South Koreans Miss 1.2M in Retirement Savings
South Koreans’ Retirement Expectations and Financial Realities South Koreans have a clear idea of what they believe is necessary for a comfortable retirement. According to a recent survey, the average monthly income required for a satisfactory retirement is 3.5 million Korean won. However, the reality is quite different—most households can only expect to secure around 2.3 million Korean won per month for their retirement needs. This information was revealed in the ‘KB Golden Life Report’ by the KB Financial Group’s Management Research Institute. The report was based on a nationwide survey of 3,000 individuals aged between 25 and 74, conducted in June. The survey highlights a significant gap between what people think they need and what they realistically can afford. Respondents identified 3.5 million Korean won as the ideal amount to cover expenses such as travel, leisure activities, and support for grandchildren. However, when considering current income, expenses, and savings capaci...