Market scope note: This article covers materials from both Korea and the United States. Each piece of information is marked in the text with 🇰🇷 Korea or 🇺🇸 U.S. to indicate which country it applies to.
There is money that your parents could be receiving every month — yet many families delay applying simply because they didn't know about it or found the process daunting. Pension and income support programs are not deposited automatically just because you are eligible. You have to learn about them first, and then apply. This applies to parents living in both Korea and the United States.
🇰🇷 Korea Parents who are 65 or older and whose recognized income (소득인정액) falls below a certain threshold are eligible for the 기초연금 (Basic Pension). Under the 2026 criteria, single-person households with a recognized monthly income of 2,470,000 won or less, and couple households with 3,952,000 won or less, are eligible to apply. The 기초연금 is designed so that approximately 70% of all older adults can receive it. A significant share of recipients — about 86% — are low- to middle-income seniors whose recognized monthly income is below 1,500,000 won. Even if you have assets, you may still qualify as long as your recognized income is below the threshold, so please don't give up before checking.
🇰🇷 Korea In 2026, the 기초연금 payment for a general recipient in a single-person household is up to approximately 349,700 won per month. Seniors in the lowest 20% income bracket can receive up to 400,000 won per month. When a couple both receive the benefit, each amount is reduced by 20%, bringing the combined couple total to approximately 548,000 won. Those already receiving 국민연금 (National Pension) can also apply for 기초연금 at the same time, as long as they meet the recognized income threshold. However, the higher your 국민연금 benefit, the more your 기초연금 may be reduced due to the linked structure between the two programs. It is a good idea to run a simulation first through the 국민연금공단 (National Pension Service) customer center at 1355 or through the 복지로 (Bokjiro) website.
🇰🇷 Korea Alongside 기초연금, it is important to know about the 국민연금 노령연금 (National Pension old-age benefit). If you have contributed for a minimum of 10 years, you are entitled to receive a monthly payment for life starting from the eligible age. As of April 2026, the total number of 국민연금 recipients is approximately 7,740,000, of whom more than 80% are aged 65 or older. According to the 국민연금연구원 (National Pension Research Institute) medium-term financial outlook, the number of recipients is expected to reach approximately 8,280,000 in 2026. If you feel your pension amount is low because your contribution period was short, the 임의계속가입 (voluntary continued enrollment) program allows you to continue paying premiums even after age 60 to increase your eventual benefit.
🇺🇸 U.S. For parents living in the United States, the first thing to check is Social Security retirement benefits. Eligibility for Social Security requires a work record of at least 10 years (40 credits) of Social Security tax contributions, and this condition applies equally to both U.S. citizens and permanent residents. Under 2026 figures, early claiming at age 62 yields a maximum of approximately $2,969 per month; claiming at Full Retirement Age yields a maximum of approximately $4,152; and delaying until age 70 yields a maximum of approximately $5,181. Because the total lifetime benefit varies significantly depending on when you start claiming, it is important to make a careful decision based on your parents' health and financial situation.
🇺🇸 U.S. For seniors who have little or no Social Security earnings history, or whose income is low, please look into SSI (Supplemental Security Income). In 2026, the maximum monthly SSI payment is $994 for an individual and $1,491 for a couple. These amounts reflect the 2026 cost-of-living adjustment (COLA) increase of 2.8%. Permanent residents who meet certain residency and income requirements may also apply. Korea and the United States have a 한·미 사회보장 협정 (Totalization Agreement), which means that if a person's U.S. work history is insufficient, their 국민연금 contribution period in Korea can be combined with their U.S. record to meet Social Security eligibility. This agreement is particularly useful for Korean-American seniors, so we encourage you to contact the Social Security Administration directly at ssa.gov.
One thing to confirm in both countries is the timing of your application. In Korea, 기초연금 can be applied for starting one month before the month in which the applicant turns 65, at a 주민센터 (community center), a 국민연금공단 branch, or through 복지로. For those with limited mobility, the 국민연금공단's 찾아가는 서비스 (outreach visit service) can arrange an in-person application at home. In the United States, Social Security benefits can be applied for up to 4 months before the desired start date, either online at ssa.gov or by phone. Children can help prepare in advance, so it is a good idea to gather your parents' documents and keep track of key dates on their behalf.
Sources: Ministry of Health and Welfare press release (2026 기초연금 selection criteria decision, January 2026); 국민연금공단 benefit payment statistics (April 2026); 국민연금연구원 medium-term financial outlook report (2026–2030); U.S. Social Security Administration (SSA) 2026 COLA Fact Sheet; SSA FAQ (maximum Social Security benefit amounts, 2026); SSA Supplemental Security Income (SSI) payment standards (2026); citizenpath.com (guide to Social Security credits for permanent residents, May 2026).
Note: This article was compiled by AI from the sources cited above. We strive for accuracy, but for decisions about your specific situation, please confirm the latest guidance from a professional or the relevant agency.