Many young South Koreans back later retirement amid pension doubts
Facing pension doubts, young South Koreans increasingly back extending the retirement age from 60 to 65, viewing it as vital for financial stability
“A few years ago, I opposed extending the retirement age,” he said. “But now, living costs and housing prices are getting higher. I worry more about my own future. I think I will need a stable source of income until I get older. Extending retirement age isn’t about the older generation any more. It’s about preparing for the future for my generation too.”
Similarly, An Ju-young, a marketing assistant, 34, said income from being employed as a regular salaried worker is better than relying on the state-run pension payout.
If retirement age is pushed back, then we would have more years to save for post-retirement life
“That’s the hard truth and everyone knows it. If retirement age is pushed back, then at least we would have more years to earn monthly income and save for post-retirement life. It’s more practical.”