It's the age of 100...Koreans turn to deficit from 61 years old [Anchor Report]

Korea, a representative aged society country,

Our people are active even after retirement and live for decades more.

However, statistics show that people are entering a "deficit life" around retirement.

Let me check with the numbers.

Statistics Korea has unveiled an "economic life cycle" that shows whether individuals can meet their consumption through labor through data from their 2022 national transfer accounts.

The economic life cycle has a deficit → black → deficit structure as age increases,
As you can see in
, Koreans enter a "black life" with higher labor income at the average age of 28, peak at 43, and return to the deficit at the age of 61.

As we enter retirement, the amount of money we earn decreases rapidly, but there are no places for money such as education, living, and medical expenses due to late marriage.

The problem is that the deficit widens as the age increases after re-entering the deficit.

At the age of 61, it is around 1.92 million won, but at the age of 65, it increases to 10 million won and enters the 20 million won range from the age of 75.

The reality is that it is difficult to expect a rich old age after retirement.

The issue of retirement age extension, which has recently emerged, is also accelerating in this context.

In order to delay the deficit re-entry period as much as possible, the current retirement age, which is 60, should be increased in time for pension receipt.

However, as social consensus takes time, some say that "continued employment" should be institutionalized, such as re-employment of retirees as a transitional alternative.

Currently, the deficit of the elderly is filled by the government's public transfer.

However, as the number of workers decreases and the number of the elderly increases, there are warnings that they will face limitations at some point.

I think we need to speed up the preparation of measures so that our people can live a prosperous life without suffering from money even after retirement.