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Pension Savings & IRP Tax Credit Calculator

Estimate annual tax savings from Korean pension savings and IRP contributions

💡 Pension Tax Credit Tips

  • Annual salary ≤ ₩55M: 16.5% credit rate / above ₩55M: 13.2% credit rate
  • Pension savings alone: max ₩6M eligible / combined with IRP: max ₩9M eligible
  • IRP-only contributions also qualify up to ₩9M combined limit
  • Early withdrawal triggers 16.5% miscellaneous income tax on all previous credits + earnings

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Frequently Asked Questions

Pension savings vs IRP — which is better?

IRP has more restricted investment options, but after maxing out pension savings at ₩6M, contributing an additional ₩3M to IRP gives you the full ₩9M combined credit — both are worth using together.

What is the difference between tax deduction and tax credit?

A tax deduction reduces taxable income, while a tax credit directly reduces the tax owed. Pension savings and IRP use the tax credit method, so the savings amount is the same regardless of income bracket.

Is my data saved?

No. All calculations happen entirely in your browser. No data is transmitted to any server.