Korea Can Teach the U.S. When It Comes to Midlife Support.
Korea is a fascinating country, not just because they have a vibrant artistic culture (think K-Pop and Academy of Awards Best Picture “Parasites” and many other films), but it also has the lowest birth rate of any modern country in the world (just 0.74 children per woman when the replacement rate for a country is 2.1) and it also has one of the highest life expectancies in the world, just behind Japan. If you want to get a window into our aging global future, you’d want to look at Korea and Japan.
I recently had a conversation with Ayleen Jung who has been part of the Seoul 50 Plus Foundation since it was created by the local government eight years ago with an intent of addressing a policy blindspot: how to support those between 50-64 design their second act of life in the 100 year-life when government programs have been traditionally focusing only on the 65+ era of life. Let’s face it, the U.S. government provides virtually no countrywide support for people 50-64 as a bridge to our later years.
This bridge is particularly relevant in Seoul, Korea as the average retirement age from one’s “lifetime job” is a remarkably low 49.4 years old as companies do a lot to encourage older workers to leave their job around 50 (through generous severance packages, etc…). With government pensions not kicking-in until 65, many people spend that 15-year period exploring their “retirement-free career”: whether it be starting their own business, becoming a senior intern in a field that interests them, or social volunteering. But, the Seoul government realized it is difficult for midlifers to prioritize "planning or preparing for their later years" while dealing with the imminent life tasks (i.e. raising kids, caring for elderly parents, retaining their current jobs, etc,). So Seoul has now expanded the support to those in their 40s through Seoul Learn 4050, so this program provides the kind of transitional program MEA has been pioneering.
The five areas that Seoul Learn 4050 focuses on are: (1) strengthening job skills, (2) supporting employment and startups, (3) enhancing digital skills, (4) life planning and retirement preparation for a vibrant life in the latter half of one's life, and (5) establishing a "Vitality Happiness Town" exclusively for those aged 40 to 50.
Seoul isn’t perfect, but it is notable that this city government of 10 million people has recognized that in a country where people are retiring early and living longer and the average age of the population is rising quickly because of the low birth rate, it’s time to take a proactive step toward helping people in midlife.
-Chip
