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  • SPQR
  • Veteran

    • 214

    • March 08, 2018, 07:04:54 pm
    • Canada
You need a billion won to retire in Korea?
« on: September 10, 2019, 02:52:07 pm »
http://www.koreatimes.co.kr/www/art/2019/09/142_275200.html

I think this guy is full of shit, his premises are faulty and his conclusions
are meaningless.

He says you need one billion won ($835,000) to retire in Korea.  Who the hell
has that kind of dough?

He says Koreans retire when they are 53 years old.  WTF, I'm older than
that and I'm still working.  So are ALL of the Koreans I know.

He also doesn't mention pension.

He says older people must live an Intellectually-Stimulating Life until Death.
Haha, this is KOREA.  Good luck with that!

If I had a million clams I wouldn't live here anyway.  I would sittin' pretty
in Thailand.


  • stoat
  • Veteran

    • 140

    • March 05, 2019, 06:36:13 pm
    • seoul
Re: You need a billion won to retire in Korea?
« Reply #1 on: September 10, 2019, 03:14:17 pm »
Working out how much you need to retire isn't rocket science. You need a place to live and enough money coming in each month to live off.. His calculation of 2.3 million a month to live off  is based on a couple's expenses with the man supporting the woman. It still seems quite a lot to me if the couple already have a place to live. Unless you're factoring in things like foreign travel.


Re: You need a billion won to retire in Korea?
« Reply #2 on: September 10, 2019, 07:08:59 pm »
Sounds low to me considering that the national pension pays you like $200-$300 a month if you're lucky. Any foreigners living in Korea need to have an exit plan because the pension isn't going to cover your expenses, and there's no way you're going to have billions of won by working as a foreigner in Korea.

The "retiring at 53" thing is pretty dumb for the author to bring up though. Koreans tend to get fired from their jobs when they are around age 40-45, then they spend the rest of their lives driving a taxi or selling fried chicken. The vast majority of Koreans don't really ever retire voluntarily, they just can't afford to.
Quote
Quote from: Mr.DeMartino on Yesterday at 01:40:32 PM
    Trump is a liar and a con man.
Quote
Quote from Mr.DeMartino on June 14, 2019 at 02:28:07 pm
Donald Trump is a lying sack of shit


  • JNM
  • The Legend

    • 4085

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: You need a billion won to retire in Korea?
« Reply #3 on: September 10, 2019, 07:48:39 pm »
Sounds low to me considering that the national pension pays you like $200-$300 a month if you're lucky. Any foreigners living in Korea need to have an exit plan because the pension isn't going to cover your expenses, and there's no way you're going to have billions of won by working as a foreigner in Korea.

The "retiring at 53" thing is pretty dumb for the author to bring up though. Koreans tend to get fired from their jobs when they are around age 40-45, then they spend the rest of their lives driving a taxi or selling fried chicken. The vast majority of Koreans don't really ever retire voluntarily, they just can't afford to.

What many Koreas do is take their severance (1 month pay per year worked) and National Pension (0.9% of earnings during contributing years) and move to Canada on an investment visa, or to Philippines/Thailand on a retirement visa.

For someone with 50,000,000/year salary for 20 years, that is:

83 million in severance and 90 million in pension.

Add that to the value of selling their home, it ends up being a nice little nest egg.


  • gogators!
  • The Legend

    • 3721

    • March 16, 2016, 04:35:48 pm
    • Seoul
Re: You need a billion won to retire in Korea?
« Reply #4 on: September 11, 2019, 05:02:08 am »
That sounds like a good place to start. I would hate to retire with less.


Re: You need a billion won to retire in Korea?
« Reply #5 on: September 11, 2019, 08:00:17 am »
It actually sounds like a bit low to me too. I think most people are oblivious to the dire economic situation that we are in. I think that reality is going to hit a lot of people very hard when retirement age rolls around.


Re: You need a billion won to retire in Korea?
« Reply #6 on: September 11, 2019, 11:19:20 am »
It actually sounds like a bit low to me too. I think most people are oblivious to the dire economic situation that we are in. I think that reality is going to hit a lot of people very hard when retirement age rolls around.

This.  I meet so many 30-40 yr olds, shit even a few well into their 50'd, that haven't saved jack besides their mandatory pension payment.  I predict a lot of suicides later as the yolo crowd realizes being broke and old isn't even worth living.  I'd swan dive into the Han with a 80lb dumbbell tied to my waist as well.  I'll have 1 million USD as a bare minimum but hope to end up with more.  Not gonna work all my life to eat ramyeon and ride the bus at 60+.   Gonna be pimping and making it rain at nursing homes all over this peninsula.


