How South Korea is tackling its super‑aging problem—and what other aging nations can learn from its experience

In December 2024, South Korea's population of individuals aged 65 and above surpassed the 20% mark, marking it as a "super-aged society." This demographic milestone, while not inherently problematic, signifies that a society has achieved safer, healthier living conditions, allowing people to live longer. However, the rapidity of South Korea's aging process, moving from a society with 7-13% over 64 to a super-aged one within 24 years, outpaces that of Japan (35 years) and even the projected 41% of the US population over 65 by 2060.

South Korea's demographic transition has been rapid, with the largest age group shifting from 15-34 to over 45, and the oldest reaching retirement age at 60. Concurrently, there's a decline in the proportion of people aged 30 and younger. This shift is also influenced by decreasing fertility rates, delayed marriage and parenthood, and diverse family structures. South Korea, now among the lowest fertility countries, has also adjusted its family life to adapt to these changes.

Financially, South Korea's pension system, reliant on the National Pension Service and Basic Pension, is projected to exhaust by 2054, leaving many older adults with limited benefits and high poverty rates. Despite reforms, economic insecurity persists due to assets being predominantly in real estate rather than savings. Older adults in South Korea often take "second careers" post-retirement, often working until their late 70s.

However, simply increasing the retirement age to ease financial pressures might negatively impact younger workers' mobility if older employees remain in senior positions.

In terms of healthcare, South Korea launched a long-term care insurance program in 2008 to support home, nursing, rehabilitation, and residential care, financed by National Health Insurance and user copays. Eligibility isn't based on income, but demand is rising, and the program's effectiveness is being tested. The country is set to implement further reforms, including a 2025 pension reform aimed at gradually raising the national pension contribution rate and setting a replacement rate target of 43% by 2033.