Retirement Planning in Korean

Planning for the future after finishing one’s career is a significant topic globally, and Korea is no exception. This guide introduces the essential Korean term for retirement planning, 노후설계 (no-hu-seol-gye), along with related vocabulary and practical phrases to help you discuss this important life stage in Korean. Understanding these expressions will enable you to engage in conversations about preparing for a stable and fulfilling retirement.

Core Expression

• Expression: 노후설계
  Pronunciation: no-hu-seol-gye
  Meaning: Retirement planning (노후 – old age/post-retirement years; 설계 – plan/design)

Related Vocabulary

This section covers key terms associated with retirement and financial planning in Korea.

• Expression: 은퇴
  Pronunciation: eun-toe
  Meaning: Retirement

• Expression: 연금
  Pronunciation: yeon-geum
  Meaning: Pension

• Expression: 국민연금
  Pronunciation: gung-min-yeon-geum
  Meaning: National Pension

• Expression: 개인연금
  Pronunciation: gae-in-yeon-geum
  Meaning: Private pension

• Expression: 저축
  Pronunciation: jeo-chuk
  Meaning: Savings

• Expression: 투자
  Pronunciation: tu-ja
  Meaning: Investment

• Expression: 자산
  Pronunciation: ja-san
  Meaning: Assets

• Expression: 부채
  Pronunciation: bu-chae
  Meaning: Debt / Liabilities

• Expression: 재정 계획
  Pronunciation: jae-jeong gye-hoek
  Meaning: Financial planning

• Expression: 노후 자금
  Pronunciation: no-hu ja-geum
  Meaning: Retirement funds

• Expression: 보험
  Pronunciation: bo-heom
  Meaning: Insurance

• Expression: 건강 관리
  Pronunciation: geon-gang gwal-li
  Meaning: Health management

Basic Phrases for Discussion

Here are some fundamental phrases to start conversations about retirement planning.

• Expression: 노후설계를 시작해야 해요.
  Pronunciation: no-hu-seol-gye-reul si-jak-hae-ya hae-yo.
  Meaning: I need to start retirement planning.

• Expression: 은퇴 후 계획이 있으세요?
  Pronunciation: eun-toe hu gye-hoek-i i-sseu-se-yo?
  Meaning: Do you have plans after retirement?

• Expression: 연금을 얼마나 받을 수 있을까요?
  Pronunciation: yeon-geum-eul eol-ma-na ba-deul su i-sseul-kka-yo?
  Meaning: How much pension can I receive?

• Expression: 노후 자금을 어떻게 마련해야 할까요?
  Pronunciation: no-hu ja-geum-eul eo-tteo-ke ma-ryeon-hae-ya hal-kka-yo?
  Meaning: How should I prepare retirement funds?

• Expression: 재정 상담을 받고 싶어요.
  Pronunciation: jae-jeong sang-dam-eul bat-go si-peo-yo.
  Meaning: I want to get financial consultation.

• Expression: 건강한 노후를 보내고 싶어요.
  Pronunciation: geon-gang-han no-hu-reul bo-nae-go si-peo-yo.
  Meaning: I want to spend a healthy retirement.

• Expression: 노후설계는 빠를수록 좋아요.
  Pronunciation: no-hu-seol-gye-neun ppa-reul-su-rok jo-a-yo.
  Meaning: The earlier you start retirement planning, the better.

• Expression: 투자 계획을 세우고 있어요.
  Pronunciation: tu-ja gye-hoek-eul se-u-go i-sseo-yo.
  Meaning: I am making an investment plan.

• Expression: 안정적인 노후를 원해요.
  Pronunciation: an-jeong-jeo-gin no-hu-reul won-hae-yo.
  Meaning: I want a stable retirement.

• Expression: 노후설계에 대해 이야기해 봅시다.
  Pronunciation: no-hu-seol-gye-e dae-hae i-ya-gi-hae bop-si-da.
  Meaning: Let’s talk about retirement planning.

• Expression: 어떤 종류의 연금이 있나요?
  Pronunciation: eo-tteon jong-nyu-ui yeon-geum-i it-na-yo?
  Meaning: What kinds of pensions are there?

