"Unclaimed Retirement Pensions Alone Total 130 Billion Won"... How to Calculate Your Retirement Fund Shortfall

The beginning of retirement preparation is not setting a vague target amount, but accurately identifying the current status of assets and calculating the shortfall. Through the YouTube channel 'Hong Chun-uk's Economics Lecture Notes', Dr. Hong Chun-uk presented specific calculation methods for retirement planning and ways to find hidden assets.

"The 1 Billion Won Retirement Fund is Questionable"... Calculating Realistic Necessary Expenses

Dr. Hong Chun-uk raised questions regarding the figure of '1 billion won', which is commonly mentioned when discussing retirement preparation. He pointed out that setting a vague target amount without knowing the amount of National Pension one will receive can be problematic. He explained that for accurate planning, three items must first be organized: ▲ monthly expenses to be used after retirement ▲ the scale of currently secured assets ▲ the expected period for which funds are needed (considering life expectancy).

Post-retirement expenses can vary depending on the age group. Dr. Hong explained that during the 'active senior' period in one's 60s, spending may increase for active lifestyles such as traveling, but after the 70s, there is a tendency for dining out or transportation costs to decrease while the proportion of medical expenses increases due to health issues. Citing research data from the National Pension Research Institute, he emphasized the need for realistic expense calculation, mentioning that the minimum living cost for a person living alone is 1.39 million won, and the appropriate living cost for a couple is around 3 million won.

"Hidden Money of 75,000 People"... How to Use Account Info

In the process of identifying secured assets, the use of 'Account Info' and the 'Integrated Pension Portal' is recommended. In particular, Dr. Hong mentioned that in Korea, unclaimed retirement pensions totaling about 130 billion won (for approximately 75,000 people) are lying dormant without the owners' knowledge. He added that checking not only one's own assets but also the hidden assets of family members, such as insurance payouts that parents had signed up for, can be an important starting point for retirement planning.

Calculating the Shortfall and Response Strategies

The total amount needed in retirement can be calculated based on the difference between the 'monthly necessary living expenses' and the 'National Pension to be received'. For example, if a couple needs 3 million won in monthly expenses and receives 1.8 million won from the National Pension, a shortfall of 1.2 million won occurs every month. Assuming this is maintained for 25 years from age 65 to 90, the calculation shows that approximately 360 million won is required. If inflation is reflected, the actual amount needed may be larger.

As ways to resolve this shortfall, Dr. Hong suggested: ▲ expense control ▲ additional income generation (such as re-employment) ▲ increasing savings at the current time ▲ efficient withdrawal strategies using tax-saving accounts. Through the video description and pinned comment, he guided viewers to be able to diagnose their own retirement funds directly by providing a simple calculator that does not collect personal information.