은퇴 이후 노후 소득 보장을 위한 상장 리츠(RETIs) 활용 방안에 관한 연구

은퇴 후 노후소득 보장을 위한 상장 리츠 활용 방안을 연구했다.

Korea is rapidly becoming an aging society due to low birthrate and increasing life expectancy. Accordingly, the life span after retirement is gradually increasing, which means they need more money to fund their retirement than expected. The retirement of the baby boomers and the rapidly increasing number of retirees is becoming an important social issue. Although the government operates a three-tiered system of public pensions, retirement pensions, and private pensions to prepare for retirement, it is still insufficient to maintain the retirement lifestyle of the retired generation, which requires additional personal income supplementation other than public pensions.

Many people who are about to retire are making various investments such as stocks, bonds, and real estate for their retirement income, and many people especially prefer to invest in real estate. However, recently, it has become increasingly difficult to obtain profits through direct investment in real estate for various reasons, and as more and more investors prefer rental income or dividend income to capital gains from direct investment, indirect investment in real estate, which entrusts professionals to manage and invest and distribute profits, has recently attracted attention.

Indirect real estate investments are made through real estate funds and listed REITs, which can be linked to retirement pensions and individual pensions, and have many advantages in securing retirement assets. Indirect investment in real estate is also considered a suitable means of managing assets in the aging era at the national level and is trying to develop through institutional support. Among various indirect investment products, this study proposes listed REITs (REITs), which have recently been in the spotlight as a way to guarantee retirement income for retired generations.

As the aging society advances, securing regular and consistent cash flows is of utmost importance, and pension income is a representative way to secure such cash flows in retirement. This study examines the characteristics of pension income and compares the typical attributes of pensions to those of REITs to show that REITs can be an alternative to pension income in pursuit of the stability, profitability, and sustainability required for pension income. To this end, we analyze the characteristics of listed REITs by analyzing cases of listed REITs in Korea and abroad, and propose a valid investment method for securing retirement income through listed REITs.

In particular, by presenting listed REITs investment methods through several examples in terms of the risk and rate of return that a pension should have for the cash flow of the retirement generation, it informs many people that pension income is possible through listed REIT investment. The goal was to arouse interest in listed REITs.

Compared to other investment methods that can be compared to listed REITs, investing in dividend stocks similar to listed REITs is the same as direct investment in stocks, which requires individual company analysis and is difficult to predict macroeconomic conditions and dividend availability, while listed REITs are more suitable as an investment vehicle for older generations preparing for retirement because they are relatively easy to predict and have stable characteristics.

Compared to direct real estate investment, listed REITs have advantages in terms of the amount of investment, liquidity, expertise, and complexity of asset management that must be considered for direct investment, and they also have the advantage of being able to withdraw in the middle and invest for a relatively long period of time compared to other real estate funds.

In conclusion, listed REITs are generally easy to predict investment returns, can be invested with small amounts, and have very high liquidity, Even though it is a real estate investment, there is no difficulty in general real estate management, and individuals can freely choose the investment time, region, and sector at any time. In particular, it is characterized by medium-risk, medium-return, which is the most essential advantage for securing income in retirement. As a result, this study shows that investing in listed REITs is an effective investment method for retirement that meets the requirements of pension income in terms of profitability, stability, and continuity.

The study concludes with a proposal for the promotion of domestic listed REITs, which need to be improved compared to overseas REITs in order to secure retirement income, showing that listed REITs, which are still largely unknown to domestic investors, can be a meaningful option to complement public pensions. We hope that investing in listed REITs will become a safe and efficient way for everyone to secure their retirement income. keywords: Ageing Era, Retired Generation, Pension Income, Listed REITs 대한민국은 저출산과 평균 수명 증가로 인해 빠른 속도로 고령화 사회에 진입하고 있다. 이에 따라 은퇴 후 생애기간은 점차 늘어나고 있고, 이는 은 퇴 후 노후 생활 자금이 예상보다 더 많이 필요하다는 것을 의미한다. 베이 비부머의 은퇴를 시작으로 급증하는 은퇴세대의 노후 생활 보전은 사회적으 로 중요한 문제로 대두되고 있다.

이에 국가 차원에서도 공적연금, 퇴직연 금, 개인연금을 통해 노후를 대비하는 3층의 보장체계를 운영하고 있으나 은퇴세대의 노후적정생활을 유지하기에는 아직 부족한 수준으로, 공적 연금 이외의 개인적인 추가 소득 보전이 필요한 상황이다. 은퇴를 앞둔 많은 국 민들이 노후 소득을 위해 주식, 채권, 부동산 등 다양한 투자를 하고 있으며 특히 부동산 투자를 선호하는 사람이 많다. 그러나 최근 다양한 이유로 부 동산 직접 투자를 통한 수익을 얻기에는 점차 힘들어 지고 있고, 직접투자 로 인한 자본 수익보다 임대 수익이나 배당 수익을 선호하는 투자자들이 점 차 증가함에 따라 최근 전문가에게 운용 및 투자를 위탁하여 수익을 분배받 는 부동산 간접투자형태가 주목받고 있다. 부동산 간접투자는 부동산 펀드, 상장 리츠 등을 통해 이뤄지며, 이들은 퇴직연금, 개인연금 등과 연계할 수 있어 노후 자산을 확보하는데 많은 장점이 있다. 부동산 간접투자는 국가차 원에서도 고령화 시대에 적합한 자산 운용 수단으로 생각하여 제도적 지원 을 통해 발전시키려 하고 있는데, 다양한 간접 투자 상품 중에서 본 연구는 은퇴세대의 노후 소득 보장 방법으로 최근 각광받는 상장 리츠(REITs)를 제 안하고 있다. 고령화 사회가 진전될수록 정기적이고 일정한 현금흐름을 확보하는 것이 가장 중요하고, 연금 소득은 은퇴 후 이런 현금흐름을 확보하는 대표적인 방법이다.

본 연구는 이런 연금 소득의 특성에 대해 검토하고 노후 소득 보전을 위해 연금이 가지고 있는 대표적인 속성과 상장 리츠 투자가 가지 고 있는 특성과 비교하여 연금 소득에 필요한 안정성, 수익성, 지속성을 추 구하는 데 상장 리츠 투자 방식이 대안이 될 수 있음을 보이고 있다. 이를 위해 국내외의 상장 리츠 사례를 분석하여 상장 리츠의 특성을 분석하고, 상장 리츠를 통해 노후소득 보전을 위한 투자방법으로서 유효