Chinese People Are Not Ready to Retire

In November 2015, Citibank and AIA jointly released a report titled “Report on Chinese Citizens’ Preparation for the Retirement” (Zhong Guo Ju Min Yang Lao Zhun Bei Dong Cha Bao Gao). The research covers 13 cities, including 4 first-tire cities and 9 second-tire ones.

China has long been faced with its prominent aging issue. According to the report, 32 percent of the average-aged-58 retired interviewees said they hadn’t prepared well before retiring. Based on their economic reserve, they predict the current living standards can be maintained for about 10 years. For them, the reality differs from their ideal of comfort. Decline in economic capacity, high cost of medical expenses, and being divorced from society are problems the retired may encounter.

However, those who have not retired yet hold positive opinions. Among them, almost 70 percent are longing for the happy days to come; more than 40 percent believe they can manage it with a good plan; about 30 percent are planning to retire earlier.

Continue reading “Chinese People Are Not Ready to Retire”

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