For retirees, health and money matter more than spouses

By Chung Hyun-chae

Nearly all people want to live a happy life after they retire. So what is the most important factor to achieve this?

According to a recent survey, health is the most important factor. The second is money, while third is being married to a significant other.

KDB Daewoo Securities research shows that 29 percent of 980 people aged 50 or above think being healthy is the most important factor.

Next is money, 24 percent, followed by having a spouse, 20 percent. Hobbies and friends rank fourth and fifth, with 10 percent and 7 percent, respectively.

However, money influences health in many ways. “To maintain good health, I also need money for medicine and to cover hospital expenses,” says a housewife surnamed Cho, 53.

Most noticeable is that women pick money as the second important factor while men choose spouses. For women, spouses come third, and for men, money.

“There’s a saying that a man becomes a baby as he ages, which means the wife should take care of him, in contrast to a woman who becomes stronger while raising children,” says another housewife, Oh, 56. “This might be the reason why men need partners more than women when they become older.”

About 11 percent of women wish to live alone, while only 3 percent of men say the same. About 93 percent of men want to live with their wives, while 77 percent of women say the same.

What the respondents regret most has to do with finances.

About 16 percent say they regret not saving enough for retirement.

Thirty-three percent of respondents say they may need about 500 million to 1 billion won to live a normal life after they retire.

“Japan held a similar survey in 2012 and most people said their biggest regret was that they failed to save a lot of money when they were younger,” a research center official said.

“This suggests that many people living in the two countries should attend financial advice workshops during their working years to better prepare for retirement.”