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題名 退休理財規劃之探討
The Basics of Retirement Financial Planning That You Can Not Afford Not to Know
作者 林敏珩
貢獻者 郭維裕
Kuo, George
林敏珩
關鍵詞 退休規劃
retirement planning
日期 2009
上傳時間 3-Feb-2015 10:19:22 (UTC+8)
摘要 今日社會人類壽命普遍延長，退休是我們每一個人都會面臨且需要學習的課題。然而，有無退休理財規劃對退休生活的品質有極大的影響。 雖然一般人越來越體悟到退休理財規劃的必要性和重要性，大多數的人仍不知該如何實行退休理財規劃，包括律師、醫生、教授和公司專業經理人等高級知識份子。

本篇論文針對退休以及退休理財規劃，介紹其基本概念和方法，即便是沒有任何財務或商學背景的人，都可以輕鬆瞭解並學習退休理財規劃為何物、其重要性和如何規劃執行個人的退休理財。
Retirement is one thing we all know we will face in the world of longevity.
A retirement with or without sufficient retirement financial planning makes a huge difference in the quality of retirement life. However, despite the fact people have become aware of the essentiality and importance of retirement financial planning, they don’t necessarily quite know how to implement retirement planning, even among the highly educated professional workers such as doctors, lawyers, professors and corporate professionals.

This thesis presents an overview of retirement and basics of retirement financial planning to help people, who are not finance literate, to have basic concepts of retirement financial planning in terms of why, what and how.
參考文獻 Chinese
1. 黃薇靜 (2003）, 生涯規劃各階段對退休理財之研究，長榮大學經營管理研究所碩士論文
2. 早安財經編輯室 （2004）, 退休規劃學習地圖, 早安財經文化有限公司
3. 周行一 （2004）, 不理財也發財, 天下遠見出版股份有限公司
4. 洪銘陽 （2004）, 財富管理之風險認知與理財工具選擇之研究, 元智大學企業管理研究所碩士論文
5. 陳自情 （2005）, 少子化下社會財富管理，元智大學管理研究所碩士論文
6. 林孫芳 （2005）, 通貨膨脹風險與退休理財規劃之探討, 元智大學管理研究所碩士論文
7. 周行一 （2006）, Life理財學, 天下遠見出版股份有限公司
8. 王俊傑 (2009), 我國勞工退休新制下的理財規劃，國立高雄應用科技大學商務經營研究所
9. 孫娟捐 （2009）, 銀行保險商品於個人退休與保險理財規劃探討, 國立政治大學經營管理碩士學成金融組碩士論文
10. 退休錢夠花嗎？看所得替代率，經濟日報, 2009, 04,06, D1
11. 退休法改革，公務人員不可不知，聯合報, 2009, 04,20, A10
12. 國際標準：退休前薪資七成, 勞退不夠花三成自己籌, 聯合報, 2009, 09,18, A2
13. 三成中高齡沒退休規劃, 聯合報, 2009, 09,18, A2

English
1. Barber, B.M., & Odean, T. (1999), Do Investors Trade Too Much? The American Economic Review, 89(5), 1279-1298
2. Barber, B.M., & Odean, T. (1999), Trading Is Harzardous to Your Wealth: The Common Stock Investment Performance of Individual Investors, the Journal of Finance, 55(2), 773 -806
3. Brinson, G.P., Hood, L.R. & Beebower, G.L., Determinants of Portfolio Performance, Financial Analysis Journal, July-August 1986, 39-44
4. Brinson, G.P., Singer, B.D. & Beebower, G.L., Determinants of Portfolio Performance II: An Update, Financial Analysis Journal, May-June 1991, 40-48
5. Chang, S.C. & Cheng, H. Y. (2002), Pension Valuation under Uncertainties; Implementation of a Stochastic and Dynamic Monitoring System, The Journal of Risk and Insurance, 69(2), 171-192.
