The current middle-aged generation likely has many thoughts about preparing for retirement. However, the reality is a continuous struggle. Children over 30 have not yet become independent, and caring for elderly parents incurs quite a bit of money each month. Those in their mid-40s to 60s are being evaluated as the 'last generation' supporting their parents. Let's take another look at middle-aged health and retirement planning.
The Age Middle-Aged People Think Retirement Begins...68.5 Years
According to the results of the National Pension Research Institute's National Retirement Security Panel Survey (conducted in 2024), the average age at which people over 50 in Korea subjectively believe retirement begins is 68.5 years. This age group often perceives it as the time when physical strength begins to decline (50.1%) and when they stop working (26.7%). This is 3.5 years beyond the age of 65, which is considered the senior age for receiving senior citizen benefits.
Retirement Living Expenses...298,000 Won for Couples, Minimum 217,000 Won
In this survey, when asking couples over 50 about their subjective necessary living expenses for retirement, the minimum living expenses per person were found to be 1,392,000 Won, and the appropriate living expenses were 1,976,000 Won. For couples, the minimum living expenses were 2,166,000 Won, and the appropriate living expenses were 2,981,000 Won. The largest portion of minimum and appropriate retirement living expenses was spent on food and beverages (non-alcoholic). This was followed by various social insurance premiums, healthcare costs, housing, water, electricity, gas, and other fuels. The appropriate living expenses for couples can vary greatly. Other surveys have indicated that many suggest a monthly amount exceeding 3,000,000 Won.
10% of Living Expenses Spent on Health Insurance...What If One Spouse Has a Serious Illness?
If you own a house or financial assets in Seoul, you may spend more than 10% of your monthly living expenses on health insurance premiums. This can be a significant burden if you are retired. Even those in their 60s who have retired from work have many expenses. In addition to minimum living expenses, substantial funds may be needed for caring for elderly parents on both sides and supporting children. Especially if one spouse suffers from a serious illness, it can greatly disrupt retirement planning. Even if you have various personal insurances, if cancer or vascular diseases are discovered late, you may need to use non-covered (not applicable to health insurance) new drugs, which can require a large amount of money.
Hoping for a Stable Retirement...But Can Longevity Be a Blessing?
Many middle-aged couples hope for a stable retirement. They look forward to traveling and visiting good restaurants without worrying about living expenses. However, the reality is not easy. Many may find the appropriate living expenses for couples mentioned in the above survey, 2,980,000 Won, to be insufficient. Elderly people sometimes wish to give pocket money to visiting grandchildren, but there are many who cannot afford to do so. The children supporting the current middle-aged couples will likely be few. The number of people living beyond their late 80s and into their 90s is increasing. Are our couple's retirement plans prepared? How will the two of us live for the next 20 to 30 years?
