85% do not have confidence that their pension will be enough to live on
By: Keoni Everington, Taiwan News, Staff Writer
TAIPEI (Taiwan News) — According to the latest investment survey by American investment management firm Legg Mason, Inc., the retirement plan of nearly half of Taiwanese investors is simply to “not retire.”
Up to 85 percent of respondents do not believe their pension income will be enough to survive on, and only 13 percent of respondents are confident in the government pension. The 49 percent of respondents planning on not retiring surpasses the global average of 39 percent and 43 percent of Asia (excluding Japan).
When asked by the survey if the respondents described themselves as “hedonists,” “hardworking,” “rainy day planners,” or “comprehensive planners,” 55 percent of Taiwanese described themselves as hardworking, significantly higher than the global average of 49 percent.
Of the 49 percent who said they will not retire, many listed their lack of confidence in the government provided pension plan. Their reasons for their lack of confidence in the government pension include: the low contribution rate, limited investment options, and that their own investments would be able to gain a higher return on investment. [FULL STORY]