ABSTRACT

This study was to estimate living cost for the elderly coupleto practical use. Data on the family income and expenditure for the1,649 elderly households, surveyed by National Statistical Office,were used for the estimation. The three practical use weresuggested. First, to maintain standard level of living afterretirement, needed income ratio was 43～50% of pre-retirementincome, meaning that 33～40% of elderly income was provided byNational Pension. Second, estimated living cost can be applied topersonal finance to prepare for his old age. To maintain standardlevel of living, total living cost for their ages was about 150million won. Third, estimated living cost is applied to offer basicdata for assessing wage of aging workers to a business sector.The living cost of elderly households was about 81～83%comparing with non-elderly households.