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Study: Chinese retirement planning starts at 37

(People's Daily)

17:00, November 10, 2011

Edited and translated by Yao Chun, People's Daily Online

Beijing, Nov.10 (People's Daily Online) -- One-third of working professionals will begin to prepare for their life after retirement at an average age of 37, according to an investigation done by a Chinese institute.

The early preparation for retirement reflects that people are worried about their future life. Generally speaking, in order to live in comfort in old age people should have three indispensable elements: being well-off, being taken care of in daily life and being comforted mentally.

Some people may say that they have health insurance and the medical costs will be reimbursed. But in fact the coverage rate of health insurance is still very low in China. Only a few people can enjoy free medical service, and most people are still at a low level of health care.

China has become an aging society with more and more "4-2-1 families," which refers to a young couple supporting four parents and a child, and empty nest families emerging. To have a secure and relaxed time when they are elderly, people should keep fit and do financial planning in their youth.

Of course, besides individual efforts, China also needs to improve the social security system to address the problem of caring for the elderly.

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