退休財務規劃研究：以年金為例

隨著醫療保健水準提升及生活環境改善，使得世界各國人均壽命持續延長，人口老化是不可違逆的現象，相關議題如心理關懷、身體照護、安養問題與經濟生活安全等已成為各方研究顯學，甚至於羅列在各國發展政策方針。經文獻探討，藉由規劃個人商業年金保險是移轉長壽風險（Longevity Risks）的最佳方法以及達到預期未來老年生活穩定財源的理財工具，不過在實際退休財務決策行為，除了少部分強制年金外，退休者在商業年金的購買需求明顯偏低，因而形成所謂的「年金之謎」。本研究首先探求每單位保費效益最大化，分別運用台灣年金第二回生命表、壽險業第五回生命表以及全國簡易生命表65歲男、女性數據，選擇資產投入年金化與自我資產配置比率，進而獲得即期年金與長壽年金的退休支出組合分析。經實證結果顯示： 1. 退休者以投入10~20%長壽年金組合，所得到的保費效益最大，為退休資產年金化最適分配方案。 2. 選擇長壽年金退休投資組合，條件取決於退休者個人特定因素，例如心理因素、財富多寡、健康狀況以及預期贈與等決策。

關鍵字

退休財務規劃；年金化

並列摘要

With the improvement of medical and living environment, the life expectancy prolongs and increase in aging population is a globalization phenomenon. Related issues such as psychological & physical care, old-age economic and retirement living needs have become a popular studying topic. According to the literature discussion, by planning personal commercial annuity insurance is the best way to transfer longevity risks and to achieve the stable financial plan of the elderly life in the future. But in the actual retirement financial decision-making behavior, the inconsistency between the theoretical prediction of full annuitization and the low rate of annuitization in real, forms so-called it “annuity puzzle”. In this study, first is the key to maximizing the benefit per premium dollar, take 2002 ATSO/ 2012 TSO/ 2018 Abridged Life Table data to allocating annuity and self-asset ratio and then finding portion assets annuitize maximize guaranteed retirement spending. By empirical results show: 1. Retirees who spend 10~20% of longevity annuity portfolio will get the most premium value, which is the most suitable annuitizing plan for retirement asset. 2. The annuitization decision is qualification from individual specific consideration, such as a retiree’s wealth, health, and desire to leave a bequest.