35 years old? 45 years old? Post-retirement pension gap between two friends who started differently, yuck!

[News FM Lee Ik-seon Choi Soo-young Issue & People]

□ Broadcast date and time: January 15, 2025 (Wednesday)
□ Host: Lee Ik-seon, Choi Soo-young
□ Contributor: Kim Dong-yeop, Managing Director of Mirae Asset Investment and Pension Center

* The text below may differ from the actual broadcast content, so please check the broadcast for more accurate information.


◇ Lee Ik-seon: <Issuga Money> We give you valuable information that makes money just by listening carefully at this time. How to reduce taxes, real estate stock trends, and pensions are delivered by one-shot instructors in each field. Today, we have Kim Dong-yeop, managing director of Mirae Asset Investment and Pension Center. Welcome.

★ Kim Dong-yeop, Managing Director of Mirae Asset Investment and Pension Center (hereinafter referred to as Kim Dong-yeop): Hello.

◆ Choi Soo-young: Whether healthy or not, anxiety about old age is growing very much as it becomes an era of long life. According to the data from the National Statistical Office, Koreans are actually less than 63 years old, and since the national pension can be received from the age of 65, it is not easy to survive without a pension for at least two or three years.

★ Dongyeop Kim: That's right. The biggest concern for office workers who live on a salary is living without a salary. It's very scary to think about life when your salary disappears. Honestly, it's coming up like a big wall, so how do I prepare this? In a way, I think it is the biggest homework for office workers to come up with measures to cope with the income gap and income decline.

◇ Profit line: Why are people still hesitant to sign up for a pension?

★ Kim Dong-yeop: Most humans say pension is important, and when they sign up, they say, well. People who study evolution tell us that this is how people evolved. If you look at the primitive people we've lived for a long time, they didn't worry about life after 65 even though they were worried about food the day after tomorrow. As a result, it is said that things that think about something from a long-term perspective have evolved in a way that is very difficult. There are people who are not good at making decisions when asked what they talk about next. People who always think about what's better. I was a French philosopher in the 14th century, and what a person named Bury Dang said was an example with a donkey. To the donkey. If you give me a pile of hay and give me a bucket of water, I can eat hay and drink water. The donkey gave it to me like that and I died of starvation. I was thinking about whether to eat hay first or water first. What's not a joke is that most people think about whether to do this or that when they tell them to prepare for retirement, and they spend all their time thinking about it and not making good use of their time.

◆ Choi Soo-young: You need to know a little bit about pensions to make the best use of your time. People seem to know a lot about pensions, but most of the time they don't really know. If you could explain the differences a little easier.

★ Kim Dong-yeop: If you look at it broadly, it's a public pension and a private pension. Like the national pension, the state forces membership to join the public pension on its own is called a private pension. If you look at private pensions, there are retirement pensions that companies are supposed to join and personal pensions that they can join on their own. In the case of personal pensions, there are products that we can receive tax credits for year-end settlement, but there are products called pension insurance that are tax-free products that do not pay taxes when receiving pensions later. You're confused because you have different tax benefits and different ways to sign up, so what should you do? Then, you need to find out what kind of pension you're currently subscribing to and your spouse's. The best way to find out is to look up the 'integrated pension portal' on the portal window. If you go in there and search for your personal information, you can see all the public pensions, private pensions, and retirement pensions you are currently subscribing to. The most important thing is to understand my current situation and start there.

◇ Interest line: I see. So is there a cheat key or something that pension beginners can use? I'd like to get some year-end tax credits as well as some profit.

★ Kim Dong-yeop: The best thing is that January is good for you to make up your mind and act. January is the day to make a decision, and how to make a decision at this time is important to make a decision to make a pocket of your retirement funds. The important thing at this time is to sign up for things that have some tax benefits. Representatively, there are products called pension savings or IRP, and if you sign up for this product, you can receive a tax credit of up to 9 million won for your savings at the end of the year. The tax credit rate is about 13.2% or 16.5% of the savings, so if you save 9 million won, you can get about 1.48 million won or 1.18 million won back during year-end tax adjustment, so it's a considerable benefit. It is very important to accumulate funds while enjoying these benefits. What's more important than that is to save consistently.