  • stoat
  • Veteran

    • 140

    • March 05, 2019, 06:36:13 pm
    • seoul
Re: You need a billion won to retire in Korea?
« Reply #7 on: September 11, 2019, 12:59:40 pm »
In the uk a billion won would get you a house at the average price plus 500 grand to live off. How is that not enough guys? Or are you just being doom merchants?
« Last Edit: September 11, 2019, 01:01:59 pm by stoat »


Re: You need a billion won to retire in Korea?
« Reply #8 on: September 11, 2019, 01:10:49 pm »
My working hypothesis is that you need two properties to retire when you are someone like me who has not paid long term into any national pension

One property to live in and the other to charge a rent in order to survive.

Basically you get a 600 dollar a month rent to live off without relying on the government. Not exactly great but hopefully enough not to be going around looking for cardboard.


  • JNM
  • The Legend

    • 4085

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: You need a billion won to retire in Korea?
« Reply #9 on: September 11, 2019, 03:49:55 pm »
My working hypothesis is that you need two properties to retire when you are someone like me who has not paid long term into any national pension

One property to live in and the other to charge a rent in order to survive.

Basically you get a 600 dollar a month rent to live off without relying on the government. Not exactly great but hopefully enough not to be going around looking for cardboard.

Having rented out my house in Canada, I can tell you that $600 gross is a negative number net.


  • LIC
  • Super Waygook

    • 263

    • February 15, 2019, 04:39:00 pm
    • NE Hemisphere
Re: You need a billion won to retire in Korea?
« Reply #10 on: September 12, 2019, 09:57:34 am »
I'm lucky in a macabre way, which I don't mind at all. I figure I have very little to no chance of living till retirement. It's a genetic thing. So I'm free to party and enjoy it all in every way. I'm not a fool, my wife will be well taken care of when I split this insane circus we call earth. I don't like this ride anymore anyway.

I'm just working for the weekend. 


  • CO2
  • The Legend

    • 4633

    • March 02, 2015, 03:41:14 pm
    • Gunpo
    more
The joys of fauxtherhood


  • L I
  • The Legend

    • 3393

    • October 03, 2011, 01:50:58 pm
    • Seoul
Re: You need a billion won to retire in Korea?
« Reply #12 on: September 12, 2019, 02:57:15 pm »
I figure I have very little to no chance of living till retirement. It's a genetic thing. So I'm free to party and enjoy it all in every way. I'm not a fool, my wife will be well taken care of when I split this insane circus we call earth. I don't like this ride anymore anyway. I'm just working for the weekend.

I wonder how many of us this will be in the future.

What age are you, LIC?

Seems old enough to be eligible for Canadian pension money. (Or didn't pay in enough?)

I was skiing the alps of Europe in '67.

I have lived in a country that is not my birth country for nearly 14 years. In that time I have never been back to my birth country nor will I ever see its shores again.




  • oglop
  • The Legend

    • 2254

    • August 25, 2011, 07:24:54 pm
    • Seoul


Re: You need a billion won to retire in Korea?
« Reply #15 on: September 13, 2019, 04:33:33 pm »
Sounds low to me considering that the national pension pays you like $200-$300 a month if you're lucky. Any foreigners living in Korea need to have an exit plan because the pension isn't going to cover your expenses, and there's no way you're going to have billions of won by working as a foreigner in Korea.

The "retiring at 53" thing is pretty dumb for the author to bring up though. Koreans tend to get fired from their jobs when they are around age 40-45, then they spend the rest of their lives driving a taxi or selling fried chicken. The vast majority of Koreans don't really ever retire voluntarily, they just can't afford to.

What many Koreas do is take their severance (1 month pay per year worked) and National Pension (0.9% of earnings during contributing years) and move to Canada on an investment visa, or to Philippines/Thailand on a retirement visa.

For someone with 50,000,000/year salary for 20 years, that is:

83 million in severance and 90 million in pension.

Add that to the value of selling their home, it ends up being a nice little nest egg.

Koreans can move anywhere they want (including Canada) if they have millions of dollars. Plenty of Koreans are either from chaebol families or otherwise wealthy families, and many of them do use investment visas, just like plenty of other millionaires around the world--Chinese, British, American, whatever.

