retirement Archives | Be Korea-savvy
Majority of Middle Class Households Face Poverty After Retirement

Majority of Middle Class Households Face Poverty After Retirement

SEOUL, Dec. 7 (Korea Bizwire) – A shocking report has revealed that 6 in 10 middle class families in South Korea could suffer from financial hardships after retirement due to a lack of proper preparation. A study conducted by NH Investment & Securities’ research center found that 61.7 percent of middle class households believe their income [...]

What Retirement? Elderly Continue to Work Into Their Twilight Years

What Retirement? Elderly Continue to Work Into Their Twilight Years

SEOUL, Jul. 26 (Korea Bizwire) — On July 25, Statistics Korea released its findings on the labor market for the elderly (ages 55 to 79). Titled “Results of Supplementary Research on the Elderly Labor Market for May, 2017”, the report contains extensive insight into the elderly population’s general work history, pensions, and attitudes towards work [...]

Middle-aged Koreans Want to Work Longer for Stable Livelihoods after Retirement: Poll

Middle-aged Koreans Want to Work Longer for Stable Livelihoods after Retirement: Poll

SEOUL, Jul. 12 (Korea Bizwire) — Middle-aged South Koreans want to work longer and believe they need about half of their present salaries to enjoy a stable life after retirement, a local business lobby said Wednesday. In a survey of 1,136 Koreans aged 40 or older, the Federation of Korean Industries’ Center for Large and [...]

8 in 10 Low-Income Earners Will Have No Pension After 65

8 in 10 Low-Income Earners Will Have No Pension After 65

SEOUL, Jun. 30 (Korea Bizwire) — Eight out of ten low-income, middle-aged and elderly people between the ages of 38 and 63 will likely face an uncertain financial future after retirement without a private pension or retirement pension, let alone the national pension, even after they turn 65. This forecast is based on an audit [...]

Amid Aging Population, South Koreans Believe Parents Should Prepare for Old Age Themselves

Amid Aging Population, South Koreans Believe Parents Should Prepare for Old Age Themselves

SEOUL, May 16 (Korea Bizwire) – A significantly greater number of people in Seoul now believe it’s up to parents themselves to plan for old age and illness compared to ten years ago, figures published by the Seoul Institute yesterday revealed. According to an infographic highlighting the opinions of Seoul residents on who should be responsible [...]

Retirees Happy To Be Free From Job Stress, Worry About Finances: Survey

Retirees Happy To Be Free From Job Stress, Worry About Finances: Survey

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 [...]