6. Clarke, R. G., Krase, S., & Statman, M. (1994), Tracking Error, Regret, and Tactical Asset Allocation, Journal of Portfolio Management, 20, 16-24
7. Doescher, T., & Wiener, J. (2008), a Framework for Promoting Retirement Savings, Journal of Consumer Affairs, 42(2), 137-164
8. Fox L., & Palmer, E., New Approaches to Multi-Pillar Pension Systems: What in the World Is Going On? World Bank, Sept. 1999, 1-35
9. Fuerst, D. E., Risk Allocation in Retirement Plans; a Better Solution, Journal of Applied Corporate Finance, Vol. 18, No.1, 95-103
10. Hakala, D. R., & Delaney, M.M., (1983), Financial Planning for Retirement, Allyn and Bacon, Inc.
11. Horan, S.M., Optimal Withdrawal Strategies for Retirees with Multiple Saving Accounts, Journal of Financial Planning: Nov 2006, 62 -75.
12. James, E., Averting the Old Age Crisis – An International Perspective, June 1995
13. Kilty, K.M. & Behling, J.H., Retirement Financial Planning Among Professional Workers, The Gerontologist, Vol. 26, No. 5, 1986, 525-530
14. Leclair, A., From Defined Benefits to Defined Contributions: A New Challenge for Asset Management, Revue D’economie Financeiere, n79, July 2005
15. Lee, I.C., The Trends of Ageing Population in the World and Taiwan, 台灣老人保健學刊, 2006, Vol. 2, No. 1, 1-31
16. Lusardi, A. & Mitchell, O. S., Baby Boomer Retirement Security: The Role of Planning, Financial Literacy, and Housing Wealth, Journal of Monetary Economics, 54 (2007) 205-224
17. Poterba, J., Rauh, J., Venti, S., & Wise, D., Defined Contribution Plans, Defined Benefit Plans, and the Accumulation of Retirement Wealth, Journal of Public Economics 91 (2007), 2062 – 2086
18. Rizzardi, R., Financial Management – Planning for a 30-Year Retirement, Practice Management, Vol. 39, No.3, 2008
19. Investment Resolutions to Follow All Year Long, Journal of Finance, Aug, 6, 2009, p23
20. American Expect to Shoulder Own Retirement, Journal of Financial Planning, Dec. 2006, p12
21. Oops. Retirement Costs More Than I Thought, & Forced into Early Retirement Journal of Financial Planning, July 2007, p10
22. What Do You Mean, You’re Retiring Tomorrow, Dear? & Why Bother Planning for Retirement? Journal of Financial Planning, Journal of Financial Planning, July 2007, p11
23. Early Retirement Getting Later& Retirees Want Income Flexibility & Employers and Their Employees Financially at Odds, Journal of Financial Planning, July 2007, p12
24. Ain’t Looking Good for Middle-Class Retirees & It’s the Retirement Returns, Not the Contribution, Journal of Financial Planning, Sept 2008, p12
25. Retirement Replacement Ratios Getting Higher, Journal of Financial Planning, Dec. 2008, p12
26. Workers and Retires Put Retirement on Hold, Journal of Financial Planning, Feb. 2009, p123
27. 歐怡君 （2009）, Keep Golden Years Golden: A Behavioral Framework for Retirement Saving Product Design, 國立政治大學財務管理研究所碩士論文
The Economist, a Slow-Burning Fuse: A Special Report on Ageing Populations, June 27th 2009
