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The minimum living expenses necessary for retirement after retirement were 1.17 million won for individuals and 1.95 million won for couples. The appropriate living expenses are 1.65 million won for individuals and 2.68 million won for couples.
The National Pension Service surveyed 4531 households (7343 people) aged 50 or older. They do this every two years. They surveyed the cost of maintaining a minimum life and the cost of living a standard life without any special diseases.
Appropriate, minimum living expenses after retirement
The expectations of Seoul residents were higher. The minimum cost of living is 1.37 million won for an individual and 2.24 million won for a couple. With an appropriate living cost, individuals are 1.95 million won and couples are 3.19 million won. Metropolitan cities cost 1.25 million won and 2.66 million won.
How much will the national pension cover the cost of living?
As of August, the average monthly national pension is 53,7590 won. It is 46% of the individual minimum living expenses. Assuming that the couple receives the same pension, the couple’s pension is about 1.08 million won. It is 55% of the couple’s minimum living expenses.
The average pension for those who paid the national pension premium for 20 years or more is 930,000 won. It is 79% of the minimum cost of living. It is 56% of the appropriate cost of living for an individual.
If both couples have paid insurance premiums for more than 20 years, they will receive a pension of 1.86 million won, which will meet 95% of the minimum living expenses. It can cover 69% of the appropriate cost of living. For couples living in Seoul, 83% of the minimum living expenses can be covered by the National Pension Plan.
The Korea Pension Service said, “If both couples are recipients of over 20 years of enrollment, the minimum cost of living for retirement will be greatly reduced by only paying the national pension benefits. “He explained.
Reporter Shin Seong-sik [email protected]