SEOUL, Dec. 12 (Korea Bizwire) — A recent study has revealed that 60 percent of Koreans want to live overseas after retirement.
Prudential Life Insurance Co. conducted a survey of 500 men and women living in Seoul and five major cities in South Korea, 60.4 percent of whom said they wanted to live abroad once they retire.
Australia turned out to be the most popular destination (84 people, 16.8 percent), followed by Canada (14.4 percent), Hawaii or Guam (11.8 percent), and New Zealand (8.8 percent).
As for the reasons behind their choice, most respondents referred to the natural environment (49.2 percent), followed by leisure (41.4 percent), culture and lifestyle (32.8 percent), and health and welfare systems (20.8 percent).
Top concerns related to living abroad included language barriers (49 percent), less family engagement, and higher living expenses.
Most respondents expected to spend 3 to 4 million won (US$2,656-3,541) per month living abroad (26.8 percent), followed by 2 to 3 million won (26.4 percent), and 4 to 5 million won (17.8 percent).
They said average living expenses in South Korea would amount to 2 to 3 million won per month.
As for their source of income after retirement, respondents relied heavily on the national pension (64.8 percent) and retirement pensions (36.8 percent).
They also mentioned savings (40.4 percent), saving insurance (29.6 percent), and annuity insurance (27.8 percent).
The average retirement age was 60.9 years. Final retirement for those who work after their first retirement was expected be 65.2 years. Average life expectancy was 83.2 years.
H. M. Kang (email@example.com)