28. Perkins, J. Jr., the Next Generation of Investors, January 1, 2009
29. World Population Ageing 2007, United Nations Department of Economic an Social Affairs, Population Division
30. Yolles, R.M. & Yolles, M. (2000), Getting Started in Retirement Planning, John Wiley & Sons Inc.

Internet
1. Bacon, P. & Williams, R. (2004), Lump Sum Beats Dollar-Cost Averaging
http://www.investopedia.com/articles/mutualfund/05/071305.asp
2. Brumby T., The Benefits of a Core/Satellite Investment Strategy, http://autoblog.morungexpress.com/2009/08/27/the-benefits-of-a-coresatellite-investment-strategy-posted-by-ted-brumby/
3. Money Magazine, Investing Strategy for Retirement,
http:// money.cnn.com/2005/10/07/retirement/dreamretire_pay_0511/index.htm
4. Neumeyer, C., Dramatic Changes in Taiwan’s Pension System Set to Take Effect, 2005, 04, 05, http://www.elitelaw.com,
5. 內政部統計處 http://www.moi.gov.tw/stat/index.asp
6. 行政院主計處 http://www.dgbas.gov.tw
7. 行政院勞工委員會 http://www.cla.gov.tw
描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
94932098
98
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094932098
資料類型 thesis
dc.contributor.advisor 郭維裕zh_TW
dc.contributor.advisor Kuo, Georgeen_US
dc.contributor.author (Authors) 林敏珩zh_TW
dc.creator (作者) 林敏珩zh_TW
dc.date (日期) 2009en_US
dc.date.accessioned 3-Feb-2015 10:19:22 (UTC+8)-
dc.date.available 3-Feb-2015 10:19:22 (UTC+8)-
dc.date.issued (上傳時間) 3-Feb-2015 10:19:22 (UTC+8)-
dc.identifier (Other Identifiers) G0094932098en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/73246-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經營管理碩士學程(EMBA)zh_TW
dc.description (描述) 94932098zh_TW
dc.description (描述) 98zh_TW
dc.description.abstract (摘要) 今日社會人類壽命普遍延長，退休是我們每一個人都會面臨且需要學習的課題。然而，有無退休理財規劃對退休生活的品質有極大的影響。 雖然一般人越來越體悟到退休理財規劃的必要性和重要性，大多數的人仍不知該如何實行退休理財規劃，包括律師、醫生、教授和公司專業經理人等高級知識份子。

本篇論文針對退休以及退休理財規劃，介紹其基本概念和方法，即便是沒有任何財務或商學背景的人，都可以輕鬆瞭解並學習退休理財規劃為何物、其重要性和如何規劃執行個人的退休理財。		zh_TW
dc.description.abstract (摘要) Retirement is one thing we all know we will face in the world of longevity.
A retirement with or without sufficient retirement financial planning makes a huge difference in the quality of retirement life. However, despite the fact people have become aware of the essentiality and importance of retirement financial planning, they don’t necessarily quite know how to implement retirement planning, even among the highly educated professional workers such as doctors, lawyers, professors and corporate professionals.

This thesis presents an overview of retirement and basics of retirement financial planning to help people, who are not finance literate, to have basic concepts of retirement financial planning in terms of why, what and how.		en_US
dc.description.tableofcontents Table of Content
Chapter 1 ………………………………………………………………………P.6
Introduction……………………………………………………………………P.6
Chapter 2……………………………………………………………………… P.12
The Essentiality and Importance of Retirement Financial Planning
2.1 Demographic Changes in Taiwan…………………………………… P.12
2.2 Five Risks of Retirement……………………………………………..P.17
Chapter 3………………………………………………………………………P.24
An Overview of Taiwan Income Security Programs and Pension Systems
3.1 Multi-Pillar Security System………………………………………….P.25
3.2 The evolution and trend of pension systems…………………………..P.27
3.2.1 Defined Benefit Pension (DBP)………………………………..P.27.
3.2.2 Defined Contribution Pension (DCP)………………………….P.28
3.3 Pension systems in the United States and Taiwan…………………….P.29
3.3.1 Pension systems in U.S………………………………………...P.29
3.3.2 Pension systems in Taiwan……………………………………..P.31
3.4 Calculation of Requirement Saving Requirements……………………P.34