◇ Lee Ik-sun: Today's consultation story has arrived, so let's read the story.

Hello, I have a friend from my hometown who has been very quiet since I was young. We spent our school days together, and our work life started around the same time, and we also designed our old age while drinking. We started our personal pension at a relatively early age. My friend paid 500,000 won per month for 20 years from the age of 35, and I paid 500,000 won per month for 10 years from the age of 45. Both of us operated at a 6% annual rate of return. We've already turned 60 this year, and now it's time to get a pension. When two people opened their accounts the other day, my friend's account had 350 million in it. There was a huge difference. When it comes to principal, the difference is only 60 million won. According to pension managers, tax benefits and welfare effects have earned more than 200 million won. As a result, my friend received 1.43 million won per month until the age of 90, and I ended up with only 510,000 won per month. Why is the difference so wide? And I want to know if there is any strategy I can do in the future. I ask Dr. Pensions for advice.

There's a huge difference. Kim Dong-yeop, managing director of Mirae Asset Investment Pension Center, should answer.

★ Kim Dong-yeop: I did a quick calculation of what you said. This person said that his friend and he made the same average annual profit of 6%, but I don't think that's right. There is a difference in the yield. If your friend made an average annual profit of 6%, you should have about 226 million won, and in your case, you should have about 8.123 million won, but there are more than that. The rate of return is different. As you said, if you accumulated 500,000 won every month for 20 years and made 350 million won, the average annual rate of return is about 9.78%. And what happens to you is that you made about 130 million won by doing 500,000 won each for 10 years. This person's profit margin is about 15%. In a way, the amount is small, but it has made a better profit than a friend. You need to get some comfort there. But why is there such a big difference? That's because of the investment period. There is a 10-year difference, so it is because of the welfare effect during that period. The welfare effect is largely influenced by two factors. The first is, of course, if the rate of return is large, the compounding effect will roll over the period and grow. More significantly than that is the effect of the period. Period of investment If we usually draw an exponential function or something, there are sections where the increase suddenly rises at first. Usually, those effects appear a lot after 15 years, but in this case, he did about 10 years for himself, and his friend did about 20 years. So it shows that it's just as important to start early. Retirement preparations are much more advantageous for those who invest early and start even if they are smaller and have a little less return.

◇ Lee Ik-seon: For those who do it quickly, at what age does it start?

★ Kim Dong-yeop: It's good to do it quickly, but honestly, if you tell me to prepare for my retirement as soon as I join the company, I can't hear you well. When you join the company, learn some ways to manage your retirement pension. From the age of 40 or more, it is necessary to start preparing for one's retirement funds by making separate pockets.

◇ Lee Ik-seon: There are friends who start doing it in their 20s.

★ Kim Dong-yeop: That's a good idea. In that way, if you make your own retirement fund pocket early, the welfare effect will be much greater. I think these two cases illustrate that well.

◆ Choi Soo-young: They say it's better to do it as soon as possible. Then for those who think they'll listen to it from now on, please introduce the so-called dividend growth ETF, which is popular these days, and investment.

★ Dongyeop Kim: Dividend growth ETF is a fund. An ETF is a product that trades with a fund listed on the stock market. So, in the case of general funds, it's a little uncomfortable to sign up and trade, but this is a very convenient product to buy and sell like stocks, and dividend growth here is that there is a difference in sales when we invest in stocks, but there is a dividend from stocks. The term "steady payment of this dividend and growth" can be regarded as an ETF that invests in stocks where annual dividends rise steadily. Naturally, the fact that dividends are growing means that the company is in a very good business condition, so you can receive steady dividends while pursuing an increase in stock prices, so investing in these products is a desirable investment method.

◇ Profit line: So is there a golden ratio of portfolios by age or something?

