• Successful Retirement - Healthy Ageing and Financial Security

Successful Retirement - Healthy Ageing and Financial Security

October 16, 2017

Since their first appearance last year at the Asia Insurance Review’s 12th Asia Conference on Pensions & Retirement Planning, Aegon’s Mike Mansfield and Takaoh Miyagawa were back into Conference mode, this time Kuala Lumpur, Malaysia.

From 18-19 September 2017, presenting at Asia Insurance Review's 13th Asia Conference on Pensions & Retirement Planning with the theme of 'Making Pensions SMART: Sustainable. Meaty. Appropriate. Responsive. Timely.' the team engaged the audience by opening their session with the old age suit demonstration. Volunteer and Editorial Director at the Asia Insurance Review, Benjamin Ang, donned the old age suit (courtesy of the Leyden Academy on Vitality and Ageing), and immediately after shared this on social media: "Awesome experience. More people should try this. Getting a taste of how it feels to be aged is going to make more people think harder about pensions and retirement planning."

With help from the Asia Insurance Review team, here is the footage of the Old Age Suit demonstration for your viewing in case you didn't make it to the Conference.

Mike Mansfield, Manager Retirement Research, Aegon N.V. explained "Retirement has become an active stage of life where people aspire to stay socially connected, participate in their communities, and remain economically active. The keys to achieving a successful retirement where people can achieve their aspirations are healthy aging and financial security. "

He went on to share with Aegon Asia colleagues after the Conference "We presented three tips to help people prepare financially for retirement: start saving early in life, save on a habitual basis, and prepare a written retirement plan.

Health in older age is a concern for the majority of people, yet we could be doing more today to maintain our good health. With the aid of an old age suit, we were able to help people visualize what it is like to be an older person. We wanted to get people thinking about their needs as an older person and, on a more positive note, what they can do today to prevent some of the illnesses and frailties associated with old age."

Takaoh Miyagawa, Specialized Manager Corporate Planning, Aegon Sony Life, shared how people in Japan are preparing for retirement "How does it feel for a county to be old? The world is aging and Japan is the first runner. Yet Japan ranks at the bottom of both retirement readiness and self-report health rankings.

The Japanese actually don't save much: the household savings ratio has been very low in recent years. Our survey findings suggest that they know they have to do something for their retirement but they don't know how with the lack of financial knowledge and cannot take necessary actions.

In reality, though, the Japanese are very healthy with the longest healthy life expectancy, but they answer in a negative way. Firstly, the Japanese are modest and have low self-esteem. Secondly many people around them are quite healthy so they just don't realize how healthy they are. Thirdly, with the annual mandatory complete medical examination they know too much about their health condition, which may worry them about their health.

However, among the Japanese there is a positive correlation between retirement readiness and self-report health condition. Those who say they are in excellent or good health achieve higher retirement readiness scores."

Don't miss the latest update on Aegon Retirement Readiness Survey 2017