Decent retirement life for 2 costs at least $2,074 a month: report

Koreans aged 50 and older believe nearly 3 million won ($2,074) a month is needed for a household of two for a stable retirement life, a finding that highlights looming concerns as many approach old age without knowing how much pension income they will actually receive. The report comes as pressure grows on the public pension system, signaling a need for stronger retirement planning, policy intervention and financial education as Korea rapidly ages. According to findings by a research institute affiliated with the National Pension Service, the respondents said they perceive old age as beginning at an average age of 68.5, reflecting expectations of longer working lives amid increased life expectancy. The survey was based on 5,138 households with at least one member aged 50 or older, totaling 8,394 respondents, including spouses. More than half defined the start of old age as the point when physical strength begins to decline, while 26.7 percent said it begins when they stop engaging in paid work. When asked about retirement living costs, respondents said that an individual needs a minimumWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times