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| The Gangnam branch office of the National Pension Service / Korea Times file |
But most people have not sufficiently prepared financially for retirement, with the national pension they will receive falling way below what is needed.
According to the survey conducted in 2017 of 4,449 households having a family member aged over 50, the surveyed people thought a couple would need 1.76 million won per month and a single person, 1.08 million won, for basic living costs after retirement.
Basic living costs refer to expenses needed to maintain a minimum quality life if the person does not have a specific disease.
For a "standard" life with more comfort and satisfaction without a disease, a couple would need 2.43 million won and a single person, 1.53 million won, the respondents said.
However, pensioners who've held the national pension for 10 to 19 years were receiving 397,000 won per month on average as of September, and those who had the program for over 20 years, 910,000 won.
The amounts are far short of the desired minimum living cost, but the national pension still took the largest part in people's financial preparation for after-retirement life, with other means including deposits and installment savings. Some 53 percent of the respondents said their preparation was insufficient.