3.5 Why Personal Retirement Savings Is Needed for Retirement Financial
Planning? ……………………………………………………………..P.34
Chapter 4……………………………………………………………………….P.37
An Overview of Personal Retirement Financial Planning Cycle
4.1 Retirement and Retirement Financial Planning Concepts……………P.37
4.1.1 Retirement Concepts…………………………………………..P.37
4.1.2 Retirement Financial Planning Concepts……………………...P.39
4.2 Retirement Financial Planning Cycle…………………………………P.40
4.2.1 To Have Right Concepts about Retirement……………………P.40
4.2.2 To Estimate Total Living Expenses Required for Retirement…P.41
4.2.3 To Estimate Total Retirement Savings………………………... P.41
4.2.4 To Calculate the Retirement Saving Gap, the Difference Between
(2) And (3) Greater Than Zero…………………………………P.42
4.2.5 To Understand Different Investor Profiles and the Associated Risk
Tolerance………………………………………………………P.42
4.2.6 To Understand Investment Strategy Types and a Variety of Vehicles and Methods…………………………………………………..P.44
4.2.7 To Select Suitable Investment Mechanism Compatible with
Acceptable Risk Level of Each Type of Investors…………..P.44
4.2.8 To Utilize Insurance as Part of Financial Planning for Retirement..P.46
4.2.9 To Monitor and Evaluate Retirement Financial Plan Periodically...P.47
Chapter 5………………………………………………………………………..P.49
Retirement Investment Strategies and Methods
5.1 Core/Satellite Investment Strategy…………………………………….P.49
5.2 Asset Allocation Strategy………………………………………………P.51
5.3 Lump-Sum Investment…………………………………………………P.53
5.4 Dollar-Cost Average (DCA) Investment……………………………….P.53
5.5 Retirement Financial Planning Scenarios………………………………P.57
Chapter 6…………………………………………………………………………P.66
Conclusion………………………………………………………………………..P.66
References………………………………………………………………………..P.70
Chinese……………………………………………………………………...P.70
English………………………………………………………………………P.71
Internet………………………………………………………………………P.74		zh_TW
dc.format.extent 140082 bytes-
dc.format.extent 532741 bytes-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094932098en_US
dc.subject (關鍵詞) 退休規劃zh_TW
dc.subject (關鍵詞) retirement planningen_US
dc.title (題名) 退休理財規劃之探討zh_TW
dc.title (題名) The Basics of Retirement Financial Planning That You Can Not Afford Not to Knowen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Chinese
1. 黃薇靜 (2003）, 生涯規劃各階段對退休理財之研究，長榮大學經營管理研究所碩士論文
2. 早安財經編輯室 （2004）, 退休規劃學習地圖, 早安財經文化有限公司
3. 周行一 （2004）, 不理財也發財, 天下遠見出版股份有限公司
4. 洪銘陽 （2004）, 財富管理之風險認知與理財工具選擇之研究, 元智大學企業管理研究所碩士論文
5. 陳自情 （2005）, 少子化下社會財富管理，元智大學管理研究所碩士論文
6. 林孫芳 （2005）, 通貨膨脹風險與退休理財規劃之探討, 元智大學管理研究所碩士論文
7. 周行一 （2006）, Life理財學, 天下遠見出版股份有限公司
8. 王俊傑 (2009), 我國勞工退休新制下的理財規劃，國立高雄應用科技大學商務經營研究所
9. 孫娟捐 （2009）, 銀行保險商品於個人退休與保險理財規劃探討, 國立政治大學經營管理碩士學成金融組碩士論文
10. 退休錢夠花嗎？看所得替代率，經濟日報, 2009, 04,06, D1
11. 退休法改革，公務人員不可不知，聯合報, 2009, 04,20, A10
12. 國際標準：退休前薪資七成, 勞退不夠花三成自己籌, 聯合報, 2009, 09,18, A2
13. 三成中高齡沒退休規劃, 聯合報, 2009, 09,18, A2

English
1. Barber, B.M., & Odean, T. (1999), Do Investors Trade Too Much? The American Economic Review, 89(5), 1279-1298
2. Barber, B.M., & Odean, T. (1999), Trading Is Harzardous to Your Wealth: The Common Stock Investment Performance of Individual Investors, the Journal of Finance, 55(2), 773 -806
3. Brinson, G.P., Hood, L.R. & Beebower, G.L., Determinants of Portfolio Performance, Financial Analysis Journal, July-August 1986, 39-44
4. Brinson, G.P., Singer, B.D. & Beebower, G.L., Determinants of Portfolio Performance II: An Update, Financial Analysis Journal, May-June 1991, 40-48
5. Chang, S.C. & Cheng, H. Y. (2002), Pension Valuation under Uncertainties; Implementation of a Stochastic and Dynamic Monitoring System, The Journal of Risk and Insurance, 69(2), 171-192.
