A Korean retirement account with a tax credit
A pension savings account is a Korean account for building your own retirement money. Contributions of up to ₩6 million a year, or ₩9 million together with an IRP, earn a tax credit of 12%, or 15% for those with total income up to ₩45 million (₩55 million of salary if that is the only income) (as of 2026). To draw it as a pension you must apply after 55, five years must have passed since opening, and each year's withdrawal must stay within a set limit.
Paying in ₩6 million a year at a 12% credit takes ₩720,000 off income tax (as of 2026).
For learning, not investment advice. Decisions are your own.
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