The Society of Actuaries (SOA) Research Institute, in partnership with Reinsurance Group of America (RGA) has published a new report examining the retirement planning behaviors and financial concerns of Taiwanese workers and retirees.
The survey revealed that 18% of respondents self-identified as not very knowledgeable or not at all knowledgeable about financial topics. Use of mobile apps for retirement-related information has more than doubled, from 9% in 2018 to 19% in 2024.
Planning engagement levels differ by age group. While 61% of retirees (ages 60 to 75) have calculated their retirement assets and investments, only 49% of prime age workers (ages 30 to 45) have taken similar steps. Across all age groups, the most common action in preparing for retirement is calculating available financial resources.
Health care expenses emerged as a primary concern. Among those surveyed, 96% expressed worry about medical costs not covered by social insurance, ranking this as the top financial risk in retirement.
Confidence in retirement savings remains low among prime age workers and pre-retirees (ages 46 to 59). Of these groups, 82% expect to rely on income from full- or part-time employment during retirement. In evaluating retirement financial products, 60% of respondents prioritized guaranteed income, while 58% valued guaranteed returns.
Annuity products generated notable interest, with 89% of respondents indicating interest in tax-deferred annuities and 93% in annuities with increased payouts in the event of critical illness. Additionally, 74% of those surveyed said they would be willing to convert a portion of their savings into lifetime-guaranteed annuities.
Jae Ho (pictured above), CEO of RGA Taiwan, said the research highlights the need for retirement solutions that address both income security and health-related financial risks.
“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,” Ho said.
Taiwan is undergoing a significant demographic transformation, with its population aging rapidly. As of 2025, the nation has entered the "super-aged society" category, characterized by over 20% of its population being aged 65 or older.
Projections indicate that by 2070, this demographic will constitute 46.5% of the total population, positioning Taiwan among the countries with the highest proportion of elderly citizens globally.
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