In this article, we will take a look at the 12 best places to retire in South Korea. If you wish to skip our detailed analysis on South Korea's economic transition, you may go to the 5 Best Places to Retire in South Korea.
South Korea’s Economic Transition
South Korea is one of the largest economies in Asia. Back in the 1960s, it was just a struggling nation on the road to recovery from a devastating war. However, it now stands amongst the largest economies in the world. As of 2022, its GDP in nominal terms was $1.65 trillion. Economists note that two critical drivers have been behind South Korea’s successful economic growth: technology upgrading and management efficiency. As such, it's significant investments in the R&D sector have particularly proved to be beneficial for the economy. From investing 4% of its GDP for the first time in 2014, to continuing the trend in years 2019 and 2020, the country has certainly come a long way. Today, the country has managed to become a global player in mobile phones, electric vehicles, semiconductors, automobiles, and even premium consumer goods.
Another major force behind South Korea's successful economy are the corporate powerhouses called chaebols. Chaebols are large industrial conglomerates in South Korea that are run by individuals or families. The most prominent chaebols that have been responsible for South Korea's success are the Samsung Group, the largest South Korean company by market capitalization; SK, an energy, telecommunications, and semiconductors company; Hyundai, a multinational automotive manufacturer; LG, a multinational conglomerate; and Lotte, a food business group. According to the Bank of South Korea, these chaebols represented 44% of GDP in 2019. Meanwhile, in 2022, the ten largest chaebols in South Korea made up 60% of the country’s GDP.
These chaebols have been under fire for the past many years, accused of fostering a culture of corruption and fraud. However, recent years have witnessed them cleaning up their acts and making some serious amends. While Samsung and Hyundai are committing billions of dollars to new semiconductor and EV factories in the US, others are signing deals with the US in other arenas. In particular, Samsung Biologics has announced two deals with Pfizer Inc. (NYSE:PFE) in July 2023 worth a total of $897 million. The agreement involves the long-term manufacturing of Pfizer Inc. (NYSE:PFE)'s multi-product portfolio. Samsung will use its newest facility Plant 4 located in Incheon, South Korea, to facilitate the production.
“Pfizer Inc. (NYSE:PFE) is excited to continue our strategic partnership with Samsung Biologics Ltd. that aims to enable greater access to medicines for more patients across the world. This commitment is a reflection of Pfizer’s trust in the Korean Pharmaceutical industry to address emerging health challenges.”
In other news, South Korean companies have been pouring in billions of dollars in the US. A memorandum of understanding has been signed, as of May 2023, in order to expedite the on-shoring of EV battery manufacturing to the country. The US non-profit battery trade association founder states that South Korea has the best available manufacturing technology to build a supply chain for lithium-based batteries. South Korea’s investment of $100 billion has helped make it a key stakeholder in America’s transition to a clean energy economy.
An Attractive Retirement Destination
Owing to its booming economy, technological prowess, and global business arrangements; South Korea has successfully managed to present itself as an attractive retirement destination. High-quality healthcare, rich cultural heritage, and scenic beauty make it one of the best countries to retire to in Asia. There is a strong education system for retirees to engage in lifelong learning, plenty of social and recreational opportunities, and delicious cuisine to explore and relish along the way.
With regards to retirement in the country, one common question that we get asked is: can a foreigner retire in South Korea? The answer is that the country does not have a specific retirement visa for foreigners. However, individuals may find other ways to qualify for a long-term visa. Another common question asked pertaining to retirement is: how much money do you need to retire in South Korea? Well, seniors will be pleased to know that the cost of living in the country is much lower than that of the United States of America. On average, the monthly cost of living for an individual retiree to live in major cities such as Seoul is $1,400. Overall, South Korea is a great country to retire to.
12 Best Places to Retire in South Korea
Methodology
To compile the list of best places to retire in South Korea, we have used a number of sources such as Life from a Bag, Adam Fayed, and Plan a Retirement, amongst others. We have also made use of expat forums to determine the best retirement cities and towns in South Korea based on expat experiences.
Next, we adopted a consensus approach to rank the places. Each time a source mentioned a place, we awarded it one point. Points were summed up and places were ranked in an ascending order from the lowest to the highest scores.
We have also discussed the costs of living for each place. The figures depict the monthly cost of living for an individual retiree living in South Korea. The cost also includes the monthly rent for a one-bedroom apartment in the city/town center. The sources used to determine the costs of living include websites such as Cost of Live, and Nomads List, amongst others.
