Aso Says Fsa Retirement Estimates Inappropriate

Aso says FSA retirement estimates inappropriate

Financial Services Minister Taro Aso says his agency's estimates on how much money an elderly couple would need on top of their pensions to cover living costs were inappropriate.

Aso made the comment in an Upper House committee meeting on Tuesday.

In a meeting to compile a report on asset creation for retirees, the Financial Services Agency had offered documents that included the estimates.

The documents said that an elderly couple would need about 15 to 30 million yen, or about 140,000 to 280,000 dollars, in addition to their pensions over a 30-year period.

Aso said that the documents are not official. He said the government's policy is that public pensions should cover living expenses to some extent after retirement. He said the agency is not saying otherwise.

But he said the documents were inappropriate if they caused concern or misunderstanding that people would experience financial shortfalls of 30 million yen after retirement.

Last week, Aso said his agency would not accept an advisory panel's report that said an elderly couple would need about 20 million yen, or about 185,000 dollars, on top of their pensions. He said the report has generated considerable concern and misunderstanding.