은퇴자산의 연금화와 최적 소비경로
Annuitization of Retirement Assets and Optimal Consumption Paths
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초록
연금경제학에서는 상속동기가 없고 시제분리 가능한 효용함수를 지닌 개인은 보험수리적으로 공정한 보험료로 종신연금을 구입할 수 있을 때 은퇴자산 전부를 연금에 저축해야 기대효용을 극대화할 수 있다고 알려져 있다. 그러나 이러한 결과는 효용함수 및 연금 보험료가 비현실적인 가정에 의존한다는 비판을 받고 있다. 본 연구는 보다 현실적인 모형인 시제의존적 효용함수를 사용하고 연금보험료의 사업비를 고려하여 은퇴자산의 최적 연금화 비율 및 생존기간 동안의 최적소비경로를 측정하였다. 아울러 연구 결과와 국내의 은퇴준비 상황을 비교분석하여 개인의 연금 수요를 제고할 수 있는 정책적인 방안을 제시하였다.
Abstract
Annuity economics suggests that an individual with a time separable utility function should have a complete annuitization to maximize his utility if he has no bequest motive and can purchase annuity at an actuarially fair premium. However, that result is often criticized because of impractical assumptions on the utility function and annuity premium. This study measures the optimal annuitization ratio of retirement assets and optimal consumption paths for retirees by employing more realistic models and considering operational expenses imbedded in annuity premium as well. We compare the results to the current status of retirement preparation and suggest new policy implications to increase the demand for individual annuity in Korea.
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