Earning a Steady 1.64 Million Won Monthly for Elderly Parents and Children... 60s Generation Unable to Quit Work

30% Think They Will Die Alone
"Care Policies Must Match Characteristics of Those Born in the 60s"

A survey revealed that 30% of those born in the 1960s, known as the so-called 'Macheo generation' (the last generation to support their parents and the first generation not to be supported by their children), fear they will die alone.

[Image source=Yonhap News]

"Care is needed but national services are insufficient... Fear of dying alone"

On the 3rd, the Care and Future Foundation (Chairman Kim Yong-ik) announced that a web and mobile survey was conducted by Korea Research from the 8th to the 15th of last month targeting 980 people born in the 1960s (aged 55-64). The generation born in the 1960s, also called the '386 generation,' numbers 8.5 million, accounting for 16.4% of the total population. This is larger than the Baby Boom generation (born 1955-1963), which numbers 7.1 million. Starting next year, those born in 1960 will reach the legal elderly age (65 and older).

As the first generation expected not to receive support from their children, most respondents expressed serious concerns about elderly care issues, and many pointed out the insufficiency of national care services. Among the respondents, 98% agreed that "care is absolutely necessary in our society" and "care issues will become increasingly serious in the future," while 86% said "the care services provided by the state and society to the elderly, disabled, and patients should be expanded beyond the current level." Additionally, about one in three respondents (30.2%) believed they would die alone, with this concern rising to 49.9% among low-income groups earning less than 2 million KRW per month.

44% provide financial support to parents, 4% to children... 'Double support' accounts for 15%

Among the survey respondents, about 29% lived with their own or their spouse’s parents. Of those with parents, 44% gave an average monthly allowance of 730,000 KRW. Forty-nine percent said their parents required care, and among them, 32% were directly caring for their parents. Four percent of respondents provided an average monthly financial support of 880,000 KRW to their children, and 15%?about one in six or seven?were supporting both parents and children simultaneously, spending an average of 1.64 million KRW per month in this 'double support' role.

"Retirement preparation is the individual's responsibility," but only 62% are preparing... National Pension is the main method

Regarding who should be responsible for retirement, 89% answered that it should be the individual, but only 62% said they are currently preparing for retirement. The most common retirement preparation method (multiple responses allowed) was the National Pension (80%). Regarding the 'income cliff'?a state of having no income after retirement but not receiving a pension?81% expressed concern.

"Will work as long as health permits"... Perceived legal retirement age and elderly age are 5 years higher than current standards

Seventy percent of respondents were currently working for income, and 90% said they would like to continue working as long as their health allows. Among the 52% of respondents who were retired, 54% were working again through reemployment or entrepreneurship. Those working held an average of 2.3 jobs, citing reasons such as "I believe I am still at an age where I can work" (37%), "economic necessity of the household" (29%), and "working life is more fulfilling" (17%).

With many respondents having a positive perception of their health and strong motivation for economic activity, 77% believed that the elderly age should start at 70, five years older than the legal elderly age. The respondents considered the appropriate retirement age to be 65.4 years, more than five years higher than the legal retirement age of 60.

This content was produced with the assistance of AI translation services.