SEOUL, Jan. 30 (Korea Bizwire) — Single women significantly outnumber single men in South Korea’s reverse mortgage program, accounting for nearly five times as many participants, according to recent government housing finance statistics. As of November 2024, single women made up 38% of new reverse mortgage subscribers, compared to just 8.1% for single men. Of the 13,163 [...]
SEOUL, July 24 (Korea Bizwire) — Once applauded as one of the most promising businesses, particularly for those preparing for the second chapter of life, mobile phone retail stores are on the wane. The number of mobile phone retail stores nationwide, which stood at about 30,000 three years ago, is now estimated to have halved. [...]
SEOUL, May 24 (Korea Bizwire) — At 62, Kim Byung-jong reached public pension age last month. Instead of automatically taking the state pension, Kim, a retired car salesman, asked the National Pension Service (NPS), the operator of South Korea’s state pension fund, to defer his pension for five years. The reason? Delaying his pension will [...]
SEOUL, Dec. 13 (Korea Bizwire) — The minimum living expenses for retired elderly people was tallied at 1.77 million won (US$1,600) per month for each household, a survey showed Wednesday. The optimum monthly cost of living for retirees, however, is 2.51 million won per household, according to KB Financial Group’s recent survey of 2,000 people [...]
SEOUL, May 2 (Korea Bizwire) – Retirees over 50 years old are most glad that they no longer have to deal with stress from work, but many feel that tight finances are dampening their post-retirement life, a survey said Tuesday. In the survey by the National Pension Service, conducted between April and September last year [...]