KOREA: After Retirement, Dont Want to Live with Children

SOEUL (The Korea Times), January 16, 2006: Eighty-five percent of those aged between 50 and 55 said they do not want to live with their children after they retire. Adults do not think that it is obligatory to have their parents with them, and parents do not think that way either. Each generation has become independent and individualistic. People in their 70s and over are not economically independent. Almost eight out of 10 elderly do not want to live with their children after retirement, according to a recent survey. The survey conducted by the Korean Association of Retired Persons (KARP) said that 78 percent of people aged over 50 hope to live separately from their children after they stop working. Eighty-five percent of those aged between 50 and 55 said they do not want to live with their children, while 65 percent of people aged 70 and over said they want to live with the children. But as seen in the survey, people in their 70s and over are not economically independent, and thus need to rely on their children. Some 77 percent of those aged 50-55 said they pay their living expenses from salary or business revenue, but 39 percent of those aged 70 and over said they receive financial help from their children. Another factor in separate living is the change in parent/child relationships. Adults do not think that it is obligatory to have their parents with them, and parents do not think that way either. Each generation has become independent and individualistic. Regarding the amount of money needed to live comfortably after retirement, 27 percent of the respondents said 336 000-503 000 euros would be fine, while 20 percent said 252 000-336 000 euros, and 19 percent, 84 000-168 000 euros. About 16 percent answered they may need more than 1 billion won to maintain a stable life. When asked what they want to hand over to the children, 37 percent of the people said houses or real estate, and 33 percent said the money which can support the children. Only 20 percent of them said they want to leave the "wisdom of living" to their children.