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After retirement, 4050 generations expected to spend an average of nearly 200 million won in their children’s education and marriage. However, the retirement benefit was found to be less than 100 million won.
According to the ‘2020 KIDI Retirement Market Report’ published by the Korea Insurance Development Institute on the 11th, it is expected that people in their 40s and 50s in the metropolitan area and metropolitan cities will spend considerable money on their children’s education and marriage even after retirement.
Expected children’s education expenses on average were 69.89 million won, and expected children’s marriage expenses were on average 119.4 million won.
15.0% of respondents expected more than 100 million won for their children’s education, and 15.4% expected more than 150 million won for marriage.
However, the retirement benefit expected by 4050 households is only 9466 million won on average, which is expected to be overwhelming to spend on education and marriage expenses for children.
They answered that the’minimum living cost’ required for retirement was an average of 2.27 million won for a couple and 1.3 million won per person. The’appropriate living expenses’ averaged 3.12 million won for a couple and 1.38 million won per person.
The 4050 generations cited economic difficulties (31.1%) most as the disadvantage of retirement, followed by deterioration in health and disability (17.1%), and boredom (16.5%).
The Korea Insurance Development Institute analyzed that the assets of the 4050 households are concentrated in the real (75%) and that more than 90% of the real assets are concentrated in real estate, which may lead to liquidity restrictions in retirement.
In fact, according to the Statistics Korea Household Financial Welfare Survey, 23.8% of households in the fifth quintile (the highest) of retired households (household owners) answered that their living expenses were insufficient (‘shortage’ or’very short’). 10.6% of households in the quintile of income felt a lack of living expenses.
The Korea Insurance Development Institute emphasized, “Even after retirement, there are many expected expenditures, but retirement benefits alone are insufficient, and public pensions alone are insufficient.” .
Reporter Chae Sun-hee [email protected]
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