Most of developed countries including Korea have adopted the chronological age of 65 years as an
arbitrary definition of old age. The age of 65 years would be matching with the pension eligibility age
and/or retirement age. There is a high possibility of facing a serious risk of financial crisis in Korea in
the near future owing to the rapidly aging population aging. For instance, the working-age population is gradually declining and the dependency ratio is getting higher and higher, resulting in very high likelihood
of socioeconomic crisis. In order to alleviate the crisis, the government should make and enforce more
assertive policies as early as possible than any other time. First of all, the policies should focus on raising
the retirement age and/or pension eligibility age.