Prologue_Tears shed in secret

Part 1: People born in the 60s, who are they?

Chapter 1.
Not all people born in the 60s are the same
Mid-50s, 25 years of service, two-thirds of whom retire unexpectedly
Born at $79, retired at $30,000
A generation with strong cohesion
Going through the foreign exchange crisis and the global financial crisis
A generation that believes in 'effort' more than anyone else, has their effort been rewarded?
The gap between winners and losers, intragenerational inequality
The Impossible Retirement of the 'Marcher Generation'

Chapter 2.
I still want to work
The second act of life begins with a non-regular job
Re-employment nomads
5 Strategies for Surviving the Re-employment Nomad Life
Do I have to work my whole life?
Extending the retirement age and creating jobs for young people

Chapter 3.
The golden age of active seniors
The golden age of 5070
Assets of Active Seniors
From industrial society to asset society
Misconceptions about senior business
Pay attention to demotech

Part 2: What should I prepare?

Chapter 4.
The Tragedy of Tithonus
Restructuring life
How prepared are you for retirement?
The used car market and reemployment
A society overflowing with time and space
nth life and one person, one season
The future of the apartment republic
Move your asset habitat

Chapter 5.
Prepare for your next life
What is your arete?
Withdrawal is harder than accumulation
Retirement assets for those in their 60s are shaped like the Gaema Plateau, not Mt. Baekdu.
Essential values ​​that must be protected
Retirement multiplier 300, withdrawal rate 4 percent
Accounts are forward-deployed, pensions are backward-deployed
Utilizing indirect real estate investment
Housing pension and Jarin Gobi

Chapter 6.
For a sustainable retirement
Life Afternoon, From 1 to 0
3 Essentials for Retired Couples
The deep sorrow of the husband and wife
Couple's Bucket List
Let's put on a new yoke
Five Major Risks in Later Life

Part 3: Towards a New Path

Chapter 7.
A social compromise for intergenerational coexistence
Prisoner's Dilemma
10 Tasks for a Soft Landing in an Aging Society
Silver Democracy and the Runaway Generation
The answer to an aging society lies in the labor market.
First the old, then the young
The optimal balance between inheritance tax and property tax
Mutual Pension Reform

Epilogue_The Generation Choosing the Path
annotation
References

Born with a per capita GDP of $79
The generation that retires on $30,000…
The 'March Generation' born in the 60s, who are they?

Although some argue that generational theory is useless, the special nature of those born in the 1960s in our society is clear.
This is the generation that formed the backbone of the baby boomer generation, experienced the high-growth period and the whirlwind of democratization, and gave birth to today's polarized landscape through the foreign exchange crisis.
Now, they are retiring from their main jobs one by one, but as we enter an aging society, it seems unlikely that generational change will occur easily.
This is because these people, who played a leading role in the period of rapid economic growth and democratization, will once again become the leading players in the super-aged society.
People born in the 60s are often considered the 'rich generation', but we need to take a closer look at the reality.
Looking at how their lives unfold after retirement reveals the challenges facing our society today.
So, who are the people born in the 1960s? How are they living now?

“We don’t give any kind of notice.
I get hit in the back of the head and leave right away.
“That’s the same for any company.”
(Excerpt from "Chapter 1: Not All 60s Generations Are the Same," p. 19)

Two-thirds of people in their 50s and 60s face unexpectedly early retirement.
Mirae Asset Retirement Research Institute surveyed 1,808 people aged 50 to 69 about the reality of retirement and reemployment.
Their median retirement age was 54, and their average length of service was 25.3 years.
Because the average length of service is like this, most people are not well prepared for retirement.
There is no choice but to naturally flow into the re-employment market.
In this way, 83% of retirees in their 50s and 60s are looking for re-employment, but the problem is that working conditions are worse when they are re-employed.


