"How much do I need for retirement?" A vague "more is better" doesn't help — you need a target number. Korea's official surveys give an adequate retirement living cost. Use it to see how far your national/company/personal pensions fall short, and what to do now.
Adequate retirement cost — official figures
Per the National Pension Research Institute survey (2026 release), retirees' adequate monthly living cost is:
| Type | Adequate (monthly) | Minimum (monthly) |
|---|---|---|
| Single | ~1.98M won | ~1.3M won range |
| Couple | ~3.36M won | ~2.3M won range |
"Adequate" is comfortable living; "minimum" is basic subsistence. It varies by region, health, and housing — treat it as a starting number. Owning your home mortgage-free lowers it a lot.
Why the national pension isn't enough
The average national pension is well below the adequate cost — even a couple both collecting struggles to reach half of it.
| Item | Approx. |
|---|---|
| Couple adequate cost | ~3.36M won/mo |
| National pension (couple, example) | ~1M won/mo |
| Shortfall | 2M+ won/mo |
You fill this with company and personal pensions and savings — hence the "three-tier pension" (three tiers).
Estimating your retirement lump sum
Needed fund ≈ monthly shortfall × 12 × expected retirement years
A 1.5M-won shortfall over 25 years ≈ 450M won. Inflation and returns shift this, but the point is to get a rough sense. Use the compound calculator and pension calculator.
Where retirement income comes from
| Source | Note |
|---|---|
| National pension | Lifelong, inflation-linked; depends on years paid |
| Company pension | Employer-funded; DC returns matter |
| Personal pension/savings | Self-funded; fills the shortfall |
| Work income | Part-time after retirement; useful in the gap |
| Basic pension | For low-income over-65s |
The bigger your share of lifelong pensions, the safer against longevity risk.
FAQ
Isn't 3.36M won too much?
It varies. Owning your home with low spending, the minimum (couple ~2.3M) can work. Set a target for your situation.
Is the national pension really that small?
It's below the adequate cost on average, so extend your contribution years and add company/personal pensions (boosting your pension).
I'm in my 50s — too late?
No. 10–15 years of compounding and tax credits still make a big difference; spending control and maximizing the national pension matter more.
Turn vague anxiety into a concrete number: adequate cost minus your pension is the shortfall — and a plan to fill it is your retirement prep.
This is general information, not financial advice. Figures vary by person and survey date — confirm with the National Pension Service (1355). See also retirement prep by age and bridging the pension gap.
