“Applies from the 67 birth cohort”: Basic Pension amendments confirmed and future changes. Essential viewing for the 5060 age group (Lee Young-joo summary) #BasicPension #NationalPension #PensionDoctor

An independent exercise, not a statement by the video creator or verification of every claim in the video.

Are withdrawals above 1,500 man won a year prohibited?

The National Tax Service threshold for specified private-pension income differs from an absolute account withdrawal limit. Assume a hypothetical annual receipt of 1,600 man won, all of it such taxable private-pension income, with other pension-receipt conditions satisfied. If the permitted separate-taxation option at 15% is chosen instead of comprehensive taxation, national tax is 1,600 man won × 15% = 240 man won. This is neither a tax only on the 100 man won excess nor a ban on receiving more than the threshold. Excluding local income tax and other costs, the example leaves 1,360 man won after national tax. In the video’s separate arithmetic illustration, withdrawing 1,500 man won annually from 10 eok won would take about 66.7 years without returns or taxes, rather than 100 years. Actual assessment first requires separating excluded amounts, deferred retirement income, investment gains and the distinct pension-receipt limit.

Check for yourself

1. Is the amount total account withdrawals or the specified taxable private-pension income?
2. Have tax thresholds been separated from pension-receipt limits and contractual constraints, and does the rate apply to the whole amount or only the excess?

Limits of application

This national-tax illustration assumes specified private-pension income and a separate-taxation election; it determines neither an individual’s minimum tax nor actual net receipts. Local income tax, health insurance, deductions, insurance gains, non-pension withdrawals and deferred retirement income are excluded. It does not recommend a receipt amount, withdrawal date or product.