Retirement in Japan

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It’s something we’ll all (hopefully, although Trump seems to be trying his hardest to save us from that worry…) have to face, retirement, the subject of this survey from @nifty.

I just recently started our company pension scheme, and I’ve managed to reconnect myself with one of my UK private pensions, and after a visit to a financial adviser last month, she informed us we had enough to survive, although enjoying might be a different matter… Most Japanese companies still have a hard retirement age of sixty, and some (like my employer) with schemes to reemploy people on rolling yearly contracts at no doubt reduced wages.

I skipped translating question seven, as it was a list of famous people who are growing old ideally; top for men was Tokoro George then Tamori, and for women it was Sayuri Yoshinaga followed by Tamori. However, my ideal, who features nowhere in either the male or female top ten, would be Beat Takeshi. I’d love to be as talented to basically not give a care about anything or, as is more probably true, to be able to appear to not give a damn.

Here’s some random Japanese people enjoying their retirement:

Energetic Seniors

Research results

Q1: Up to what age do you feel you’d like to work until? (Sample size=2,727)

Up to 49 years old
4%
50 years old
3%
55 years old
3%
60 years old
19%
65 years old
25%
70 years old
12%
75 years old
4%
80 years old
1%
For as long as I can
20%
Don’t know
11%

Those in their sixties thought 65 years old was the best time to retire, but all other age groups favoured working as long as they felt able.

Q2: If you were to continue to work past sixty years old, what would be important points when choosing where to work? (Sample size=2,727, multiple answer)

Can commute from home
59%
Good work atmosphere, interpersonal relations
52%
Can work at my own pace
49%
Can adjust working days, hours worked
43%
Can exercise my knowledge and experience
42%
Takes care of the health of older staff
37%
Reliable company
37%
Salary is enough for a secure life
30%
Can continue in same job for a number of years
28%
Salary reflects work details
26%
Can continue with same company/group after retirement age
23%
Work relates to my interests, hobbies
18%
Employs people even with no experience
17%
Can obtain new skills, qualifications
7%
Other
2%
Nothing in particular
9%

One interesting result that perhaps reflects hopes versus reality is for having enough of a salary for a secure life. About 38% or so the under sixties hoped for a decent salary, but just 20% of those over sixty did; this may suggest that over-sixties can only find blue-collar jobs; rather than an office, convenience stores or menial jobs are the more common opportunity.

Q3: After retirement, what do you think you’ll spend more time on? (Sample size=2,727, multiple answer)

Lazing around the house
46%
Using PC, smartphone
40%
My hobbies
39%
Watching television
32%
Going on holiday
28%
Reading books, studying
27%
Going out
27%
Solitary private time
24%
Housework
23%
Spending time with partner, family
22%
Looking after my health
21%
Gardening
15%
Looking after family, nursing care
11%
Spending time with friends
8%
Other
2%
Nothing in particular, don’t know yet
15%

Only about 25% of the under sixties thought they’d spend more time with computers or smartphone, yet over twice as many seniors, 55%, were actually spending more time on electronic devices. In fact, for almost every answer above, seniors were spending more time on activities than the younger people imagined they would.

Q4: How satisfied are you with current public pension provisions, both basic pension and employee pension schemes? (Sample size=2,727)

 
Under sixties
Over sixties
Great dissatisfaction, worries
63%
43%
Some dissatisfaction, worries
27%
40%
Almost no dissatisfaction, worries
3%
11%
Absolutely no dissatisfaction, worries
0%
2%
Don’t know
7%
3%

Q5: How much per month do you think you’ll need after retirement? (For married people, answer for how much you’ll need as a couple) (Sample size=2,727\)

Under 100,000 yen
3%
100,000 to 149,999 yen
10%
150,000 to 199,999 yen
20%
200,000 to 249,999 yen
22%
250,000 to 299,999 yen
20%
300,000 to 349,999 yen
10%
350,000 to 399,999 yen
5%
400,000 to 449,999 yen
3%
450,000 to 499,999 yen
1%
500,000 yen or more
2%
Don’t know
8%

Q6: Other than public pension provisions, which of the following are you preparing (or did you prepare) for your retirement? (Sample size=2,727, multiple answer)

Yen savings
50%
Annuity-based insurance
26%
Company pension scheme
21%
Shares, foreign exchange
17%
Asset-building savings scheme
11%
Government bonds
6%
Foreign currency savings
5%
Property
4%
Non-property physical assets
0%
Other
2%
Nothing in particular
23%
Don’t know
5%

Demographics

Between the 21st and 27th of July 2017 2,727 members of the @nifty monitor group completed a private internet-based questionnaire. No further demographics were given.

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1 Comment »

  1. Deplorable said,
    August 12, 2017 @ 00:40

    *sigh* to your completely unnecessary political jab

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