Income and Asset Rankings by Region for People in Their 80s in Korea: A Deep Dive into Senior Wealth Distribution

Income and Asset Rankings by Region for People in Their 80s in Korea: A Deep Dive into Senior Wealth Distribution

※ As people in Korea enter their 80s, their financial situation undergoes a significant shift. Many in this age group have fully retired, relying on pensions, family support, and any remaining assets to sustain their lifestyle. This article examines the income and asset rankings of people in their 80s across various regions in Korea, uncovering the financial realities of this senior demographic as they navigate their later years. 😅

 

1. Seoul: High Asset Value, Modest Income for Seniors

Average Income: ₩20 million - ₩25 million per year
Average Assets: ₩900 million - ₩1.5 billion
Key Factors: Real estate ownership, family support, and pension income

In Seoul, retirees in their 80s typically have high asset values, largely due to the continued appreciation of real estate. Although income levels have significantly decreased compared to earlier stages of life, many seniors rely on pensions and support from family members. Additionally, those who own property can leverage their real estate for rental income, creating a financial cushion. The capital’s higher cost of living is offset by the value of assets held by this age group.

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2. Busan: Coastal Comfort with Solid Asset Holdings

Average Income: ₩18 million - ₩23 million per year
Average Assets: ₩750 million - ₩1.2 billion
Key Factors: Real estate, tourism-related income, and pension funds

Busan continues to be a favorable region for retirees, with its mild coastal environment and growing economy. Many seniors in their 80s have accumulated wealth through real estate investments, which have appreciated steadily. While income from active employment is minimal, they often receive pensions and supplemental income from properties rented to tourists. Busan’s comparatively lower cost of living makes it easier for seniors to stretch their income, even with a more limited asset base than in Seoul.

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3. Incheon: Retirement in the Shadow of Seoul

Average Income: ₩16 million - ₩22 million per year
Average Assets: ₩600 million - ₩1 billion
Key Factors: Real estate appreciation, pensions, and family assistance

Incheon benefits from its proximity to Seoul, and this has influenced the financial well-being of its elderly residents. People in their 80s in Incheon have seen their property values rise, allowing them to maintain a reasonable level of wealth even as their active income dwindles. Many rely heavily on pensions, and family members often provide financial assistance. Incheon’s relatively affordable living costs compared to the capital make it a practical region for retirees to reside in.

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4. Daegu: Modest Income, Stable Assets

Average Income: ₩14 million - ₩20 million per year
Average Assets: ₩500 million - ₩850 million
Key Factors: Real estate, pensions, and cost-effective living

Daegu’s retirees in their 80s maintain a more modest financial profile compared to their peers in Seoul or Busan. While income has significantly reduced, their asset base—largely tied to real estate—remains stable. Many retirees here live in homes that they have owned for decades, reducing their monthly expenses. Pension income, though lower than in wealthier regions, provides enough for daily living in Daegu’s lower-cost environment.

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5. Daejeon: Steady Pensions and Moderate Wealth

Average Income: ₩15 million - ₩21 million per year
Average Assets: ₩550 million - ₩900 million
Key Factors: Public pensions, real estate ownership, and affordable lifestyle

Daejeon, with its reputation as a hub for public sector jobs, has many retirees in their 80s benefiting from steady government pensions. Their asset base is generally moderate, with real estate values providing a solid foundation for wealth. Unlike some larger cities, Daejeon offers a more affordable cost of living, allowing seniors to make the most of their pensions and assets without needing significant external support.

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6. Gwangju: Conservative Wealth Management Among the Elderly

Average Income: ₩12 million - ₩18 million per year
Average Assets: ₩450 million - ₩750 million
Key Factors: Public sector pensions, homeownership, and family support

In Gwangju, retirees in their 80s typically follow conservative wealth management strategies. Their income, primarily from pensions, is supplemented by family assistance and savings. Many own their homes, which reduces their monthly expenses, though property values are not as high as in Seoul or Busan. The lower cost of living helps seniors in Gwangju live comfortably, even with relatively lower asset bases.

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7. Jeju: Retirement Haven with Tourism and Agriculture Wealth

Average Income: ₩10 million - ₩16 million per year
Average Assets: ₩400 million - ₩700 million
Key Factors: Real estate, agricultural land, and tourism-related income

Jeju’s elderly population benefits from the island’s booming tourism industry and the value of agricultural land. While income for retirees in their 80s is generally lower compared to other regions, many own property or farmland that generates rental or lease income. The island’s low cost of living, combined with additional income from tourism and real estate, makes Jeju an appealing destination for retirees looking to enjoy their later years in a peaceful, nature-rich setting.

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Conclusion: Financial Realities for Koreans in Their 80s Across Regions

Across Korea, people in their 80s face different financial realities depending on their region. While incomes have declined substantially after retirement, assets, particularly real estate, continue to play a major role in ensuring financial stability. Regions like Seoul and Busan provide greater asset bases due to high real estate values, while areas like Daegu and Gwangju offer lower costs of living to balance more modest wealth levels. Understanding these regional differences is essential for planning a financially secure and comfortable retirement.