Analysis of the amount of money that residents need to retire in thirty years in Zhejiang province

Abstract

With the rising trend of China's aging population, providing for the aged has gradually become a hot topic in society. People are starting to talk about how much they need to save to meet their retirement needs. This thesis focuses on the pension plans of residents in Zhejiang province, predicts the amount of personal savings required in retirement (2048) after 30 years, and explores the relationship between inflation rate, government pension payments and personal saving. Results show that, in addition to the government provided the pension plan, individuals need to save up to 15 812781 in 2048 to support their retire life. Inflation rate has positive impact on personal saving, and government pension payments has no impact on personal saving. Base on this analysis, feasible measures for governments and individuals have been proposed to improve pension plans.