So, is the so-called "rich generation" born in the 1960s a myth? Korea was deeply shaken by the 1997 foreign exchange crisis, followed by the Daewoo crisis in 1999, the credit card debt crisis in 2003, the subprime mortgage crisis in 2008, and the global financial crisis.
Personal lives were also divided.
It was not a crisis that could be overcome through individual effort.
In addition, the industrial structure has changed rapidly, including the IT revolution.
At that time, the organization one belonged to divided one's life into two extremes.
It is the starting point of the polarization of wealth that is emerging today.
As the author puts it, “ironically for those born in the 1960s who lived in abundance,” a society of disparity has arrived.
Moreover, they are destined to be the 'March Generation', the last generation to support their parents and the first generation not to be supported by their children.
In a reality where one-third of the 50-60 age group are "double care" households supporting both parents and children, a peaceful retirement has naturally become an impossible dream.
8.6 million retired people have become nomads wandering the re-employment market.

Different from the previous elderly generation
Pay attention to changes in the silver market and consumption trends.

Despite the stratification caused by intra-generational inequality, the influence of those born in the 1960s on the consumer market is enormous.
The author calls them the "active senior" generation and says that active seniors will lead the consumer market for the next 30 years or more.
Since the early 2000s, there have been calls to prepare for the senior business market. Why hasn't there been any significant growth yet? The author points out the unique characteristics of those born in their 1960s in Korea and argues for a shift in perception of the so-called silver market.

“Senior business products inevitably include hearing aids and walking aids.
But in reality, consumption goes beyond this, and it is difficult to identify in many ways.
Even though there are many seniors buying new cars, they are not captured by the senior business market.
There is no accurate data on who buys cosmetics.
Are smartphones a senior business or not? How can we estimate the senior power of exhibitions, cafes, and restaurants? (…) Because it's difficult to accurately estimate, we tend to underestimate the senior business market."
(Excerpt from "Chapter 3: The Golden Age of Active Seniors," p. 84)

Active seniors are a generation that is “independent, financially strong, proactive, has diverse hobbies, values ​​leisure, owns a variety of financial products, and uses their assets for retirement.”
It is predicted that the first and second baby boomers, who have expanded in unprecedented numbers, will all be incorporated into this market.
This is the beginning of the golden age of 5070.
The author analyzes the still-unseen senior business market in terms of momentum, sustainability, and asset holdings, outlining its potential for expansion.
In doing so, we will examine why the senior business market is not growing quickly and what kind of shift in perception is needed to achieve growth.
And despite various obstacles, the consumer market is expected to shift its center of gravity from 2040 to 5070.
Meanwhile, we must also pay attention to the synergy that arises when senior industries and high-tech meet.
We must not miss the large market that will be formed at the intersection of demographic change and technological innovation.
The author calls this Demotech and urges us to jump on board the wave without delay.
What is noteworthy is that within this enormous potential, we can find a starting point for overcoming the aging society.


Prepare for the coming era of super longevity: n-life.

David Sinclair, a genetics professor at Harvard University, predicted that by the end of this century, the average age at which a person could be considered to have lived a long life would be around 120 years.
People born in the 60s are a generation at a turning point toward an era of super longevity.
The main cycle of our lives is centered around retirement around age 60, and the flow of organizing and living the rest of our lives.
But now that life expectancy has increased dramatically, we need to figure out how to fill the gap that has emerged.
The author argues that a comprehensive restructuring of society, as well as individual lives, is needed.

“It’s not enough to simply be better at investing and exercise harder.
“We need to change the structure of our lives, both financial and non-financial.”
(Excerpt from "Chapter 4: The Tragedy of Tithonus," p. 99)

Restructuring individuals is essential to building a reeducation system to survive in an aging society.
The author believes that the three-stage life plan of 'education-work-retirement' is changing.
Even after retirement, because life expectancy is long, we end up repeating the cycle of 'education-work-rest'.
This is why people born in the 60s believe that investing in human capital is necessary even during retirement.
This can extend working life.
The most important thing is to extend the ‘life of money’.
This depends on long-term asset planning and management.
The author, who has studied retirement and pensions for a long time, presents a method in this book.


