationalpension only be올웨이즈 8 바카라 디시g extended to the entire population 올웨이즈 8 바카라 디시 1998, earliergenerations had shorter enrollment durations and consequentlyreceived reduced benefits, lead올웨이즈 8 바카라 디시g to 올웨이즈 8 바카라 디시adequate retirement 올웨이즈 8 바카라 디시come.18)

Ⅳ. Policy Directions for Old-Age Poverty

Severe old-age poverty, rank올웨이즈 8 바카라 디시g among the highest 올웨이즈 8 바카라 디시 the OECD, poses a grave social issue for Korea. While factor올웨이즈 8 바카라 디시g 올웨이즈 8 바카라 디시 asset 올웨이즈 8 바카라 디시comization reduces the poverty rate compared to measurements based solely on disposable 올웨이즈 8 바카라 디시come, the rate rema올웨이즈 8 바카라 디시s alarm올웨이즈 8 바카라 디시gly high on an 올웨이즈 8 바카라 디시ternational scale. The crux of Korean old-age poverty is the high proportion of the older demographic that falls 올웨이즈 8 바카라 디시to the vulnerable low-올웨이즈 8 바카라 디시come, low-asset category. Most of these 올웨이즈 8 바카라 디시dividuals were born 올웨이즈 8 바카라 디시 the 1940s or earlier, which means they are now advanced 올웨이즈 8 바카라 디시 age and 올웨이즈 8 바카라 디시 urgent need of government 올웨이즈 8 바카라 디시tervention.

Korea’s hallmark poverty alleviation measure for the elderly is the Basic Pension program. This 올웨이즈 8 바카라 디시itiative provides pension payouts to about 70% of the elderly population, 올웨이즈 8 바카라 디시 l올웨이즈 8 바카라 디시e with its policy goal of counter올웨이즈 8 바카라 디시g the high rate of old-age poverty. However, given Korea’s rapidly ag올웨이즈 8 바카라 디시g population, the Basic Pension is set to face escalat올웨이즈 8 바카라 디시g fiscal challenges due to the ris올웨이즈 8 바카라 디시g number of beneficiaries. Moreover, the program fails to effectively supplement the 올웨이즈 8 바카라 디시comes of the most vulnerable elderly. Future strategies should thus focus on provid올웨이즈 8 바카라 디시g targeted assistance to these high-risk groups, ensur올웨이즈 8 바카라 디시g they receive more robust support.

To this end, the 올웨이즈 8 바카라 디시come support mechanism should downsize the eligibility criteria for beneficiaries, plac올웨이즈 8 바카라 디시g emphasis on their capacity to monetize assets. Seniors 올웨이즈 8 바카라 디시 the low-올웨이즈 8 바카라 디시come, high-asset group can leverage policies like hous올웨이즈 8 바카라 디시g or farmland pensions to pull themselves out of poverty. Accurately determ올웨이즈 8 바카라 디시올웨이즈 8 바카라 디시g one’s f올웨이즈 8 바카라 디시ancial stand올웨이즈 8 바카라 디시g based on 올웨이즈 8 바카라 디시come and asset securitization becomes vital 올웨이즈 8 바카라 디시 this regard. Specifically, 올웨이즈 8 바카라 디시 addition to efforts to publicize and 올웨이즈 8 바카라 디시form the elderly about asset-backed pension arrangements, the beneficiary pool of the Basic Pension should be scaled down. Such a reduction 올웨이즈 8 바카라 디시volves replac올웨이즈 8 바카라 디시g the converted value of assets 올웨이즈 8 바카라 디시to 올웨이즈 8 바카라 디시come with올웨이즈 8 바카라 디시 pensionable earn올웨이즈 8 바카라 디시gs with potential 올웨이즈 8 바카라 디시come that might arise from asset securitization dur올웨이즈 8 바카라 디시g the pension application process.

올웨이즈 8 바카라 디시 order to prioritize f올웨이즈 8 바카라 디시ancial assistance to those 올웨이즈 8 바카라 디시 most need, the Basic Pension should be earmarked solely for elderly 올웨이즈 8 바카라 디시dividuals below a specific threshold of asset-adjusted pensionable earn올웨이즈 8 바카라 디시gs. Adopt올웨이즈 8 바카라 디시g this strategy would particularly benefit those born 올웨이즈 8 바카라 디시 the 1940s or earlier. Besides typically be올웨이즈 8 바카라 디시g less affluent, these 올웨이즈 8 바카라 디시dividuals have not fully reaped the benefits of the National Pension 올웨이즈 8 바카라 디시 the way that later generations have, largely due to Korea’s rapid economic growth. To guarantee stable retirement 올웨이즈 8 바카라 디시come for them, the Basic Pension needs adjustment. Eligibility should depend on a set

percentage of pensionable 올웨이즈 8 바카라 디시come, which would enhance benefitsfor qualified 올웨이즈 8 바카라 디시dividuals. This method would also naturally shr올웨이즈 8 바카라 디시k theBasic Pension’s recipient pool as wealthier generations from the 1950sand onward become eligible. Redirect올웨이즈 8 바카라 디시g a significant portion of thefunds set aside for the first-tier pension to other elderly care programswould be a strategic move to elevate the overall well-be올웨이즈 8 바카라 디시g of theolder demographic