Here are the best places to retire in South Korea:
12. Jeju-si
Insider Monkey Score: 2
One of the best cities to retire to on Jeju Island, South Korea is Jeju-si. Scenic coastlines, lush waterfalls, dramatic volcanic landscapes, and majestic rainforests embrace the island, and retirees can explore these areas for biking, hiking, and even beachcombing. The city itself is revered for its laid-back lifestyle, something that bustling cities such as Seoul cannot offer. Historical sites such as Haeinsa Temple, Seogwipo World Marine Park, and Gwacheon Castle are a sight to explore. There are modern healthcare facilities in the city; and many museums, cultural centers, and festivals to learn about the city’s cultural heritage. On average, the monthly cost of living for an individual retiree is $1,379. This cost includes an estimated $907 spent on rent.
11. Daejeon
Insider Monkey Score: 3
Strategically located in the center of South Korea, Daejeon offers easy access to the major cities of Seoul and Busan. Daejeon City can be one of the best places to retire in South Korea for retirees, especially those interested in life-long learning. Known as the mecca of cutting-edge science and technology, the city is home to several universities and research education that retirees can enroll themselves in. Expo Park, Yuseong Hot Springs Park, and the Daejeon O-World are some of the many parks and green spaces to enjoy in. On average, the monthly cost of living for an individual retiree is $1,062, which includes $590 spent on rent.
10. Ulsan
Insider Monkey Score: 3
Located on the southeastern tip of the Korean peninsula, Ulsan is a popular retirement destination for many South Koreans. Being a major industrial hub, employees in industries such as HD Hyundai Heavy Industries, the world's largest shipyard, work all their lives in the city and choose to retire here, too. Revered for its rocky cliffs and beautiful sandy beaches, Ulsan’s coastline is a major draw for retirees. Mount Gaji and the Taehwa River add to the appeal of retiring here, as well as offer opportunities for recreation. As one of the cheapest places to live in South Korea, the monthly cost of living in Ulsan for an individual retiree is $935.
9. Busan
Insider Monkey Score: 4
Busan is one of the best places to live in Korea for foreigners because of its moderate climate, modern healthcare facilities, and international community. It is home to many beaches, mountains, and temples; and retirees also get to enjoy its renowned international film festival that happens each fall. Busan is ideal for retirees who wish for a coastal lifestyle, enjoying the many beautiful beaches and cliffs the city has to offer. Beyond the beautiful coastline of the city, Busan also offers many mountains and hiking trails for exploration. On average, the monthly cost of living for an individual retiree is $1,182. The cost includes a monthly rent average of $440.
8. Daegu
Insider Monkey Score: 5
Located in the southeastern region of South Korea, Daegu offers retirees a unique blend of rich cultural heritage, natural beauty, and modern entertainment. Retirees can hike and explore the Palgong Mountains, experience the local culture and cuisine in Seomun Market, try the famous Korean chicken and beer (Chimac) in Daegu’s Dakdongjip (chicken gizzard) Alley, or even enjoy a leisurely stroll in Daegu Arboretum, a lush botanical garden in the city. The city has a humid subtropical climate, modern healthcare facilities, and an efficient public transportation system. On average, the monthly cost of living for an individual retiree is $1,170; which includes $402 spent on rent.
7. Gwangju
Insider Monkey Score: 6
Embraced by majestic mountains and scenic landscapes, Gwangju is one of the best places to retire in South Korea for outdoor enthusiasts. The city is also often regarded as the country's cultural hub, having hosted world-class festivals such as the Gwangju Biennale and Design Biennale, the Gwangju World Kimchi Culture Festival, and the Gwangju Fringe Festival. The city is home to several educational institutions as well, has modern healthcare facilities, and even a well-developed transportation network. On average, the monthly cost of living for an individual retiree is $1,200, which includes $438 spent on rent.
6. Jeju Island
Insider Monkey Score: 7
Jeju Island is undoubtedly one of the best places to retire in South Korea from the USA. Also known as South Korea's Hawaii, the island is home to a diverse topography; featuring lush rainforests, beautiful waterfalls, pristine beaches, and majestic volcanic craters. Nature lovers and adventure-seeking retirees are going to have the time of their lives here. The island also features a temperate climate, clean air, and a pollution-free environment ideal for healthy living. The island people even have their own dialect, and the local culture and historical sites are interesting explorations. On average, the monthly cost of living on Jeju Island is $1,679, which includes $818 spent on rent.
