Credit: Getty Image Bank.
According to a report by KB Financial Group KB 금융그룹, which surveyed 3k individuals aged between 20 and 79, South Koreans who have yet to retire wish to do so at age 65, with a monthly budget of around KRW 3.7m (USD 2.8k) per month. In reality, however, Koreans usually retire around age 55, with enough savings to spend about KRW 2.1m (USD 1.6k) per month - lower than the KRW 2.5m necessary to cover basic needs. Over half of respondents (52.5%) said they had not yet begun their economic preparations for retirement.