30-M.-Yen Life Savings Sought by Another Govt Estimate

Economy Politics

Tokyo, June 18 (Jiji Press)--Japan's Financial Services Agency had made an estimate suggesting that 15 million to 30 million yen in life savings would be necessary per elderly couple in addition to pension benefits over 30 years after retirement, informed sources said Tuesday.

The estimate was made separately from the controversial report by a working group of the agency's Financial System Council suggesting that an elderly couple living on pensions needs to amass 20 million yen in life savings, according to the sources.

Many different provisional figures regarding medical, welfare and other costs were used to make the estimates about how much life savings would be needed, a senior official of the agency said.

The working group ultimately adopted the 20-million-yen estimate as it was calculated based on reliable household spending data compiled by the internal affairs ministry.

The alternative estimate was presented to the working group at a meeting on April 12.

[Copyright The Jiji Press, Ltd.]

Jiji Press