Social restructuring is necessary for the sustainability of society.
As baby boomers, who hold an overwhelming majority in the population, enter an era of super longevity, the first thing that will be threatened is the sustainability of society.
Inevitably, structural problems such as low growth, generational conflict, and pension depletion will arise, and structural crises must be responded to with structural changes.
This is why society also needs to be restructured.


The fall of the 'Apartment Republic'…
For a sustainable retirement
Move your asset habitat

Re-employment for people in their 60s is similar to the used car market.
Just as there is a difference between the price of a car that I think it costs and the price that others think it costs, there is a big difference between the productivity that I see and the productivity that society sees it as.
So it's not easy to accept that wages are dropping.
The author offers advice on how to improve the situation, arguing that we need to accept the realities of the used car market and develop strategies to avoid falling into the trap of wholesale pricing.
We also look at real estate, which accounts for a large portion of the assets of those born in the 1960s.

"Can we maintain these spare apartments without cash flow? Can the Apartment Republic continue to thrive? In a society with an aging and declining population, can the apartments that flourished during the growth era still serve as a place to live and a means of accumulating wealth?"
(Excerpt from "Chapter 4: The Tragedy of Tithonus," p. 120)

Even today, the status of real estate, and especially apartments, remains strong in Korean society.
We examine how real estate, which accounts for an overwhelming majority of assets, will change its position in the coming super-aging society, and how we should respond.
The author says that the days of “preparing for retirement with just one house” are over.
Now, the expected return on housing is lower and will fall short of expectations, and in retirement, you will need cash, but the house does not provide cash flow.
It is necessary to diversify real estate into high-quality assets and utilize housing pensions.


Above all, assets must be safe in old age, so stocks should be held as high-quality assets.
And he argues that we should move our assets to places where foreign exchange crises or financial crises do not occur frequently, and where we can overcome them even if they do occur.
Assets do not need to remain domestically.
We must actively hold high-quality assets by global standards.
We must place our aging assets in places where companies have strong competitiveness and sound capital market infrastructure.
Even currency needs to be diversified into super-valuable currencies.
Rather than remaining confined to domestic assets, we must shift the habitat of our assets to meet the challenges of low growth and an aging population.


The generation that chooses the path, born in the 60s
A grand social compromise is needed for intergenerational coexistence.

As we enter an aging society, generational conflict has become a major social issue.
Like the prisoner's dilemma, if each generation only pursues its own interests, society will end up with a bad solution.
The author presents ten tasks for a smooth transition into an aging society.

10 Tasks for a Soft Landing in an Aging Society

1.
The focus of economic management changes from total to specific.

2.
Change the system to one that suits a society where capital is abundant and people are scarce.
3.
Seek a dynamic path of stability rather than static equilibrium.
4.
Increases the efficiency of accumulated financial assets.
5.
Invest in job infrastructure to support baby boomers' re-employment.
6.
Integrating cutting-edge technology into the care of the elderly.
7.
Policies are needed to increase consumption among the elderly and high-income earners.

8.
It is based on the policy of prioritizing the elderly over the young.

9.
The tax system is being reorganized to suit an aging society.
10.
The sooner pension reform happens, the better.
Discussions on pension reform are becoming more frequent.
(Excerpt from "Chapter 7: Social Compromise for Intergenerational Coexistence," p. 207)

When the super-aged society arrives in 2025, 8.6 million people born in the 1960s will be between 54 and 64 years old.
The author says that these people will become the main players in the future super-aged society.
It is said that he will be active as a leading actor for at least 20 years.
In the "Epilogue," the author says that he hopes that they will remain a "generation that chooses its own path," rather than a "generation that runs away" like Japan.
As we face an era of low growth, aging, technological revolution, and a new Cold War, our society will face a bumpy road.
Those born in the 1960s should be a generation that reduces volatility through intergenerational coexistence, rather than a generation that increases volatility through intergenerational conflict.
We can find clues to a sustainable society in them.
This is why we need to pay attention to those born in the 60s.