6. Clarke, R. G., Krase, S., & Statman, M. (1994), Tracking Error, Regret, and Tactical Asset Allocation, Journal of Portfolio Management, 20, 16-24
7. Doescher, T., & Wiener, J. (2008), a Framework for Promoting Retirement Savings, Journal of Consumer Affairs, 42(2), 137-164
8. Fox L., & Palmer, E., New Approaches to Multi-Pillar Pension Systems: What in the World Is Going On? World Bank, Sept. 1999, 1-35
9. Fuerst, D. E., Risk Allocation in Retirement Plans; a Better Solution, Journal of Applied Corporate Finance, Vol. 18, No.1, 95-103
10. Hakala, D. R., & Delaney, M.M., (1983), Financial Planning for Retirement, Allyn and Bacon, Inc.
11. Horan, S.M., Optimal Withdrawal Strategies for Retirees with Multiple Saving Accounts, Journal of Financial Planning: Nov 2006, 62 -75.
12. James, E., Averting the Old Age Crisis – An International Perspective, June 1995
13. Kilty, K.M. & Behling, J.H., Retirement Financial Planning Among Professional Workers, The Gerontologist, Vol. 26, No. 5, 1986, 525-530
14. Leclair, A., From Defined Benefits to Defined Contributions: A New Challenge for Asset Management, Revue D’economie Financeiere, n79, July 2005
15. Lee, I.C., The Trends of Ageing Population in the World and Taiwan, 台灣老人保健學刊, 2006, Vol. 2, No. 1, 1-31
16. Lusardi, A. & Mitchell, O. S., Baby Boomer Retirement Security: The Role of Planning, Financial Literacy, and Housing Wealth, Journal of Monetary Economics, 54 (2007) 205-224
17. Poterba, J., Rauh, J., Venti, S., & Wise, D., Defined Contribution Plans, Defined Benefit Plans, and the Accumulation of Retirement Wealth, Journal of Public Economics 91 (2007), 2062 – 2086
18. Rizzardi, R., Financial Management – Planning for a 30-Year Retirement, Practice Management, Vol. 39, No.3, 2008
19. Investment Resolutions to Follow All Year Long, Journal of Finance, Aug, 6, 2009, p23
20. American Expect to Shoulder Own Retirement, Journal of Financial Planning, Dec. 2006, p12
21. Oops. Retirement Costs More Than I Thought, & Forced into Early Retirement Journal of Financial Planning, July 2007, p10
22. What Do You Mean, You’re Retiring Tomorrow, Dear? & Why Bother Planning for Retirement? Journal of Financial Planning, Journal of Financial Planning, July 2007, p11
23. Early Retirement Getting Later& Retirees Want Income Flexibility & Employers and Their Employees Financially at Odds, Journal of Financial Planning, July 2007, p12
24. Ain’t Looking Good for Middle-Class Retirees & It’s the Retirement Returns, Not the Contribution, Journal of Financial Planning, Sept 2008, p12
25. Retirement Replacement Ratios Getting Higher, Journal of Financial Planning, Dec. 2008, p12
26. Workers and Retires Put Retirement on Hold, Journal of Financial Planning, Feb. 2009, p123
27. 歐怡君 （2009）, Keep Golden Years Golden: A Behavioral Framework for Retirement Saving Product Design, 國立政治大學財務管理研究所碩士論文
The Economist, a Slow-Burning Fuse: A Special Report on Ageing Populations, June 27th 2009
28. Perkins, J. Jr., the Next Generation of Investors, January 1, 2009
29. World Population Ageing 2007, United Nations Department of Economic an Social Affairs, Population Division
30. Yolles, R.M. & Yolles, M. (2000), Getting Started in Retirement Planning, John Wiley & Sons Inc.

Internet
1. Bacon, P. & Williams, R. (2004), Lump Sum Beats Dollar-Cost Averaging
http://www.investopedia.com/articles/mutualfund/05/071305.asp
2. Brumby T., The Benefits of a Core/Satellite Investment Strategy, http://autoblog.morungexpress.com/2009/08/27/the-benefits-of-a-coresatellite-investment-strategy-posted-by-ted-brumby/
3. Money Magazine, Investing Strategy for Retirement,
http:// money.cnn.com/2005/10/07/retirement/dreamretire_pay_0511/index.htm
4. Neumeyer, C., Dramatic Changes in Taiwan’s Pension System Set to Take Effect, 2005, 04, 05, http://www.elitelaw.com,
5. 內政部統計處 http://www.moi.gov.tw/stat/index.asp
6. 行政院主計處 http://www.dgbas.gov.tw
7. 行政院勞工委員會 http://www.cla.gov.tw		zh_TW