Estimating Monthly Living Expenses for a Man in His 60s in Busan, Korea

Estimating Monthly Living Expenses for a Man in His 60s in Busan, Korea

※ Busan, a city known for its beautiful coastal scenery and urban conveniences, offers a dynamic living environment in South Korea. For men in their 60s, this period often signifies preparing for or living through retirement. Managing finances during this stage is crucial, as maintaining a stable monthly budget is key to financial well-being. In this blog post, we’ll estimate the monthly living expenses for a man in his 60s living in Busan, breaking down costs by category.

 

1. Housing Costs

Housing costs in Busan vary greatly depending on the area. Popular districts like Haeundae and Centum City tend to have higher rents, while other areas are more affordable.

• Rent: 500,000 KRW – 1,200,000 KRW
  Estimated for major areas.
• Jeonse (Deposit Lease) Loan Interest: 200,000 KRW – 400,000 KRW
  Interest costs for those living under a jeonse contract.
• Utilities and Maintenance Fees: 100,000 KRW – 200,000 KRW
  Including apartment maintenance, electricity, gas, and water.

---

2. Food Expenses

For men in their 60s, maintaining a balanced diet is essential for good health. Food expenses can vary depending on the balance between home-cooked meals and dining out.

• Groceries: 400,000 KRW – 600,000 KRW
  For those who primarily cook at home.
• Dining Out and Delivery: 200,000 KRW – 400,000 KRW
  Additional costs depending on how often they eat out.

---

3. Transportation Costs

Public transportation in Busan is efficient, and many people can manage without owning a car. However, for those with personal vehicles, extra costs are incurred.

• Public Transport: 50,000 KRW – 100,000 KRW
  For bus and subway fares.
• Car Maintenance: 200,000 KRW – 500,000 KRW
  For fuel, insurance, and parking costs for car owners.

---

4. Communication Costs

Smartphones and the internet are indispensable in modern life.

• Mobile Phone Bill: 50,000 KRW – 100,000 KRW
  Depending on the phone plan and data usage.
• Internet & IPTV: 40,000 KRW – 70,000 KRW
  Monthly fees for home internet and IPTV services.

728x90

---

5. Health Care Costs

Health care becomes a priority for men in their 60s. Health insurance, regular checkups, and medications are included in monthly expenses.

• National Health Insurance: 50,000 KRW – 100,000 KRW
  For those not employed, this is the amount they may need to contribute.
• Hospital and Pharmacy Costs: 30,000 KRW – 70,000 KRW
  Regular doctor visits and prescription medications.

---

6. Hobbies and Leisure Expenses

Busan offers various cultural and leisure activities. Retirees may spend on hobbies and relaxation.

• Exercise & Hobbies: 50,000 KRW – 150,000 KRW
  For gym memberships or other hobby-related expenses.
• Cultural & Leisure Activities: 100,000 KRW – 300,000 KRW
  Costs for movies, cafes, and performances.

---

7. Miscellaneous Living Expenses

Other expenses include clothing, personal care, and other miscellaneous items.

• Miscellaneous Costs: 100,000 KRW – 200,000 KRW
  For clothing, cosmetics, and personal items.

---

8. Total Monthly Living Expenses

Here’s a summary of the estimated monthly living expenses for a man in his 60s living in Busan:

• Housing Costs: 800,000 KRW – 1,800,000 KRW
• Food Expenses: 600,000 KRW – 1,000,000 KRW
• Transportation Costs: 50,000 KRW – 500,000 KRW
• Communication Costs: 90,000 KRW – 170,000 KRW
• Health Care Costs: 80,000 KRW – 170,000 KRW
• Hobbies & Leisure: 150,000 KRW – 450,000 KRW
• Miscellaneous Costs: 100,000 KRW – 200,000 KRW

Total Estimated Living Expenses: 1,870,000 KRW – 4,290,000 KRW

---

Conclusion

A man in his 60s living in Busan can expect to spend between 1,870,000 KRW and 4,290,000 KRW per month on living expenses. Housing and food are the most significant costs, and owning a car can increase transportation expenses significantly. Careful management of these expenses is essential for maintaining financial stability in retirement.