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Video Description

Type: KIHASA Policy Featurette

Topic: New Middle-Aged Nearing Retirement: How Much Is Their Monthly Income?

Guest Speakers: Choi Dong-seok, Announcer; Hwang Nam-hee, Head of the Center for Policy Planning on Low Fertility and Population Aging, KIHASA

Transcript

Choi:

What can you tell us about the income levels and sources for this age group nearing retirement?

Hwang:

In 2019, our institute conducted a survey on the living conditions of new middle-aged adults approaching retirement. At that time, the average monthly household income for this group was around 4.13 million won. Since many in this group were gradually transitioning into retirement, about 90% of their income, or approximately 3.7 million won, came from business and employment earnings. Every year, Statistics Korea publishes data on household income by the age of the household head. According to their data, the monthly income for households headed by someone aged 65 or older is around 2.91 million won. This is somewhat lower than the income level of the new middle-aged households I just mentioned. It’s also worth noting that many new middle-aged adults still live with unmarried children, bringing the average household size to about three members. In contrast, households headed by individuals over 65 tend to be smaller, often consisting of only one or two people, such as single individuals or couples, which accounts for the difference in household size.