Recently, there has been a noticeable change in the Korean American community in the U.S. The generation born in the 1960s is entering retirement.

In particular, many individuals born in 1960 have already retired, and those born from 1961 to 1964 are also starting to retire or prepare for it.

This generation, which has long been the backbone of economic activity in the Korean community, is now transitioning to the next stage of life.

The most significant characteristic of this generation is that they are part of the 1.5 generation or late first generation immigrants.

Many people immigrated to the U.S. in the late 1980s or early 1990s. At that time, there was a strong perception that there were more opportunities in the U.S. than there are now, and many succeeded in small businesses or self-employment.

As a result, this generation has more experience in self-employment than in traditional employment. Many have worked for a long time in industries such as laundries, liquor stores, restaurants, nail salons, and delis.

The second characteristic is that they lived a work-centered life. For this generation, establishing a stable job or business was the most important goal during their settlement in the U.S. There were times when working six or seven days a week was the norm.

Maintaining a business and supporting their children's education took precedence over spending time with family. As a result, many of their children have graduated from college and entered professional fields in the U.S.

The third characteristic is asset formation through real estate. This generation was active during a time when the U.S. economy was relatively stable and growing. Many purchased homes in the late 1990s and early 2000s. Those who bought homes at that time and held onto them for a long period experienced significant asset appreciation.

It was common to earn cash through business and use that money to buy homes or commercial real estate. Therefore, it is not uncommon for them to have real estate assets at the time of retirement.

Another interesting characteristic is that their concept of retirement is somewhat different. In mainstream American society, it is relatively common to enjoy travel or hobbies after retirement. However, many Korean immigrants born in the 1960s do not completely stop working.

Even after retiring, they often continue small businesses or work part-time. Having lived a work-centered life, they are not accustomed to suddenly doing nothing.

There is also a change in health awareness. In the past, work was prioritized, but many have started to value health more after retirement. It is common for them to begin activities such as walking, golfing, or hiking. Participation in programs offered by Korean community centers or churches is also increasing.

There are changes in family relationships as well. This generation is the parent generation that raised their children in the U.S. Many of their children have already become independent and live in different cities. Therefore, after retirement, it is common for them to spend more time living with their spouse.

Financially, there are both relatively stable situations and those that are not. Those who have built assets through business and real estate investments are enjoying a relatively comfortable retirement. However, due to their focus on self-employment, they may not have fully utilized retirement plans like pensions or 401(k)s.

In this light, Korean immigrants born in the 1960s have played a very important role in the Korean American community. They are the ones who started businesses in a foreign country, raised children, and built a community.

Therefore, when looking at the Korean community today, one scene is frequently observed. The previous generation, who used to work in stores, is stepping back, while the younger generation is active in professional fields or new areas. Although the generation is changing, it is ultimately the Korean immigrant generation from the 1940s to 1960s that laid the foundation for this change.