The average age at which middle-aged and elderly people in their 50s and older in Korea consider themselves to be 'elderly' is 69.4 years old, which is more than 4 years older than the legal age of 65 years.



In addition, middle-aged and elderly people consider the cost of living in their old age to be an average of 2.77 million won per month for couples.



The National Pension Service Research Institute of the National Pension Service revealed this through an investigation report on the '9th (2021) middle and senior citizens' economic life and preparation for retirement'.



This survey is for a basic analysis of the National Old Age Security Panel Survey (KRelS), which is conducted for the purpose of providing basic data for the national pension and other old-age income security systems. It was conducted for households (6,392 people).



According to the report, respondents perceived an average age of 69.4 as the beginning of old age.



Up to the age of 60, the proportion of people who do not consider themselves elderly is high, but from the age of 70, most of them perceive themselves as elderly.



In the 2018 survey report, the subjective onset of old age was delayed by 0.9 years in 5 years compared to the age of 68.5 years.



As of this year, the age at which people start receiving the national pension is 64 years old, and it will be 65 years old in 2033.



With the age at which pension benefits begin to be delayed, the gap between the age of old age perceived by the public and the start of pension benefits may widen.



Respondents recognized that the appropriate level of living expenses for old age was 2.77 million won per month for couples and 1.773 million won for individuals.



The cost of living is based on the assumption that there is no special disease, etc., and the reasonable cost of living means an amount sufficient to lead a standard life.



The 'minimum cost of living' required to live a basic life below the reasonable cost of living was 1,987,000 won for a couple and 1,243,000 won for an individual.



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Cost of living tended to be higher the higher the level of education, the more employed, and the higher the cost of living in large cities.



As of the end of September this year, the average recipient of the national pension was KRW 582,000, which is less than half of the minimum living expenses recognized by middle-aged and elderly people.



Even for couples, the national pension is less than 60% of the minimum cost of living.



In addition, the common methods of raising living expenses for middle-aged and elderly people who answered that they are elderly are basic pension (multiple response 25.6%), living expenses/pocket money received from children or relatives (19.4%), national pension (15.2%), and spouse's income (11.0%). %), installment savings/deposits (10.2%), etc.



Public pension (41.7%) was the most important factor in economic preparation for old age among middle-aged and elderly people who subjectively think that they are not yet elderly, followed by savings, savings and savings insurance (32.9%), and real estate management (10.7%).