More than half of Taiwanese intend to continue working after retirement, while 72 percent would keep wealth management services after retirement to bolster their financial security, a survey released yesterday by Taiwan Life Insurance Co (台灣人壽) showed.
“Retirement has traditionally been viewed as the start of a second life, during which people have the financial stability to allow for a leisurely lifestyle, but this survey indicated that many people do not think that will happen,” National Chengchi University banking professor Sharon Yang (楊曉文) said.
According to the poll, 50.4 percent of respondents said they would not have enough pension when they retire, and 74 percent said they expect the government to reduce pensions.
Photo courtesy of Taiwan Life Insurance Co
Ninety-five percent said they were worried about coverage under the nation’s public health system, while more than 60 percent said they were concerned about coverage under the long-term care system, the survey showed.
While 74 percent of respondents said they had purchased medical insurance policies, long-term care insurance was much less popular, with only 35 percent saying they had bought such policies, the survey showed.
NOT REALISTIC
More than 50 percent said they hoped to live at retirement facilities with monthly expenses of less than NT$30,000, but Taiwan Life said that was not practical, adding that most respondents were not aware of how much money they need for retirement.
On average, respondents in this year’s survey said they plan to allocate NT$8,216 per month to prepare for retirement, down from NT$15,086 last year, while they plan to save NT$6,528 yearly for long-term care plans, which was also down from NT$9,905 last year, the insurer said.
“It might be the COVID-19 outbreak that reduced people’s preparation for retirement or long-term care, as people need to spend money fighting the pandemic,” Yang said.
Nearly 40 percent of those who have not retired said they have not finalized their retirement plans yet, but for those who had, they plan to rely on fixed deposits for their retirement, Taiwan Life said.
The poll, which was conducted in May, collected 1,202 valid responses.
RUN IT BACK: A succesful first project working with hyperscalers to design chips encouraged MediaTek to start a second project, aiming to hit stride in 2028 MediaTek Inc (聯發科), the world’s biggest smartphone chip supplier, yesterday said it is engaging a second hyperscaler to help design artificial intelligence (AI) accelerators used in data centers following a similar project expected to generate revenue streams soon. The first AI accelerator project is to bring in US$1 billion revenue next year and several billion US dollars more in 2027, MediaTek chief executive officer Rick Tsai (蔡力行) told a virtual investor conference yesterday. The second AI accelerator project is expected to contribute to revenue beginning in 2028, Tsai said. MediaTek yesterday raised its revenue forecast for the global AI accelerator used
TEMPORARY TRUCE: China has made concessions to ease rare earth trade controls, among others, while Washington holds fire on a 100% tariff on all Chinese goods China is effectively suspending implementation of additional export controls on rare earth metals and terminating investigations targeting US companies in the semiconductor supply chain, the White House announced. The White House on Saturday issued a fact sheet outlining some details of the trade pact agreed to earlier in the week by US President Donald Trump and Chinese President Xi Jinping (習近平) that aimed to ease tensions between the world’s two largest economies. Under the deal, China is to issue general licenses valid for exports of rare earths, gallium, germanium, antimony and graphite “for the benefit of US end users and their suppliers
Dutch chipmaker Nexperia BV’s China unit yesterday said that it had established sufficient inventories of finished goods and works-in-progress, and that its supply chain remained secure and stable after its parent halted wafer supplies. The Dutch company suspended supplies of wafers to its Chinese assembly plant a week ago, calling it “a direct consequence of the local management’s recent failure to comply with the agreed contractual payment terms,” Reuters reported on Friday last week. Its China unit called Nexperia’s suspension “unilateral” and “extremely irresponsible,” adding that the Dutch parent’s claim about contractual payment was “misleading and highly deceptive,” according to a statement
Artificial intelligence (AI) giant Nvidia Corp’s most advanced chips would be reserved for US companies and kept out of China and other countries, US President Donald Trump said. During an interview that aired on Sunday on CBS’ 60 Minutes program and in comments to reporters aboard Air Force One, Trump said only US customers should have access to the top-end Blackwell chips offered by Nvidia, the world’s most valuable company by market capitalization. “The most advanced, we will not let anybody have them other than the United States,” he told CBS, echoing remarks made earlier to reporters as he returned to Washington
RSS