Aging in the U.S. and Korea:Same Sphere,Different Realities

Aging in the U.S. and Korea: Same Sphere, Different Realities

Both the United States and South Korea are experiencing rapid population aging, but the patterns and social responses differ greatly. The U.S., already moving beyond an “aged society” into a “super-aged society,” is turning this change into a field of opportunity. Korea, meanwhile, is aging at the fastest pace in the world, but its institutions and perceptions still lag behind.

In particular, when we look at five areas where the U.S. has shown distinctive developments—△labor market △long-term care & healthcare △finance & consumption patterns △culture & entertainment △politics & society—the contrasts become even clearer. Let us first examine the U.S. reality.

△Labor Market

Over the past 20 years, the employment rate of Americans over 65 has more than doubled, and the number of workers over 75 continues to rise. After the pandemic left over 10 million jobs unfilled, companies actively rehired experienced older workers and adopted remote work and short-term contracts. “Phased retirement,” which blurs the concept of mandatory retirement, and multigenerational team structures have already become everyday norms.

△Long-Term Care & Healthcare

The U.S. is moving away from a hospital-centered model toward “Hospital at Home.” As of 2023, more than 300 hospitals nationwide were running at-home inpatient programs, and by 2030, one in six hospitals is expected to offer such services. Retail giants such as CVS and Walmart have set up health centers inside their stores, providing check-ups, pharmacies, and telemedicine all in one place. With the integration of digital healthcare and insurance, seniors increasingly receive treatment and care at home.

△Finance & Consumption Patterns

Since 2005, assets held by those over 65 have tripled, accounting for about 70% of all U.S. financial assets. Senior-focused financial products—covering retirement planning, wealth management, and fraud prevention—are rapidly expanding, making older adults central investors and consumers in economic growth.

△Culture & Entertainment

Travelers aged 60–79 are the highest-spending group in the global tourism market. Long-stay tours, cruises, and participation in active sports like pickleball have surged. In film and performing arts, audiences over 50 now drive box office success.

△Politics & Society

Older Americans hold 70% of the nation’s wealth and have the highest voter turnout. Yet their political and social influence has not fully matched their economic power. Still, they are far from a “Silent Majority.” Organizations like AARP (American Association of Retired Persons) mobilize seniors consistently, shaping policy and legislation in tangible ways.

Now let us turn to Korea, where the same five areas paint a very different picture despite also heading toward a super-aged society.

△Labor Market

While employment rates for those aged 60–64 are high, the statutory retirement age of 60 and the practice of early retirement cause employment rates to drop sharply after 65. Most opportunities are short-term public jobs run by the government, with private-sector utilization of older workers still in its infancy.

△Long-Term Care & Healthcare

Korea has established a long-term care insurance system, but services remain heavily facility-based. Home- and community-based care are still insufficient, and telemedicine expansion is hampered by regulations.

△Finance & Consumption Patterns

Korea’s older population holds over 80% of the nation’s wealth. However, due to its concentration in real estate and a low pension replacement rate, actual livelihood security is fragile. Losses from financial scams and voice phishing continue to rise. Though Korea has some of the world’s best reverse mortgage and farmland pension systems, utilization rates remain extremely low.

△Culture & Entertainment

The number of seniors engaging in travel and leisure is increasing, but participation tends to be more observational and passive. The senior cultural industry is growing, but specialized content and TV/sports-based platforms remain in early stages.

△Politics & Society

Despite commanding overwhelming assets and a large share of the population, Korea’s older generations have not exerted sufficient political or social influence. Holding over 80% of national wealth, they remain treated as a “Silent Majority,” as if silence were golden. The Korea Association of Retired Persons (KARP) tells its members: “Don’t be a silent majority, don’t be silent fools.” Quiet movements without a strong voice will not achieve the pension reforms, intergenerational workplaces, and community care policies that a super-aged society requires. Therefore, it is now essential for the 50s, 60s, and 70s+ generations to unite in organizations like KARP and raise a collective voice.

Returning to the U.S. case: America has turned aging into a new growth engine because it recognizes older adults as active economic and social agents across labor, healthcare, finance, culture, and politics.

Korea, too, must move toward “Baebeolsa”—a society of learning, earning, and living—so that the 50s, 60s, 70s+ generations can once again stand at the forefront as taxpayers and consumers driving national strength. Only when lifelong learning and work beyond retirement age become possible, and when seniors who hold over 80% of the nation’s wealth break their silence to take collective action in shaping policy, will Korea’s super-aged society open a sustainable future.

Thus, the time has come to break the silence. We urge Korea’s 50s, 60s, and 70s+ generations, who hold 80% of the nation’s wealth, to step forward and raise their voices.

By Juch Myong-Yong, Representative, Korea Association of Retired Persons (KARP)