Chairman Park Hyun-joo of Mirae Asset: "Prepare for Retirement from a Young Age"

[Asia Economy Reporter Song Hwajeong] Park Hyun-joo, Chairman of Mirae Asset Financial Group, emphasized that even small amounts of money should be consistently saved and invested through pensions from a young age to prepare for a stable retirement without needing a large sum.

Chairman Park made this statement in the video titled "Chairman Park Hyun-joo's Retirement Preparation through Pensions and Variable Insurance," released on the Mirae Asset Daewoo YouTube channel 'Smart Money' on the 27th.

Park said, "There are several tools for retirement preparation, such as Individual Retirement Pension (IRP) and variable pensions, which should be started from a young age."

He also stressed the necessity of investment-type pension products. Park stated, "A society without many investment-type assets inevitably leads to poverty among citizens under low interest rates. In the U.S., investment-type assets approach 50%, but in Korea, it is about 16-18%, and pensions account for roughly 11%. Although the retirement pension size is said to be 230 trillion won, having only about 11% in investment-type assets is very regrettable."

Regarding taxes, he expressed the view that tax-free benefits are important as taxes are expected to continuously rise in the future. He explained, "Wealth polarization has deepened further after the COVID-19 pandemic, so rising taxes are a global trend. In the case of real estate, there is a holding tax, and there is no possibility of it retreating. Those who have invested in real estate should be cautious."

Concerning the acquisition of Mirae Asset Life Insurance, he said it was intended for an investment-type insurance company. Park stated, "I wanted to create an insurance company that invests with its own capital like Berkshire Hathaway and pioneer new areas. Unfortunately, due to capital regulations under International Financial Reporting Standards (IFRS), we cannot freely invest, so I have not yet been able to realize my dreams in life insurance." He added, "However, the dream of leading variable insurance as a long-term investment asset and contributing to the nation's retirement is slowly progressing. Investing with our own capital and returning it to investors will require about 3 to 4 years."

This content was produced with the assistance of AI translation services.