The annual average labor income, which includes the income of wage earners and the self-employed, reached the highest of 32.09 million won (about 27,000 U.S. dollars) at the age of 41 in 2016, according to Statistics Korea.
People aged 41 consumed an annual average 17.74 million won (14,900 U.S. dollars) as of 2016. The consumption includes goods and services provided by the government and private consumption.
The 41-year-old posted the biggest life-cycle surplus of 14.35 million won (12,100 U.S. dollars) thanks to the highest annual average labor income.
Those aged less than 26 logged a life-cycle deficit with no labor earnings. The deficit reached the highest of 28.67 million won (24,100 U.S. dollars) at the age of 16.
Those aged 27-58 recorded a life-cycle surplus as labor income surpassed consumption in 2016.
At the age of 65, the annual average labor income shrank to 8.44 million won (7,100 U.S. dollars) while consumption increased to 17.35 million won (14,600 U.S. dollars) as of 2016.
The life-cycle deficit of 8.91 million won (7,500 U.S. dollars) at the age of 65 expanded to 11.86 million won (10,000 U.S. dollars) at the age of 70, 14.81 million won (12,400 U.S. dollars) at the age of 75, and 17.42 million won (14,600 U.S. dollars) for those aged 85 or higher respectively.
The growing deficit came with the country's rapid aging population. South Korea became an aged society in 2017, when the proportion of those aged 65 or higher reached more than 14 percent of its entire population.
The country was forecast to become a super-aged society in 2025, when the elderly proportion is expected to top 20 percent.
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