KOREA: Creativity Key to Better Retirement

SEOUL (Korea Times), October 14, 2005: Transition between work and retirement holds thekey for the well-being of aged society, says a report published here today. By 2018, South Korea will become an "aged society," meaning people over the age of 65 will account for 14.3 percent of the total population. By 2050, one out of five Koreans will be over 65. Corporations could provide work-life programs that teach employees how to discover meaning and purpose in both their work and non-work lives. Retirement is so often defined negatively and individualistically, as the end of a career and the cessation of work. However, an American specialist on the subject says that retirement can also be a creative time, a period of renewal and rejuvenation. "Most people never fully prepare for this abrupt change. Organizations do not help them. But as baby boomers approach retirement age, one way to improve their well-being and productivity is to help them become new elders. Corporations could provide work-life programs that teach employees how to discover meaning and purpose in both their work and non-work lives", said Steve Dahlberg, general manager for the Creative Education Foundation in the United States. He pointed out the importance of a fundamental shift about retirement, saying that more and more people are living longer, up to 20 to 25 years beyond retirement age. "There are about 77 million U.S. baby boomers, described by some as "a demographic time bomb", one turning 50 every 7.7 seconds according to statistics. Learning to apply creative thinking strategies impacts people's positive well-being as they plan for retirement as well as after their retirement", the American said. He advised that Korean society should prepare well for the aging society. South Korea, which once leaped from rags to riches over a very short time thanks to an abundant and highly skilled labor force, is now faced with one of the world's fastest aging populations. The National Statistical Office (NSO) calculates that by 2018, Korea will become an "aged society", meaning people over the age of 65 will account for 14.3 percent of the total population. They represent 1 Korean in 7. By 2050, one out of five Koreans will be over 65, the NSO said, turning the nation into a "super-aged society". He finally said that setting clear goals for retirement is important. "Having clear goals for retirement is a critical determinant of life satisfaction and adjustment during the post-retirement transition period".