"Elderly Start at Age 69.4... Appropriate Living Expenses Are 2.77 Million Won"

Survey of Middle-Aged and Older Adults Aged 50 and Above in Korea
Legal Age Differs by More Than 4 Years from 65
Living Expenses Increased by 340,000 Won Compared to 4 Years Ago

The average age at which middle-aged and older adults aged 50 and above in Korea consider themselves to have become 'elderly' is 69.4 years, which is 4.4 years higher than the standard age of 65. Additionally, the appropriate monthly living expenses for a retired couple are about 2.77 million KRW, an increase of 340,000 KRW compared to four years ago.

On the 2nd, the National Pension Service Research Institute announced that these findings were revealed in the "9th (2021) Survey on the Economic Life and Retirement Preparation of Middle-aged and Older Adults," conducted nationwide from August 1 to November 23 last year, targeting 4,024 households (6,392 individuals) aged 50 and above.

This survey, conducted biennially since 2005, asks individuals aged 50 and above and their spouses about their economic situation, health, and retirement preparation.

The average age at which middle-aged and older adults aged 50 and above in Korea consider themselves to have become 'elderly' is 69.4 years, and the average monthly living expenses for retirement for couples were found to be approximately 2.77 million KRW. Photo is unrelated to the article content.

According to the report, respondents perceive the start of old age at an average age of 69.4. This means that while a high proportion of people in their 60s do not consider themselves elderly, most recognize themselves as elderly starting from their 70s.

Compared to the 2018 survey report, where the subjective start of old age was 68.5 years, this indicates a delay of 0.9 years over five years.

Furthermore, 62% of respondents identified the onset of old age as the period when 'physical strength declines,' while 21.2% selected 'while still engaged in work activities.'

Meanwhile, respondents perceived the appropriate level of living expenses in old age as 2.77 million KRW per month for couples and 1.773 million KRW for individuals. These living expenses assume no special illnesses and refer to the cost sufficient for a standard lifestyle.

The 'minimum living expenses' required to maintain basic living below the appropriate living expenses were found to be 1.987 million KRW for couples and 1.243 million KRW for individuals.

Regarding methods of securing retirement living expenses (multiple responses allowed), the order was basic pension (25.6%), living expenses or allowances received from children or relatives (19.4%), national pension (15.2%), and spouse’s income (11.0%).