국내 인적자본을 고려한 생애주기별 자산관리

Abstract

Lifetime financial planning has become extremely important due to increase in life expectancy and decrease inretirement age. In comparison to short-term investment management, lifetime financial planning must considerlife circumstances such as current age, retirement age, and lifestyle. One methodology for representing anindividual’s life stage is through human capital. This paper discusses human capital formulations and demonstratescalculations for various industries in Korea. Furthermore, the paper includes analysis on the effect ofhuman capital in lifetime financial planning as oppose to only focusing on financial capital when performingportfolio optimization.