The reduction and increase tables, the break-even ages, and why the monthly amount alone should not decide for you — in order. You can check the numbers for your own birth year in the simulator at the bottom of this page. The National Pension (NPS) is South Korea's public pension system, administered by the National Pension Service.
With at least 10 years of coverage, you receive the pension monthly for life from the normal pension age for your birth year. That age rose in stages for those born from 1953 onwards and settles at age 65 for those born in 1969 or later.
| Birth year | Normal pension age | Earliest early claiming | Latest deferral |
|---|---|---|---|
| Born before 1953 | Age 60 | From age 55 | Age 65 |
| Born 1953–1956 | Age 61 | From age 56 | Age 66 |
| Born 1957–1960 | Age 62 | From age 57 | Age 67 |
| Born 1961–1964 | Age 63 | From age 58 | Age 68 |
| Born 1965–1968 | Age 64 | From age 59 | Age 69 |
| Born in 1969 or later | Age 65 | From age 60 | Age 70 |
The pension is paid on the 25th of each month, starting from the month after the birthday on which you reach the pension age. The right to claim must be exercised within 5 years of the entitlement arising, so simply leaving it unclaimed after you become eligible costs you money.
The early pension (early old-age pension) is reduced by 6% for each year claimed early, or 0.5% per month. If your normal monthly pension is KRW 1,000,000 (₩1,000,000), the amounts are as follows.
| Years claimed early | Payment rate | Monthly amount (based on KRW 1,000,000 at normal age) |
|---|---|---|
| 1 year early | 94% | ₩940,000 |
| 2 years early | 88% | ₩880,000 |
| 3 years early | 82% | ₩820,000 |
| 4 years early | 76% | ₩760,000 |
| 5 years early | 70% | ₩700,000 |
There are two conditions. You must have at least 10 years of coverage, and you must not be engaged in income-generating work. If, while receiving the early pension, you do work whose average monthly income exceeds the A-value (KRW 3,193,511 in 2026), payment is suspended. The reduction rate is also not restored after the normal pension age. A pension that starts at 70% still rises each year with inflation, but the rate stays at 70% for life.
The deferred pension increases by 7.2% for each year deferred, or 0.6% per month. A distinctive feature is that the increase rate (7.2% per year) is set higher than the reduction rate (6% per year).
| Years deferred | Payment rate | Monthly amount (based on KRW 1,000,000 at normal age) |
|---|---|---|
| 1 year deferred | 107.2% | ₩1,072,000 |
| 2 years deferred | 114.4% | ₩1,144,000 |
| 3 years deferred | 121.6% | ₩1,216,000 |
| 4 years deferred | 128.8% | ₩1,288,000 |
| 5 years deferred | 136% | ₩1,360,000 |
You do not have to defer the whole pension. Partial deferral — deferring only part of the pension amount and receiving the rest from the normal pension age — is also possible. However, you receive nothing for the deferred portion during the deferral period, so income or assets to cover living costs in the gap must be in place first. Note also that you can apply for deferral only once.
The break-even age is the age at which cumulative benefits overtake each other. Calculated for a pension of KRW 1,000,000 per month starting at age 65, the figures are as follows.
| Comparison | Monthly amounts | Age where totals are equal |
|---|---|---|
| Early by 5 years (from age 60) vs normal (age 65) | ₩700,000 vs ₩1,000,000 | Age 76 years 8 months |
| Normal (age 65) vs deferred by 5 years (from age 70) | ₩1,000,000 vs ₩1,360,000 | Age 83 years 11 months |
If you live beyond age 76 years 8 months, the lifetime total from normal claiming overtakes early claiming; if you live beyond age 83 years 11 months, deferred claiming overtakes even normal claiming. Notably, these break-even ages do not depend on the size of your monthly pension. Whether the pension is ₩500,000 or ₩2,000,000, the crossover age is the same as long as the reduction and increase rates are the same. What you can change is not the amount, but your outlook for your own health and lifespan.
On cumulative benefits alone, the totals by age 85 are ₩210,000,000 for early by 5 years, ₩240,000,000 for normal claiming, and ₩244,800,000 for deferred by 5 years; by age 90, deferred by 5 years widens the gap at ₩326,400,000. Conversely, if payments end before age 75, early claiming gives the largest total.
The break-even calculation is only complete if you know your lifespan — a number nobody knows. In practice, judge together with the conditions below.
Your income has stopped after retirement and living costs are short right now; a long period of receipt looks unlikely for health reasons; or you have almost no other retirement assets, so the pension is effectively your only cash flow. If you plan to work, check the payment-suspension conditions first.
Your income continues into your mid-60s or later, or you have assets such as a pension savings account, an IRP (Individual Retirement Pension), or a reverse mortgage (housing pension) to bridge the gap; and you are healthy, with longevity in your parents' generation. Because the increased pension lasts for life, the longer you live, the more stable your monthly living costs become.
The National Pension is only the first tier of retirement income. Decide the size and withdrawal order of your pension savings and IRP (second tier) and housing pension (third tier) first, and then choose the National Pension start age on top of that — that way the deferral gap can be covered by design.
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The pension is reduced by 6% for each year you claim early (0.5% per month), so claiming 5 years early means a 30% reduction. This reduction is not restored after you pass the normal pension age and stays in place for life.
The pension increases by 7.2% for each year you defer (0.6% per month), up to a 36% increase for the maximum 5-year deferral. You can defer all of it or only part of it, and you receive nothing for the deferred portion during the deferral period.
With a normal pension age of 65, cumulative benefits from claiming 5 years early equal normal claiming at age 76 years 8 months, and claiming deferred by 5 years moves ahead of normal claiming at age 83 years 11 months. These ages are the same whatever your monthly pension is.
You can apply up to 5 years before your normal pension age if you have at least 10 years of coverage and are not engaged in income-generating work. If, while receiving the pension, your average monthly income exceeds the A-value (KRW 3,193,511 in 2026), payment is suspended.
No. The payment rate set by early claiming (70% to 99.5%) applies for life; afterwards, only the inflation adjustment is applied.
Every January, the pension amount is adjusted to reflect the previous year's change in consumer prices. The payment rate set by early claiming or deferral itself does not change.
Sources: National Pension Service website, general scheme guidance (normal pension age table; early pension payment rates of 70% to 99.5%; deferred pension addition of 0.6% per month and 7.2% per year; A-value of KRW 3,193,511 for 2026); National Pension Act, Article 61 (old-age pension) and Article 62 (early old-age pension); National Pension Service deferred pension guidance (maximum 5 years, maximum 36%). Checked on 20 October 2026. Individual eligibility and amounts follow the Service's final determination.