• Expression: 은퇴 준비는 잘 되어가세요?
  Pronunciation: eun-toe jun-bi-neun jal doe-eo-ga-se-yo?
  Meaning: Is your retirement preparation going well?

Advanced Discussion Phrases

Use these phrases for more in-depth conversations about retirement strategies and concerns.

• Expression: 노후설계는 재정적 안정뿐만 아니라 삶의 질 향상에도 중요합니다.
  Pronunciation: no-hu-seol-gye-neun jae-jeong-jeok an-jeong-ppun-man a-ni-ra sal-mui jil hyang-sang-e-do jung-yo-ham-ni-da.
  Meaning: Retirement planning is important not only for financial stability but also for improving quality of life.

• Expression: 예상 은퇴 연령은 언제인가요?
  Pronunciation: ye-sang eun-toe yeol-lyeong-eun eon-je-in-ga-yo?
  Meaning: What is your expected retirement age?

• Expression: 노후 생활비를 계산해 보셨어요?
  Pronunciation: no-hu saeng-hwal-bi-reul gye-san-hae bo-syeo-sseo-yo?
  Meaning: Have you calculated your retirement living expenses?

• Expression: 국민연금 외에 개인연금도 준비하고 있습니다.
  Pronunciation: gung-min-yeon-geum oe-e gae-in-yeon-geum-do jun-bi-ha-go it-seum-ni-da.
  Meaning: Besides the national pension, I am also preparing a private pension.

• Expression: 은퇴 후에는 어떤 활동을 하고 싶으신가요?
  Pronunciation: eun-toe hu-e-neun eo-tteon hwal-dong-eul ha-go si-peu-sin-ga-yo?
  Meaning: What activities do you want to do after retirement?

• Expression: 자산 포트폴리오를 다양화하는 것이 중요합니다.
  Pronunciation: ja-san po-teu-pol-li-o-reul da-yang-hwa-ha-neun geo-si jung-yo-ham-ni-da.
  Meaning: Diversifying your asset portfolio is important.

• Expression: 장기적인 관점에서 노후설계를 해야 합니다.
  Pronunciation: jang-gi-jeo-gin gwan-jeom-e-seo no-hu-seol-gye-reul hae-ya ham-ni-da.
  Meaning: You need to do retirement planning from a long-term perspective.

• Expression: 의료비 증가에 대비한 계획도 필요합니다.
  Pronunciation: ui-ryo-bi jeung-ga-e dae-bi-han gye-hoek-do pil-yo-ham-ni-da.
  Meaning: A plan to prepare for increasing medical expenses is also necessary.

• Expression: 전문가와 상담하여 맞춤형 노후설계를 받는 것이 좋습니다.
  Pronunciation: jeon-mun-ga-wa sang-dam-ha-yeo ma-chum-hyeong no-hu-seol-gye-reul ban-neun geo-si jo-seum-ni-da.
  Meaning: It is good to receive personalized retirement planning by consulting with an expert.

• Expression: 은퇴 후 소득원을 확보하는 방안을 고려 중입니다.
  Pronunciation: eun-toe hu so-deuk-won-eul hwak-bo-ha-neun bang-an-eul go-ryeo jung-im-ni-da.
  Meaning: I am considering ways to secure income sources after retirement.

• Expression: 배우자와 함께 노후 계획을 세우는 것이 중요합니다.
  Pronunciation: bae-u-ja-wa ham-kke no-hu gye-hoek-eul se-u-neun geo-si jung-yo-ham-ni-da.
  Meaning: It’s important to make retirement plans together with your spouse.

• Expression: 노후설계 관련 세미나에 참석해 볼 생각입니다.
  Pronunciation: no-hu-seol-gye gwal-lyeon se-mi-na-e cham-seok-hae bol saeng-ga-gim-ni-da.
  Meaning: I’m thinking of attending a seminar related to retirement planning.

Korean Culture Notes

Understanding retirement planning in Korea involves recognizing certain cultural aspects.

