This study examined if total sums of the national public pension and theretirement pension paid after laborers’ retiring can afford their after-retirementincome estimates calculated based on the consumption expended during theirworking periods. In this context, our study might be different from the otherstudies which focused on analyzing a simple income replacement ratio. Theasset adequacy ratio, which is defined as the ratio of total sums of the nationalpublic pension and the retirement pension paid after the laborers’ retiring tothe necessary income after-retirement, is calculated at 59.97 percent onaverage. These measures say the following implications: first, the nationalpublic pension and the retirement pension can secure the necessary incomeafter-retirement adequately; second, some laborers in the blind spots of thenational public pension and the retirement pension schemes cannot afford thebasic and more adequate consumption after retirement. Also, we calculated theasset adequacy ratio again by minimum living expenses instead of total sumsof two pensions and the ratios are over 100 percents in all cases, and it can be found that low-income classes can afford the basic consumption with onlytwo pensions, from the point of the income earned during their working days.In conclusion, our empirical results imply that the sufficient “necessary incomeafter-retirement” requires the two pension systems: a private effort for theincome security after-retirement and the institutional incentives to stimulate theprivate exertion.