Korea Accredited Retirement Planning Specialist (은퇴설계전문가, ARPS) key terms

The difference between a household’s stated assets and liabilities at a specified date, distinct from recurring income.

A record of receipts and payments over a period, used to identify surplus, deficit and timing mismatches.

The ability to meet payments using resources available at the needed time without unacceptable delay or loss.

The period over which a particular goal and its funding need are evaluated, which can differ across goals.

The financial ability to absorb adverse outcomes without undermining essential obligations, distinct from emotional willingness to take risk.

The agreed services, responsibilities and boundaries of the planner-client relationship, including relevant information and compensation arrangements.

Periodic assessment of implementation, outcomes and changing circumstances to decide whether a financial plan requires adjustment.

An arrangement defining benefits through a specified formula, distinct from simply promising the member a fixed account contribution.

An arrangement defining contributions while the eventual account outcome depends on investment results, fees and applicable withdrawal arrangements.

An individual retirement pension account used within Korean rules for portability or additional retirement saving, distinct from an unrestricted brokerage account.

Korea’s contributory public pension arrangement, whose eligibility and benefit rules differ from Basic Pension and workplace schemes.

A Korean old-age support program with its own income-recognition and eligibility framework, not an automatic award for every pension contributor.

A home-secured retirement-income arrangement whose conditions, guarantee costs, occupancy and settlement rules require product-specific verification.

The risk of living longer than the period for which resources were planned, increasing the need for durable income.

An amount that reduces the relevant taxable base under the applicable rules, distinct from a direct reduction of calculated tax.

An amount applied against calculated tax liability subject to the applicable conditions, rather than a reduction of the income base.

The rate applied to the next relevant increment of taxable amount within the specified rate structure.

Tax measured relative to a specified total income or taxable base, whose denominator should be made explicit.

Identification of the person entitled under a contract or arrangement, which need not resolve every associated tax or inheritance question.

Resources accessible to meet obligations and expenses associated with succession without assuming immediate sale of illiquid property.

A rule specifying how a legal change applies across dates, transactions or coverage periods instead of treating every case identically.