The social definition of when old age begins is gradually changing. (Yonhap)
SEOUL, Jan. 1 (Korea Bizwire) — South Koreans aged 50 and older expect to retire at an average age of 67 and consider themselves to have entered old age by 69, according to a new survey by the National Pension Research Institute.
The study, released on December 31, also found that a monthly income of 1.92 million KRW is needed for a satisfactory standard of living in retirement.
The findings are part of the 10th National Elderly Welfare Panel Survey, which polled 8,736 individuals from 5,331 households with members aged 50 or older. It explored topics such as income, consumption, and retirement preparedness.
Key Findings
- Retirement Age: Respondents currently working indicated they would stop seeking employment at an average age of 67.
- Perception of Old Age: Participants felt that old age begins at 69, most commonly marked by a decline in physical strength (56.4%), followed by ceasing work activities (23.8%) and receiving public pension benefits (12.1%).
Commuters are waiting for a train during their morning commute. (Yonhap)
Retirement Costs and Inflation
Participants estimated the minimum monthly expense for retirement at 1.36 million KRW, while the amount needed for a comfortable lifestyle was 1.92 million KRW.
These figures represent modest increases from 2021, when the corresponding amounts were 1.24 million KRW and 1.77 million KRW, reflecting inflation rates of 5.1% in 2022 and 3.6% in 2023.
Increased Employment Among Older Adults
The employment rate for middle-aged and elderly individuals rose to 60.7%, a 10.8 percentage point increase from 49.9% in 2021, indicating more active participation in the workforce.
Health and Life Satisfaction
Respondents rated their physical health at 3.38 out of 5, mental health at 3.59, overall health at 3.49, and life satisfaction at 3.51. These scores improved slightly from 2021, suggesting better perceived well-being.
The survey highlights both the growing economic activity of older adults and the challenges they face in preparing for retirement, underscoring the importance of financial stability and health as key factors in aging.
Lina Jang (linajang@koreabizwire.com)