But most Koreans are not millionaires, so they can't buy those kinds of visas. The main Korean retirement plan is to work a menial job until they can't work any longer, and to move in with their children who will support them.
Quote
Quote from: Mr.DeMartino on Yesterday at 01:40:32 PM
    Trump is a liar and a con man.
Quote
Quote from Mr.DeMartino on June 14, 2019 at 02:28:07 pm
Donald Trump is a lying sack of shit


  • JNM
  • The Legend

    • 4085

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: You need a billion won to retire in Korea?
« Reply #16 on: September 13, 2019, 05:21:50 pm »
Sounds low to me considering that the national pension pays you like $200-$300 a month if you're lucky. Any foreigners living in Korea need to have an exit plan because the pension isn't going to cover your expenses, and there's no way you're going to have billions of won by working as a foreigner in Korea.

The "retiring at 53" thing is pretty dumb for the author to bring up though. Koreans tend to get fired from their jobs when they are around age 40-45, then they spend the rest of their lives driving a taxi or selling fried chicken. The vast majority of Koreans don't really ever retire voluntarily, they just can't afford to.

What many Koreas do is take their severance (1 month pay per year worked) and National Pension (0.9% of earnings during contributing years) and move to Canada on an investment visa, or to Philippines/Thailand on a retirement visa.

For someone with 50,000,000/year salary for 20 years, that is:

83 million in severance and 90 million in pension.

Add that to the value of selling their home, it ends up being a nice little nest egg.

Koreans can move anywhere they want (including Canada) if they have millions of dollars. Plenty of Koreans are either from chaebol families or otherwise wealthy families, and many of them do use investment visas, just like plenty of other millionaires around the world--Chinese, British, American, whatever.

But most Koreans are not millionaires, so they can't buy those kinds of visas. The main Korean retirement plan is to work a menial job until they can't work any longer, and to move in with their children who will support them.

But many “regular-Kims”* in their 40s and 50s own a home that is worth more than the required amount.



* a play on “regular-Joes” not meant to be offensive.


  • pkjh
  • Hero of Waygookistan

    • 1542

    • May 02, 2012, 02:59:44 pm
Re: You need a billion won to retire in Korea?
« Reply #17 on: September 13, 2019, 11:24:27 pm »
But many “regular-Kims”* in their 40s and 50s own a home that is worth more than the required amount.
The key is paying off that home before you retire. Then it's so much easier living off of whatever pension you can get. That's how my parents are surviving, no more payments on their house in Canada. Stayed in the same home for the last 45-ish years.


  • gogators!
  • The Legend

    • 3721

    • March 16, 2016, 04:35:48 pm
    • Seoul
Re: You need a billion won to retire in Korea?
« Reply #18 on: September 14, 2019, 02:53:57 am »
Sounds low to me considering that the national pension pays you like $200-$300 a month if you're lucky. Any foreigners living in Korea need to have an exit plan because the pension isn't going to cover your expenses, and there's no way you're going to have billions of won by working as a foreigner in Korea.

The "retiring at 53" thing is pretty dumb for the author to bring up though. Koreans tend to get fired from their jobs when they are around age 40-45, then they spend the rest of their lives driving a taxi or selling fried chicken. The vast majority of Koreans don't really ever retire voluntarily, they just can't afford to.

What many Koreas do is take their severance (1 month pay per year worked) and National Pension (0.9% of earnings during contributing years) and move to Canada on an investment visa, or to Philippines/Thailand on a retirement visa.

For someone with 50,000,000/year salary for 20 years, that is:

83 million in severance and 90 million in pension.

Add that to the value of selling their home, it ends up being a nice little nest egg.

Koreans can move anywhere they want (including Canada) if they have millions of dollars. Plenty of Koreans are either from chaebol families or otherwise wealthy families, and many of them do use investment visas, just like plenty of other millionaires around the world--Chinese, British, American, whatever.

But most Koreans are not millionaires, so they can't buy those kinds of visas. The main Korean retirement plan is to work a menial job until they can't work any longer, and to move in with their children who will support them.
This is an over-exaggeration. More and more Koreans are not planning on living with their children and more and more are saving to fund their retirements.


Re: You need a billion won to retire in Korea?
« Reply #19 on: September 14, 2019, 06:35:21 am »

This is an over-exaggeration. More and more Koreans are not planning on living with their children and more and more are saving to fund their retirements.

Yeah because their children refuse to take them in or can't afford to do so. But the fact is that the national pension is worthless and there aren't many better options for many Koreans.
Quote
Quote from: Mr.DeMartino on Yesterday at 01:40:32 PM
    Trump is a liar and a con man.
Quote
Quote from Mr.DeMartino on June 14, 2019 at 02:28:07 pm
Donald Trump is a lying sack of shit