Out of main jobs by age 53, most older Koreans hope to work ― somewhere ― past 73

Most older South Koreans expect to work well beyond the country’s legal retirement age of 60, if they have not already left their main job years earlier.

According to new data from Statistics Korea released Wednesday, the average age at which people hope to retire has reached 73.4, up slightly from 73.3 last year. That is the highest figure since records began in 2011.

However, the reality often looks different. The average age at which older adults left their longest-held job was just 52.9, still far below the standard retirement age.

Only 30.1 % of surveyed older adults said they were still employed in their primary career job. The remaining 69.9 % had already exited those roles. Just 13 % said they retired after reaching the company’s designated retirement age, while 25 % said they left due to business challenges such as shutdowns or declining operations.

South Korea’s statutory retirement age is 60, observed across most companies and public institutions under national labour guidelines. Government officials are currently debating whether to extend that to 65, but survey data suggests that for many, retirement from their main job occurs much earlier ― voluntarily or otherwise.

10 million South Koreans aged 55 to 79 are still working somewhere

Despite early exits, the desire to continue working remains strong. Nearly 70 % (69.4 %) of respondents aged 55 to 79 said they still want to work, and retirement expectations increase with age.

For example, those aged 55 to 59 on average said they hope to retire at 69.7. In the 60–64 group, the target rose to 71.9. Those in their late 60s aimed for 74.9, while people in their early 70s cited 78.6, and those in their late 70s expected to retire at 82.3.

The reasons for staying in the workforce are primarily economic. A majority (54.4 %) said they need the income to help cover living expenses. Another 36.1 % said they simply enjoy working.

As a result, the number of older South Koreans who remain economically active has reached a record high. As of May this year, 10.01 million people aged 55 to 79 were working or actively seeking work. That’s an increase of 328,000 from a year earlier and the first time the figure has surpassed 10 million since Statistics Korea began tracking the data in 2005.

This age group, totalling 16.65 million nationwide, now accounts for a significant share of the country’s labour force, with about 60 % participating in work-related activity. The trend is expected to continue, as South Korea, one of the fastest-ageing countries in the world, adjusts its labour policies to accommodate longer and more flexible working lives.

Moon Joon-hyun

The Korea Herald

Asia News Network