The purpose of this study is to investigate the level of long-term target total fertility rates for family polices in Korea.

This study is performed by two models - education-weighted dependency ratio (EWDR) model developed by Striessnig and Lutz (2014) and National Transfer Accounts (NTA) low fertility model developed by Lee, Mason, et al. (2014) - that have been developed more recently. EWDR model is a new multi-dimensional approach to introduce education into a dependency ratio. NTA low fertility model is to examine how low fertility
and population aging will influence the material standard of living using a refined measure of per capita consumption in the steady state.

The results show that fertility below replacement level would maximize per capita consumption. Therefore we suggest that in terms of economic well-being, 1.65~1.91 birth per women are desirable for long-term target total fertility rates in Korea.