Government data shows that when looking at the life cycle of South Koreans, they earn the most when they are 41 years old, making an average of nearly 27 thousand dollars. Our Hong Yoo has more.
South Korean workers begin to make more money than they spend at the age of 27... and their life cycle surplus climbs to its highest point when they are 41 years old.
Then at the age of 59, the numbers reverse.
Data from Statistics Korea shows that the average Korean records a life cycle deficit until the age of 26,... as they don't work but their spending peaks to a lifetime high.
At the age of 16, the deficit is highest at 24-thousand U.S. dollars.
During infancy, most of the spending goes to education.
Annual income exceeds consumption in the surplus years from the ages between 27 and 58.
The surplus reached the highest point of 12-thousand dollars at the age of 41.
When one turns 59 years old, they fall back to a life cycle deficit as their annual earnings continue to drop while their spending increases,... with most of it going to medical care.
In another noteworthy trend, data collected in 2015 showed people falling into a life cycle deficit when they are 58 years old,... a year earlier than what the 2016 data shows.
Statistics Korea says this is due to the delayed retirement period as the population continues to age.
Hong Yoo, Arirang News.
#income #surplus #age
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