RGA and SOA Research Institute Release Comprehensive Study on Retirement Readiness in Taiwan
Taipei, May 15, 2025 – The Society of Actuaries (SOA) Research Institute, in collaboration with Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, today announced findings from a new report titled “Retirement Readiness in Taiwan: Financial Security and Risk Perceptions.” With more than 18% of Taiwan's population aged 65 or older1, this study provides critical insights into the evolving retirement landscape in Taiwan, offering valuable information for insurers, policymakers, and financial advisors.
The study, based on a survey of 750 Taiwanese respondents across three age groups (Prime Age Workers - ages 30-45, Pre-Retirees - ages 46-59, and Retirees - ages 60-75) conducted in November 2024, reveals a maturing retirement system with defined contribution plans playing an increasingly significant role. However, it also highlights persistent gaps in long-term financial planning, particularly among younger workers. It provides valuable comparisons with the 2018 SOA Asia Retirement Study, highlighting shifts in retirement expectations and behaviors following the COVID-19 pandemic.
Key Findings:
- Financial Literacy and Education: 18% of respondents are not very knowledgeable or not at all knowledgeable about financial matters. Use of mobile apps for retirement information increased from 9% in 2018 to 19% in 2024.
- Generational Divide in Planning: Retirees show higher engagement in retirement planning compared to younger cohorts. Calculating the amount of available assets and investments in retirement is the top action taken by respondents across all age groups.
- Health Concerns Dominate: 96% of respondents worry about healthcare costs beyond social insurance coverage, which is ranked the top concern in retirement life.
- Source of Retirement Income: Prime-Age Workers and Pre-Retirees are not confident that their retirement savings are sufficient. 82% of them expect to rely on full or part-time job earnings as part of their retirement income.
- Preferred Financial Products: Guaranteed income (60%) and guaranteed returns (58%) are considered the most important features of financial or investment products to general retirement income.
- Significant Interest in Annuity Products: There is high interest in annuity products (89% for tax-deferred annuities, 93% for annuities with increased payments for critical illness), and 74% of respondents are willing to convert part of their savings into lifetime-guaranteed annuities.
“This research underscores the critical need for innovative retirement solutions that address both income security and health-related financial risks,” said Jae Ho, Chief Executive Officer, RGA Taiwan. “The findings present clear opportunities for insurers to develop products that meet the evolving needs of Taiwan's aging population. Our study shows strong consumer interest in innovative retirement products, particularly those offering protection against health-related risks and tax advantages. These insights underscore the potential for insurers to develop tailored solutions that enhance financial security for Taiwan's retirees.”
“The generational differences in retirement preparedness highlight the importance of early financial education and planning,” said R. Dale Hall, FSA, MAAA, CERA, CFA, Managing Director of Research, Society of Actuaries Research Institute. “Our study reveals that while 61% of Retirees have calculated their assets and investments, only 49% of Prime Age Workers have done so. This report provides valuable insights for wider collaboration across employers and insurers, and to encourage proactive retirement strategies across all age groups.”
This report addresses the growing pressure on Taiwan's public and private retirement systems amid economic changes and evolving retirement behaviors. It underscores the maturing landscape of Taiwan's retirement system, with defined contribution plans playing an increasingly significant role in building financial security.
The full report offers in-depth analysis of retirement perceptions, planning behaviors, income sources, and risk management strategies, providing a comprehensive view of retirement readiness in Taiwan.
For more information about the study, access the full report.
About RGA
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus — all directed toward creating sustainable long-term value. RGA has approximately $4.0 trillion of life reinsurance in force and assets of $128.2 billion as of March 31, 2025. To learn more about RGA and its businesses, please visit rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
About the Society of Actuaries
With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 34,000 actuaries as members. The SOA’s vision is for actuaries to be the leading professionals in measuring and managing risk. To learn more, visit soa.org. The SOA Research Institute provides objective, data-driven research bringing together tried and true practices and future-focused approaches to address societal challenges and your business needs. It provides trusted knowledge, extensive experience and new technologies to help effectively identify, predict and manage risks. Visit soa.org/research/research-institute.
1Ministry of the Interior, R.O.C. Taiwan. (2024). Internal Statistics Bulletin. https://www.moi.gov.tw/News_Content.aspx?n=2905&s=322559