• National Pension System: The 국민연금 (gung-min-yeon-geum) is the public pension scheme, forming the backbone of retirement income for many, though often considered insufficient on its own.
• Shift Towards Individual Responsibility: With increasing life expectancy and evolving family structures (less reliance on children for elderly support), there’s a growing emphasis on personal savings, private pensions (개인연금 – gae-in-yeon-geum), and investments for retirement.
• “Second Life” Concept (인생 2막 – in-saeng i-mak): Retirement is increasingly viewed not just as an end to work, but as the beginning of a “second act” focusing on personal interests, hobbies, travel, volunteering, or even part-time work for fulfillment.
• Social Anxiety: Preparing for retirement (노후 준비 – no-hu jun-bi) is a common topic and sometimes a source of significant stress or anxiety, often discussed among peers and in media.
• Financial Literacy: There’s a growing interest in financial literacy and seeking advice from financial planners (재무 설계사 – jae-mu seol-gye-sa) to create robust retirement plans.

Real Conversation Example

Situation: Two colleagues, Minjun and Sujin, both in their late 40s, are chatting during a coffee break about their future plans.
Roles: A: Minjun, B: Sujin

• Expression: A: 수진 씨, 혹시 노후설계 시작했어요? 저는 요즘 그게 걱정이에요.
  Pronunciation: su-jin ssi, hok-si no-hu-seol-gye si-jak-hae-sseo-yo? jeo-neun yo-jeum geu-ge geok-jeong-i-e-yo.
  Meaning: Sujin, have you by any chance started retirement planning? I’ve been worrying about that lately.

• Expression: B: 아, 민준 씨. 저도 얼마 전부터 생각하고 있어요. 노후설계는 빠를수록 좋다고 하잖아요.
  Pronunciation: a, min-jun ssi. jeo-do eol-ma jeon-bu-teo saeng-gak-ha-go i-sseo-yo. no-hu-seol-gye-neun ppa-reul-su-rok jo-ta-go ha-ja-na-yo.
  Meaning: Ah, Minjun. I’ve also been thinking about it recently. They say the earlier you start retirement planning, the better.

• Expression: A: 맞아요. 국민연금만으로는 부족할 것 같아서 개인연금도 알아보고 있어요.
  Pronunciation: ma-ja-yo. gung-min-yeon-geum-ma-neu-ro-neun bu-jok-hal geot ga-ta-seo gae-in-yeon-geum-do a-ra-bo-go i-sseo-yo.
  Meaning: That’s right. I feel the National Pension alone won’t be enough, so I’m looking into private pensions too.

• Expression: B: 저도 그래요. 그리고 은퇴 후에 뭘 할지도 생각해 봐야 할 것 같아요. 그냥 쉬는 것보다는 소일거리라도 하는 게 좋지 않을까요?
  Pronunciation: jeo-do geu-rae-yo. geu-ri-go eun-toe hu-e mwol hal-ji-do saeng-gak-hae bwa-ya hal geot ga-ta-yo. geu-nyang swi-neun geot-bo-da-neun so-il-geo-ri-ra-do ha-neun ge jo-chi a-neul-kka-yo?
  Meaning: Me too. And I think we need to consider what we’ll do after retirement. Rather than just resting, wouldn’t it be better to have some small work or hobby?

• Expression: A: 네, 건강 관리도 잘 해야 하고요. 안정적인 노후를 보내려면 준비할 게 많네요.
  Pronunciation: ne, geon-gang gwal-li-do jal hae-ya ha-go-yo. an-jeong-jeo-gin no-hu-reul bo-nae-ryeo-myeon jun-bi-hal ge man-ne-yo.
  Meaning: Yes, and we need to manage our health well too. There’s a lot to prepare for a stable retirement.

• Expression: B: 맞아요. 다음에 시간 되면 노후설계 정보 같이 찾아봐요!
  Pronunciation: ma-ja-yo. da-eu-me si-gan doe-myeon no-hu-seol-gye jeong-bo ga-chi cha-ja-bwa-yo!
  Meaning: Right. Let’s look up information on retirement planning together next time we have a chance!

Practice Tips

Discussing future plans like retirement requires specific vocabulary, so practice is key! Try talking about your own 노후설계 (no-hu-seol-gye) ideas with Korean-speaking friends or language partners~ Use the phrases related to 연금 (yeon-geum), 저축 (jeo-chuk), and 투자 (tu-ja) to make your conversation more concrete. Reading Korean articles or watching videos about financial planning can also expose you to real-world usage! Setting small, personal financial goals using these terms can make practice more meaningful. 화이팅! (hwa-i-ting! – Good luck!)