Bankrupt former entrepreneur seeks retirement guidance after losing job at 63

A couple in their 60s facing a monthly deficit of 2 million won will be featured on an EBS program on November 2. After Lee Gyeong-su lost his job as an English instructor, the couple's income dropped to zero, leaving them with 300 million won in debt and no financial assets.

EBS is set to air an episode titled "Late-Life Retirement Lesson for a Bankrupt Couple" on November 2 at 10:50 PM. The program examines the finances and family relationships of a couple in their 60s whose income vanished overnight.

Lee Gyeong-su, a former researcher at a large corporation who once operated a business with annual sales of 7 billion won, closed his company following the 2008 global financial crisis. After working as an English instructor for 16 years, he lost his job at the age of 63; despite submitting 44 resumes over a single month, he received no responses. The couple, who live in a rented apartment, are grappling with re-employment and retirement planning while burdened by monthly rent, insurance premiums, and debts incurred from joint guarantees during the business years.

From 7 billion won in annual sales to English instructor

Lee Gyeong-su transitioned from being a researcher at a large corporation to starting a business during the venture boom in his 40s. The business grew to achieve annual sales of 7 billion won, and at one point, the couple spent nearly 200 million won in a single year on education for their son and nephews in the United States. However, the business collapsed after the 2008 global financial crisis. Due to joint guarantees, Lee was unable to secure loans, eventually leading to the closure of the company. The economic hardships faced during the business decline remained as debt.

After closing the business, Lee began working as an English instructor while teaching his own children. Although he worked as an instructor for 16 years, he lost his job after turning 63. In the month following his unemployment, he submitted 44 resumes but received no contact. Program materials describe Lee as a middle-aged job seeker who has been striving for 34 years and studying daily, yet remains blocked by the barrier of age. He is currently receiving middle-aged re-employment counseling at the Employment Welfare Plus Center and is participating in a cafe work experience to find a new profession. The broadcast follows Lee's journey from his time as a business owner and English instructor to his current preparations for re-employment.

Zero assets and monthly deficits with 1.8 million won in insurance premiums

The couple resides in a 53-pyeong apartment, but they do not own it and live there on a monthly rent basis. Their real estate and financial assets both stand at 0 won, while their remaining debt is in the 300 million won range, including liabilities from joint guarantees during the business years. The couple's monthly income is approximately 3 million won, consisting of early National Pension payments and living expenses provided by their son. Jeon Seung-hye, Lee's wife, stated on the program that their income has ceased as of this month due to Lee's unemployment, saying, "Our income is zero starting this month. We are bankrupt."

A significant portion of the couple's expenses is comprised of insurance premiums, which have increased one by one following a battle with cancer. Monthly insurance premiums amount to 1.8 million won. When combined with rent and debt repayments, their monthly expenditures exceed 5 million won. Given their income and spending, the couple's structure results in a monthly deficit of 2 million won. The couple's monthly income and major expenses are as follows:

During the broadcast, money trainer Kim Gyeong-pil visits the couple's home to diagnose their financial status. As their spending exceeds their income, he identifies the costs for insurance, rent, and debt repayment. Retirement planning expert Kim Gyeong-rok and middle-aged employment expert Jang Uk-hui examine their finances and re-employment possibilities. The process involves reviewing the couple's current income, debt, and monthly costs to assess their household management after retirement.

Economic burdens and accumulated conflicts of a 37-year marriage

Alongside financial issues, the broadcast addresses the long-standing relational conflicts between the couple. Lee describes his wife as "someone who changed from an angel to a gangster." Jeon describes her husband by saying, "As a person, he is 100 points, but as a husband, he is zero points." Their mutual evaluations reflect the differences in roles and the time they have endured since the business collapsed. During the decline of the business, Jeon worked washing dishes at a restaurant for a daily wage of 50,000 won and searched for money whenever urgent funds were needed.

Lee was unaware that during the two months the business was failing, Jeon had knelt in prayer for 8 to 9 hours a day. Lee evaluates himself as a "Grade C" head of household. The broadcast reported that Jeon only shows tears in front of her mother. For the first time, the couple undergoes marriage counseling to address the conflicts accumulated over their 37 years of marriage. The program covers how each views the other and the events that occurred during the process of managing the household and livelihood following the business failure.

The economic difficulties faced by the couple extend beyond household spending. Lee's need to find new work after losing his job and the work Jeon performed to sustain their livelihood following the past business failure are intertwined with their current household management. The broadcast also captures the process of seeking clues to their long-standing conflicts through marriage counseling. The production team stated that they will diagnose the financial issues and family relationships of the retirement generation to find realistic economic solutions.

Documenting financial diagnosis and middle-aged re-employment processes

Lee receives middle-aged re-employment counseling at the Employment Welfare Plus Center. Following the counseling, he participates in a cafe work experience. The broadcast captures Lee's efforts to find a new job—having transitioned from a large corporation researcher to a business owner and English instructor—through various counseling and experiences. Money trainer Kim Gyeong-pil visits the couple's home to verify their income, expenditures, and debt.

EBS is a program that diagnoses the economy and lives of the retirement generation to find realistic economic solutions. This episode covers the financial situation of a couple in their 60s whose income has ceased after unemployment, their 300 million won debt and accumulating monthly deficit, the conflicts of a 37-year marriage, and Lee's preparations for re-employment. The program will air on Monday, November 2, 2026, at 10:50 PM on EBS 1TV and will be available for replay on the EBS website.

Read the original (Korean)