Guest: Kang Chang-hee

Filming Date: September 14

Summary of the Full Interview with Representative Kang Chang-hee (Happiness 100-Year Asset Management Research Association)

The Era of the 100-Year Life and the Three Major Anxieties of Retirement: He emphasized that retirement preparation must consider money, health, and loneliness together, and that one must even prepare for the possibility of living longer than the average life expectancy. He introduced a calculation stating that assuming one retires at age 52 and lives until 83 with 11 hours of free time per day, one would need to spend approximately 124,000 hours. He explained that one must plan not only for securing living expenses but also for what one will do during a long retirement.

Human Capital and Lifelong Work: He emphasized the importance of managing human capital—oneself—in addition to real estate and financial assets. The perspective is that working after retirement is meaningful for supplementing living expenses, maintaining social roles and relationships, and reducing marital conflict and emptiness. He advised that beyond paid jobs, one should include activities that can be pursued consistently, such as volunteering and hobbies, and that preparation is needed to connect experience and expertise gained during one's working years to future work.

*Guest:* Low Growth, Low Birth Rate, and Pension Shortages: It points out that we should not assume economic conditions will improve over time by relying on past experiences of high growth. The situation, characterized by a confluence of low birth rates, a shrinking workforce, early retirement, and difficulties in re-employment, is described as an "era of low growth and scarcity." The video introduces the average monthly National Pension payout as around 700,000 won and explains the reality of households that cannot secure sufficient living expenses solely through pensions and retirement funds.

Concentration in Real Estate and the Case of Japan's Long-term Decline: According to data cited in the video, approximately 76% of Korean household assets are concentrated in real estate, and it explains that for the elderly, a single home often constitutes the majority of their wealth. Through Japan's bubble collapse and long-term decline in land prices, it points out the danger of relying on the expectation that housing prices will continue to rise for one's retirement. The opinion is that rather than making definitive judgments about short-term domestic housing prices or timing for buying and selling, we must prepare for long-term risks arising from population decline and changes in economic conditions.

Low Growth, Low Birth Rate, and Pension Shortages: Vacant Houses, Aging Apartments, and Reconstruction: It was explained that the issue of vacant houses is appearing not only in rural areas but also in cities and apartment complexes, and that proceeding with reconstruction can become difficult if both the building and the owner age together. Analysis suggests that for apartments already having high floor counts and floor area ratios, the past method of raising project funds by increasing the volume of general sales is constrained, and that construction costs, relocation expenses, and long project durations also act as burdens. It was emphasized that one should not judge retirement assets solely based on the expectation that old apartments will eventually be replaced by new ones.

Expanding Financial Assets and Utilizing Housing Pensions: If assets are concentrated in real estate, it is suggested to first secure at least 10–20% in financial assets, and to increase this proportion as one ages so that by the time one reaches 60, real estate and financial assets are balanced in equal measure. It was also stated that one should be wary of purchasing a home through excessive borrowing. If it is difficult to divide assets because one owns only one house, a method utilizing a housing pension to secure living expenses while residing in the property was introduced.

Savings, Investment, and Long-term Diversified Investment: It was explained that funds needed in the near future, such as wedding expenses, or money for which one cannot afford principal loss, should be secured separately through savings, while surplus funds that can be managed for the long term should be invested. Caution was advised against chasing peaks and frequent short-term trading, citing examples where even high-performing funds can incur losses depending on an investor's buying and selling behavior. It was emphasized that for office workers, the greatest investment foundation for generating monthly salaries, bonuses, and severance pay is their profession, and that investment must adhere to long-term and diversified principles.

Selection of Financial Products, Tax Savings, and Costs: It was advised that when choosing an expert, one should look for someone who first verifies existing assets and the purpose and timing of money usage, rath...