★ Kim Dong-yeop: I think I'll follow everyone if there's something like that. It's a bit different for each person. You need to diagnose your personality first. Some people are satisfied with the rate of return of a term deposit, but a significant number of people think it would be better to make a profit than this. Then, ask yourself the second question, and I want to make a profit better than a term deposit, but I have to look at the time and capabilities I have enough experience to invest in. If you say so, you can do it yourself, but if you don't, it's much more important to choose a fund or investment product that distributes and manages assets uniformly. There's a person who gave the right answer to how much is appropriate. There is Harry Markowitz, who won the Nobel Prize in Economics, and when asked how he would invest his retirement pension assets, he said, "Half of the stock, half of the bond. It's too simple. When I asked him why, he said, "I don't like being left out when the stock market is going up, and I don't like all my assets are there when the stock market is going down. ’ Instead of dividing it into five to five, the ratio changes when the market changes. They adjust it regularly. If it is difficult for individuals to do them, it is also a good idea to choose and invest in such a type of fund.

◆ Choi Soo-young: We're looking at it for a long time so it's not a trend and buying and selling stable and single hits. Is there a product that I can relax and go to in the long run?

★ Kim Dong-yeop: As you said, choosing long-term products and not looking at the market may be the secret to your success in investing. Because whenever stock prices rise and fall, people want to buy and sell. Warren Buffet said, "The way to succeed in investing is to buy cheaply and sell it expensive," and I'll say that, too. To be honest, when asked what the second principle is, the first principle is to keep what you buy cheaply and sell at high prices. ’ So the principle is to sell cheaply and at a high price, but the second principle is to follow the rules. That's how difficult it is. It is very important to choose a good product because there are so many cases where most people sell and buy repeatedly in the market and get a bad profit. In my case, if you ask people who are asking for the first time, I say this. It may be my personal opinion, but there is a fund that distributes assets well on its own. For example, there is a fund called a Target Date Fund (TDF), which is that if you specify your retirement age, you will take a high share of stocks when you have a long period of time until retirement, but as retirement approaches, you will reduce the share of stocks. When you invest in your 20s and 30s, you take about 80% of a stock, and when you retire, when you approach the age of 60, you lower it to less than 40%. The fund doesn't do it on its own, but the fund does it on its own. If you continue to build up such a product, you will be able to control the weight on your own later, so if you want to make a long-term investment, you can buy everything on your own and increase your funds in the long term if you decide on such a fund and automatically transfer it.

◇ Lee Ik-seon: I can hear that if I go to the company and ask, right?

★ Dongyeop Kim: That's right. If you go to banks or securities companies, they are all sold, and you can find ways to do it.

◆ Choi Soo-young: There are many reasons why many people are hesitant to join a pension even though they are well aware of its utility and usefulness.One of them is tax. I think it might be easier to choose if you know the withdrawal strategy to reduce the tax burden, so please explain it.

★ Dongyeop Kim: That's right. Taxes and death are said to be inevitable, but you can think of ways to reduce them, even if you can't avoid them. For example, if you are a retiree or a retiree, the tax will vary greatly depending on how you receive it. If you receive severance pay at once, you pay a tax called retirement income tax. For example, if you receive 10 million won and have to pay 10 million won in taxes, the retirement income tax rate is about 10%. This person doesn't get this as a lump sum, and I'm called a pension account, and I'll make a transfer and then receive it as a pension after the age of 55. If that happens, what happens to the tax on the pension amount? In the case of that person, it was 10%, but 30% of that is deducted. If you receive it for more than 11 years, 40% will be reduced from then on, and the tax rate will be applied to about 16%. From their point of view, they have to judge whether it is better to receive this as a lump sum or as a pension, but most people have a lot of taxes if the amount is large. When you receive the same amount as a lump sum, you will have to pay 16.5% of other income taxes if you save well and find it as a lump sum later. However, if you receive this in the form of a pension after the age of 55, you will pay about 5.5% of taxes from the age of 55 to 69. 16. Compared to 5%, taxes can be lowered by more than 10 percentage points, and over 70 years old, 4.4% over 80 years old, and 2.3% over 80 years old, so I think receiving it in the form of a pension is a good way to reduce the tax burden. Anyway, the purpose of joining is the old-age income source. You can think of it as a good way to reduce taxes and use them instead of salaries in old age.

