An elderly couple need W1.75 million and single elderly people W1.12 million to live comfortably supposing that they are healthy, according to a report by the National Pension Research Center on Tuesday (US$1=W1,092).
An elderly couple needs a minimum of W1.22 million for basic monthly living costs and an individual elderly W763,000.
The report is based on a survey of about 8,600 people from 5,209 households conducted by the center in 2009.
But a mere 31.8 percent of people aged 50 and over questioned said they are preparing for old age. The largest proportion or 29 percent cited public pensions as a means of preparation. Next were economic activities (23.7 percent), investment in real estate (15.1 percent), savings (14.8 percent), and their spouses' income (7.4 percent).
Forty-five percent of respondents said they will need economic assistance from their children when they are older, but a mere 11.8 percent want to live with their children.