People who are preparing for their “golden years,” expect to need as much as KRW 2.5M per month in order to live comfortably. Among some 2,000 people who were surveyed about their retirement plans, nigh on 57% felt unprepared as they were well short of the nearly KRW 820M required. Just over 45% of respondents said that they were counting on public pensions to tide them over during retirement. The government has dispatched 57 professional counselors to 16 offices nationwide to provide free professional retirement counseling to the public.
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