A National Pension Service office in Seoul, Jan. 2 Yonhap
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 minimum of 1.39 million won per month and about 1.98 million won for a decent standard of living.
For couples, the minimum rose to 2.17 million won, while the decent standard of living level reached 2.98 million won.
However, the survey reveals a sharp disconnect between these expectations and actual post-retirement life preparation.
Among middle-aged and older public pension subscribers, 86.6 percent said they do not know their expected monthly pension payout amount.
Only 1.6 percent said they have used retirement preparation or planning services.
Nearly half, or 49.9 percent, said they plan to begin receiving monthly public pension payout at the official eligibility age.
Only 18 percent said they would delay receiving the monthly benefits, while 17.5 percent said they intend to claim them earlier.