SEOUL, Korea, April 9 (Korea Bizwire) – According to an infographic put out by the Seoul Institute on after-retirement plans for Seoul citizens, the average age of retirement considered appropriate was 64.2 years of age. The data was based on a survey on 1,000 houses whose family heads are aged between 20 and 69.
By age group, the appropriate retirement age differed slightly. For those respondents in their 30s, it was 63.1 years while for those in their 40s, 50s, and 60s it was 63.7, 64.6, and 66.1 years, showing a pattern of rising as they get older.
The latest survey asked questions to a total of 108 retirees and 892 non-retirees. Both groups said the best way to cope with post-retirement life would be pension. Of the retiree respondents, those living on pension payments were 47.4 percent, followed by those living on salaries from a new job after retirement (27.2%). In contrast, as many as 65.9 percent of non-retirees answered that they expect to make a living from pension payments, followed by financial assets (35.6%), real estate assets (23.2%), getting a new job (13.0%), and new self-employed business (7.4%).
The No. 1 expenditure item after retirement selected by Seoul citizens was health care. For those who have already retired, the most burdensome spending items were health care (24.6%), housing (18.2%), funeral and wedding cost (17.1%), grocery (11.2%), interest cost (7.5%). For non-retirees, the expenditure items of burden included health care (38.1%), funeral and wedding cost (17.0%), grocery (12.1%), housing (9.9%), and culture and entertainment (5.4%).
Written by Sean Chung (email@example.com)