South Korea’s Ministry of Health and Welfare launched a smartphone application which helps people prepare for life after retirement by rating themselves on a ‘Readiness Index’ and comparing their status to the population.
The ‘Readiness Index’ was jointly developed by the government and private organisations to indicate how well people are prepared for retirement.
Based on data collected from surveys on the population, users can easily check their preparedness against others in the various categories, such as age and gender.
For example, if a total readiness score is higher than 65.1 points, the user is considered as ‘highly prepared’. Normal falls between the range of 46.6 and 65, while anything lower than 46.6 is considered as low in the readiness index. Different scoring standards apply to each category.
The application calculates the score based on personal relationships, health, finance, and leisure. It also suggests simple ways to prepare for retirement.
Users can choose to complete questionnaires in four sections. Illustrations are provided to help users understand the results of each section (pictured above).
The application is available free of charge for both android phones and iPhones.
Currently, 500,000 people receive consultation at 141 ‘Happy Retirement Plan Centre’ branches annually. 340,000 people receive further education under the existing retirement plan service.
To complement the smart phone application as well as the current service centres, the ministry has planned for a moving bus to provide door-to-door retirement planning services for residents in rural areas who have difficulty visiting service centres. These buses will provide instructions on life-after-retirement to each each group.
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