Two-thirds of Japanese fear going bust in retirement

Around two-thirds of Japanese aged 35 to 64 are concerned they will not have enough money to last through retirement, according to the results of a government survey obtained by Kyodo News.

The Cabinet Office survey of around 6,000 people late last year revealed growing anxiety among people that savings, retirement payouts and public pensions will prove insufficient in old age, the results, obtained Saturday, said.

Some 66.9 percent said they feel they will have inadequate economic resources to fall back on after they retire, with three-quarters of that group stating their provisions are “quite inadequate.”

Only 1.6 percent said they feel they will have enough money and 21.7 percent said they will have the bare minimum.

Around half of those surveyed also said they want to be able to keep working after they turn 65.

The survey’s results will go into a white paper on Japan’s aging society to be adopted by the Cabinet in June.

Japan’s current average life expectancies — 86.4 years for women and 79.9 years for men — are expected to increase to 90.9 and 84.2 years, respectively, by 2060, according to welfare ministry data.

  • Steve Jackman

    If I was going to rely on a Japanese pension in retirement I would be very worried too, since Japanese pensioners will be faced with one of two ugly scenarios. Either, the government will have to sharply cut back on pension payouts due to the tenuous nature of government finances, or, the Yen will depreciate so greatly that it will lose most of its purchasing power. In either case, Japanese pensioners have a bleak future ahead of them.