By Stuart Solomon
MetLife Korea chairman
In March 2011, the MetLife Mature Market Institute and Seoul National University Institute on Aging jointly announced findings on their study of 4,668 Korean Baby Boomers across the nation.
Korea’s Baby Boomers, born between 1955 and 1963, are generally optimistic about their retirement despite concerns over expenses and reduced income that will necessitate a simpler lifestyle. But retirement is not only about assets and income and the baby boomers clearly indicated this by ranking `staying productive and useful’ as their biggest concern in retirement.
Let’s assume you have built and executed on a good financial plan and retirement income is not an issue. Let me speak of conditions that exist here in Korea that lead me to believe that the Baby Boomers, if they choose to do so, can pursue a fulfilling and happy retirement.
Life expectancy continues to grow and weakening of the family as the primary care giver system is becoming more apparent in Korean society. And while the health care system provides generous coverage at present, there is no guarantee that the government will be able to maintain this level of coverage in the future given rapidly rising costs.
The answer is good health. There are many parks to walk, jog, and bicycle in thanks to the efforts of the Seoul City government to provide an exercise friendly environment. It is routine for me on a jog along the Han River Park to witness senior citizens strutting along in their running suits with big visor hats and pronounced arm swings.
On the mountains of “Namsan,” “Bukhansan” or “Taemosan,” it is refreshing to see the legions of senior hikers. And witness the number of health clubs in Seoul that cater specifically to the senior set.
Korea’s traditional diet of vegetables and fish is as healthy as it gets. One just needs to resist the temptations of today’s high caloric, high fat food offerings. And while Koreans seem eager to experiment with elixirs that tout keeping you young, the important thing here is the desire to take care of one’s health. More than 60 percent of the boomers are engaged in health promoting activities including exercise and regular check-ups.
The Boomers strongly believe that family is fundamental for personal happiness-this despite the ongoing changes to the concept of the family and despite the sacrifice of family time to a work dominated pre-retirement. Besides the family, Koreans have access to a multitude of other networks to draw on.
I am amazed at the number of school associations, clubs, professional societies, sporting and, hobby groups, travelling clubs, religious associations to name a few, that exist here in Seoul. Add to this the close circle of one’s own friends that Boomers meet with 7 to 8 times a month and you wonder if there is enough time in a day to accomplish everything.
Just as the Boomers expected dependence on one’s children for retirement support continues to ebb, we are witnessing the rise of retirement communities, “silver towns” which can serve as an extended family for retirees. In many locations throughout the world where we see the elderly living to extreme old age, the common thread between them has been the strength of the bonds between residents of these close knit communities.
Only 10 percent of the Boomers, participate in a volunteer activity once a month. If pursued more pro-actively, this can result in another important source of social networking and relationship building- not to mention the strong sense of personal gratification that comes with it.
Okay-we have family, a social network and a healthy lifestyle. There are lots of opportunities to cultivate outside interests but the desire to further your personal development must be self driven. Korea is now at the forefront of technology infrastructure, everyone has a cell phone and internet penetration is among the highest in the world.
These are invaluable tools for learning and not just for the young. The Boomers must continue to educate themselves, develop new interests, take classes, volunteer and try to learn something new each day.
In the wise words of Plato, “The man who makes everything that leads to happiness depend upon himself, and not upon other men, has adopted the very best plan for living happily.”