Longevity Planning: Developing Factors Module of Comfortable Retirement Based on Financial Wellbeing and Financial Resilience

Abstract

In the aging generation, elderly people desire to be healthy and financially secure until the end of their lives. Advancements in medicine and technology have prolonged life expectancy. However, financial security is necessary to reap the benefits of career achievements to lead a contented retirement life. Financial security depends on savings accumulated before retirement and proper financial management after retirement. Old age is the riskiest stage of life as health and wealth status is irreversible. This study aims to identify factors associated with the estimation of retirement income and expenses from a demographic structure perspective and considering the long-term care service policy in Taiwan. The study findings are used to develop a factors module of comfortable retirement based on financial wellbeing and financial resilience.