[K-Women Talk] It's Time to Prepare for the Winter of Life

Winter gives way to spring, but nothing is guaranteed after retirement

The best way to preserve dignity in old age is a "pension"

Prepare a "three-layer winter coat" of National, retirement, and personal pensions

Now, less than two months remain in 2026. In the past, November was a busy time, as households stocked up on briquettes and made kimchi for the winter. We live in an age when heating and air conditioning are available year-round and delicious kimchi can always be kept in a kimchi refrigerator, yet around this time of year, we still find ourselves busy preparing for winter. But when you think about it, preparing for retirement is more important than preparing for winter. Winter lasts only a few months before spring returns, but it is not easy to earn the same income after retirement as you did before. That is why retirement requires a longer and more thorough preparation.

A saying often used to highlight the importance of managing assets after retirement goes, "What a person crossing the desert needs is not the fantasy of a vast oasis, but a small canteen of water to wet their lips each day." No matter how high the assessed value of your assets, if stocks lose half their value, you may be forced to sell them at a steep loss to cover your immediate living expenses. What preserves dignity in retirement, then, is not the size of the reservoir, but the tap of a "pension" that provides a steady flow of water each month, regardless of market conditions.

So how can you secure a steady pension income after retirement, when earning a living becomes difficult? In short, you need to start earlier, contribute for longer, and keep at it consistently. To put it simply, consider the difference between saving 1 million won a month for 30 years and saving 3 million won a month for 10 years.

The principal is the same, but the difference in interest calculated through compound interest becomes enormous thanks to the magic of time. There is a big difference between consistently contributing to a pension for 30 years from age 30 and scrambling to start contributions after turning 50. If you are in your 20s and just starting your career, you should make sure to benefit from the workplace retirement pension, funded by employer contributions, in addition to the National Pension, which applies to all citizens. The longer retirement pension contributions remain invested, the larger the accumulated sum becomes, so you should avoid early withdrawals or termination at all costs. If you can afford it, it is also a good idea to enroll in a separate personal pension. Contributions to a personal pension are also eligible for tax benefits through year-end tax settlement, making it even more advantageous.

The story of Joseph's "seven years of plenty and seven years of famine" in the Book of Genesis in the Old Testament teaches us to prepare for retirement in advance during our most prosperous working years. Pharaoh, the supreme ruler of Egypt, had a strange dream one day.

In the dream, seven sleek, well-fed cows were grazing peacefully by the Nile. Then seven hideous, emaciated cows appeared and swallowed the seven fat cows whole. As people searched far and wide for someone who could interpret the dream, a young man named Joseph came forward. He explained that the dream foretold seven years of abundant harvests followed by seven years of severe famine, so devastating that the years of plenty would be forgotten. Joseph proposed collecting and storing 20% of each year's harvest during the seven years of plenty, sealing it away securely so that it could not be used recklessly. Pharaoh, impressed by what he heard, appointed Joseph as his chief minister and had him put the plan into action, enabling Egypt to survive the seven years of famine that followed.

In each of our lives, a time will inevitably come when we can no longer earn a living. For those who prepare in advance, even November, when cold winds begin to blow, will no longer feel so cold. The best time to start is when you think it is too late. Let's hurry and prepare for the winter of life.

Kim Kyung-sun, President of the Korea Population, Health and Welfare Association and former Vice Minister of Gender Equality and Family

This content was produced with the assistance of AI translation services.