Many Koreans now believe that old age does not start until almost 70.
A recent survey of over-50s by the National Pension Research Institute published Monday finds that they believe that old age only starts at 69.4 years, quite a few years older than the pension age.
The current age for a government pension this year is 63, rising to 65 from 2033. But 62 percent of respondents believe that old age starts only when a person feels they are losing energy, while 21.2 percent think that a person feels they are old when they stop working.
They also believe the optimum monthly living cost for an elderly couple is W2.77 million, up W340,000 from four years ago (US$1=W1,273).
That means each individual needs at least W1.77 million a month in old age. In Seoul, that goes up to W3.3 million for a couple and W2.05 million for an individual.
But the minimum cost of living is already W1.99 million for elderly couples and W1.24 million for individuals. Last year, the average monthly pension was a mere W580,000, or about W1.16 million for a couple.
That suggests careful saving is necessary if people want to live a full life in retirement, or they need to work longer.
