Korean adults thought 3.5 million won a month would be an appropriate living expense after retirement, but expected they would actually be able to spend only 2.3 million won a month.
KB Financial Group Management Research Institute released the 2025 KB Golden Life Report on the 28th and said the result came from a survey of 3,000 men and women ages 25 to 74 nationwide conducted from May 30 to Jun. 18.
Respondents said the minimum monthly living expense that covers only food, clothing and housing in old age would be 2.48 million won, while an appropriate amount that allows for travel and leisure would be 3.5 million won. Compared with the same survey in 2023, the minimum expense fell by 30,000 won and the appropriate expense fell by 190,000 won.
However, considering their current household income, expenditure and savings levels, respondents said they would be able to secure 2.3 million won a month for retirement living expenses. That falls short of the minimum they believe they need (2.48 million won) and is 65.7% of the appropriate level (3.5 million won). It means they would be short by 1.2 million won a month to enjoy retirement.
As a way to finance retirement living expenses, the National Pension was most cited at 88.6%. Financial income was 50.2%, earned income was 47.5%, individual pensions were 47.8%, and retirement pensions were 42.2%.
Among 2,401 respondents who had not retired, the desired retirement age averaged 65. In contrast, the retirement age of 503 respondents who had already retired averaged 56, nine years earlier. The average age to start preparing for old age was 48.
Asked whether they were willing to use a housing pension system that provides monthly retirement funds secured by real estate as collateral, 33% said they had no intention of using it. A similar 33% said they had never even thought about it.