◇ Lee Ik-seon: The listener texted me. I'm still in my mid-50s. I'm done joining my personal pension for 10 years, can I join again? It's called

★ Kim Dong-yeop: Products such as personal pension savings can be purchased at any time regardless of age. There is no problem saving and signing up, but can I get an income tax credit from the year-end tax settlement? For those with earned or business income, you can do this by settling the accounts every year, and even if you don't receive such a settlement, you can sign up anytime if you want to save. Products such as IRP can only be subscribed to when you have income. You can sign up for a product that suits you and accumulate it.

◆ Choi Soo-young: There are also some concerns about health insurance premiums. Isn't the national pension also the target of paying health insurance premiums? People around me say that if you have a lot of income in your old age, you will get hit by a bomb of health insurance premiums. Is this true or false?

★ Kim Dong-yeop: I think it's a strong expression until the bomb. You pay a lot. First of all, what the health insurance premium rate is, so you pay about 7.09% of your income. Since 12.95% of the amount paid for health insurance premiums is long-term care insurance, about 8% of the total income is paid as insurance premiums. 8% of total income. For public pensions such as the National Pension Service, if I receive 10 million won a year, I don't see all 10 million won as income, but only 50% as income. So, if you receive 10 million won, you will see that you have about 5 million won in income and pay about 8% of that amount as health insurance and long-term care insurance. They only recognize 50% of their earned income. Other income is recognized as 100% income. Public pensions pay health insurance premiums, but for example, there are private pension income such as pension savings and IRP I mentioned earlier. The same goes for retirement pensions. Since we haven't charged health insurance premiums here yet, you can remember that public pensions pay only half of health insurance premiums and private pensions don't pay health insurance premiums.

◆ Choi Soo-young: Are you saying that private pensions are a little advantageous? To be honest.

★ Dongyeop Kim: That's right. For example, I invest in financial products with money and receive interest dividends. If the annual interest dividend income exceeds 10 million won, health insurance premiums will be imposed on local subscribers from then on. It doesn't matter when it's less than 10 million won. But there are cases where retirees who want to live on interest or dividends exceed 10 million won. In those areas, you have to worry about health insurance premiums, but in general financial products, if you put the same money into pension savings or IRP and find and spend it in the form of a pension, there is no health insurance premium. So you need to change the form of your income. It's important to convert it into a pension income form, not an interest dividend income form.

◆ Choi Soo-young: Is there a way to convert interest dividends into pensions?

★ Kim Dong-yeop: That's not possible because it's already recognized as income when receiving interest dividends, but it depends on whether you want to make the savings from a general financial product or invest in a pension account such as pension savings or IRP. If you can put a lot in there at once, you can do it later.

◆ Choi Soo-young: If you summarize last year's pension trend, please introduce whether there were any characteristics and give us an outlook on the trend this year.

★ Kim Dong-yeop: Once the baby boomers start to retire in earnest, the biggest change in the pension trend is accumulation, but withdrawal is more important. There is a change in the trend of spending well-collected funds. There were actually a lot of inquiries related to that. For example, as you mentioned ETF products earlier, among ETFs, products that give monthly distributions appear. From the perspective of a person who has to make an income instead of a salary, it is necessary to get something every month. such a form Products that pay something on a monthly basis. Financial products are likely to continue to attract attention in the future, and as you mentioned earlier, interest in paying less taxes and less health insurance premiums will receive a lot of attention. In earnest, about 10 years from now will be the time when the second baby boomers retire. I think these changes of interest will continue in the future.

◇ Profit line: Because it's January. Lastly, I'd like to say something to our listeners that will be helpful this year.

★ Kim Dong-yeop: The first thing you need to do this year is if you don't have a pension account, as I said before, you need to build my pension reservoir. You have to accumulate a lot of water in the reservoir to receive a lot of money later. I think it's time to take action instead of just thinking about it. Don't think that you invest later at once, but pay a certain amount of money by automatic transfer every month. It's called "Just Keep buying." I would like to tell you that it will be a lot of money in the future if you just keep buying and collecting money.

◇ Lee Ik-seon: Yes, we'll stop here. I was with Kim Dong-yeop, managing director of Mirae Asset Investment and Pension Center. Thank you.